Schmitt Motors Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 04840733 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 31 JULY 2015 TO 29 JULY 2016

FOR

SCHMITT MOTORS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

R C N Schmitt

REGISTERED OFFICE:

6th Floor

Charles House

108-110 Finchley Road

London

NW3 5JJ

REGISTERED NUMBER:

04840733 (England and Wales)

ACCOUNTANTS:

Numera Partners LLP

6th Floor

Charles House

108-110 Finchley Road

London

NW3 5JJ

FIXED ASSETS

Tangible assets

2

1,751

2,335

CURRENT ASSETS

Stocks

6,810

9,635

Debtors

8,878

4,140

Cash at bank and in hand

1,438

2,762

17,126

16,537

CREDITORS

Amounts falling due within one year

188,202

156,364

NET CURRENT LIABILITIES

(171,076

)

(139,827

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(169,325

)

(137,492

)

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

(169,425

)

(137,592

)

SHAREHOLDERS' FUNDS

(169,325

)

(137,492

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 July 2016.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 July 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and
which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable
to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 24 July 2017 and were signed by:

R C N Schmitt - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis, as in the director's opinion, the company has the

support of its creditors.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small

company.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive

of Value Added Tax and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete

and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Operating leases

Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the

period until the date the rent is expected to be adjusted to the prevailing market rate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 31 July 2015

and 29 July 2016

13,093

DEPRECIATION

At 31 July 2015

10,758

Charge for period

584

At 29 July 2016

11,342

NET BOOK VALUE

At 29 July 2016

1,751

At 30 July 2015

2,335

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

29.7.16

30.7.15

value:

£

100

Ordinary

£1

100

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the periods ended 29 July 2016 and 30 July 2015:

29.7.16

30.7.15

£

R C N Schmitt

Balance outstanding at start of period

(110,564

)

(109,557

)

Amounts advanced

19,428

2,717

Amounts repaid

(35,320

)

(3,724

)

Balance outstanding at end of period

(126,456

)

(110,564

)

5.	BASIS OF PREPARATION

The financial statements have been prepared on a going concern basis, the applicability of which is dependent upon the

continued support of the company's creditors and financiers. At the balance sheet date, the company's liabilities exceeded its

assets by £169,325 and it reported a loss of £31,833. In the opinion of the directors the company has the support of its

creditors and financiers for the foreseeable future, and it is therefore considered appropriate to adopt the going concern

policy.