Abbreviated Company Accounts - PRESTIGE CARS (WALSDEN) LIMITED

PRESTIGE CARS (WALSDEN) LIMITED - Company Information

Registered Number 04680536

PRESTIGE CARS (WALSDEN) LIMITED

Abbreviated Accounts

28 February 2014

PRESTIGE CARS (WALSDEN) LIMITED Registered Number 04680536

Abbreviated Balance Sheet as at 28 February 2014

	Notes	2014	2013
		£	£
Fixed assets
Tangible assets	2	883	1,068
		883	1,068
Current assets
Stocks		4,500	9,200
		4,500	9,200
Creditors: amounts falling due within one year		(43,377)	(52,473)
Net current assets (liabilities)		(38,877)	(43,273)
Total assets less current liabilities		(37,994)	(42,205)
Creditors: amounts falling due after more than one year		(35,000)	(35,000)
Total net assets (liabilities)		(72,994)	(77,205)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(73,094)	(77,305)
Shareholders' funds		(72,994)	(77,205)

For the year ending 28 February 2014 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 10 November 2014

And signed on their behalf by:
Mr E Stewart, Director

PRESTIGE CARS (WALSDEN) LIMITED Registered Number 04680536

Notes to the Abbreviated Accounts for the period ended 28 February 2014

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 amounts chargeable in respect of the sale of goods and services to customers.

Tangible assets depreciation policy
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate
Fixtures and fittings 15% Reducing balance basis
Office equipment 33% Reducing balance basis

Valuation information and policy
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Other accounting policies
Going concern
The financial statements have been prepared on a going concern basis. The director has considered the future finance of the company and has confirmed that the company will continue to receive the support of its director and other providors of finance.

2Tangible fixed assets

	£
Cost
At 1 March 2013	5,362
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 28 February 2014	5,362
Depreciation
At 1 March 2013	4,294
Charge for the year	185
On disposals	-
At 28 February 2014	4,479
Net book values
At 28 February 2014	883
At 28 February 2013	1,068