Abbreviated Company Accounts - M-SPORT WHEELS LIMITED

M-SPORT WHEELS LIMITED - Company Information

08919888 M-SPORT WHEELS LIMITED 2016-08-31 false 2015-09-01 2016-08-31 true 08919888 2015-09-01 2016-08-31 08919888 2016-08-31 08919888 2015-08-31 08919888 uk-gaap-cd-bus:Director1 2015-09-01 2016-08-31 08919888 uk-gaap-cd-bus:Director2 2015-09-01 2016-08-31 uk-gaap-cd-bus:Director3 2015-09-01 2016-08-31 uk-gaap-cd-bus:Director3 2016-08-31 uk-gaap-cd-bus:Director3 2015-08-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-09-01 2016-08-31 uk-gaap-cd-bus:OrdinaryShareClass1 2016-08-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-08-31 iso4217:GBP shares

Registered Number 08919888

M-SPORT WHEELS LIMITED

Abbreviated Accounts

31 August 2016

M-SPORT WHEELS LIMITED Registered Number 08919888

Abbreviated Balance Sheet as at 31 August 2016

	Notes	2016	2015
		£	£
Fixed assets
Intangible assets	2	2,843	1,331
		2,843	1,331
Current assets
Stocks		72,602	97,771
Debtors		559,378	548,342
Cash at bank and in hand		12,819	31,552
		644,799	677,665
Creditors: amounts falling due within one year		(607,308)	(654,028)
Net current assets (liabilities)		37,491	23,637
Total assets less current liabilities		40,334	24,968
Total net assets (liabilities)		40,334	24,968
Capital and reserves
Called up share capital	3	100	100
Profit and loss account		40,234	24,868
Shareholders' funds		40,334	24,968

For the year ending 31 August 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 19 May 2017

And signed on their behalf by:
Craig Austin, Director

M-SPORT WHEELS LIMITED Registered Number 08919888

Notes to the Abbreviated Accounts for the period ended 31 August 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Fixtures, fittings
and equipment - 25% reducing balance

Other accounting policies
Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Stock

Stock is valued at the lower of cost and net realisable value.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.

2Intangible fixed assets

	£
Cost
At 1 September 2015	1,775
Additions	2,460
Disposals	-
Revaluations	-
Transfers	-
At 31 August 2016	4,235
Amortisation
At 1 September 2015	444
Charge for the year	948
On disposals	-
At 31 August 2016	1,392
Net book values
At 31 August 2016	2,843
At 31 August 2015	1,331

3Called Up Share Capital
Allotted, called up and fully paid:

	2016 £	2015 £
100 Ordinary shares of £1 each	100	100

4Transactions with directors

Name of director receiving advance or credit:	Craig Austin
Description of the transaction:	Director's loan to the company
Balance at 1 September 2015:	£ 15,000
Advances or credits made:	£ 10,000
Advances or credits repaid:	-
Balance at 31 August 2016:	£ 25,000