Mayfield Autos (Scotland) Limited

MAYFIELD AUTOS (SCOTLAND) LIMITED - Company Information

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Abbreviated accounts

For The Year Ended 31 March 2014

Mayfield Autos (Scotland) Limited

Company No. SC446989

Abbreviated Balance Sheet 31 March 2014

Abbreviated Balance Sheet

		2014
	Notes	£	£
FIXED ASSETS
Intangible assets	2		18,000
Tangible assets	3		5,341

			23,341
CURRENT ASSETS
Stocks		1,200
Debtors		2,424
Cash at bank and in hand		15,201

		18,825
Creditors: Amounts Falling Due Within One Year		(42,041)

NET CURRENT ASSETS (LIABILITIES)			(23,216)

TOTAL ASSETS LESS CURRENT LIABILITIES			125

NET ASSETS			125

CAPITAL AND RESERVES
Called up share capital	4		10
Profit and Loss account			115

SHAREHOLDERS' FUNDS			125

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Mayfield Autos (Scotland) Limited

Company No. SC446989

Abbreviated Balance Sheet (continued) 31 March 2014

For the year ending 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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 abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

On behalf of the board

Mr Steven Stewart

15/12/2014

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Mayfield Autos (Scotland) Limited

Notes to the Abbreviated Accounts

For The Year Ended 31 March 2014

Notes to the Abbreviated Accounts

Accounting Policies

Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention.

Statement of Cash Flow

The company has taken advantage of the exemption in Financial Reporting Standard No.1 from the requirement to produce a cash flow statement on the grounds that it is a small company.

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% Reducing Balance
Motor Vehicles	25% 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. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Intangible Assets


	Total
Cost	£
As at 8 April 2013	-
Additions	20,000

As at 31 March 2014	20,000

Amortisation
As at 8 April 2013	-
Provided during the period	2,000

As at 31 March 2014	2,000

Net Book Value
As at 31 March 2014	18,000

As at 8 April 2013	-

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Mayfield Autos (Scotland) Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 March 2014

Tangible Assets


	Total
Cost	£
As at 8 April 2013	-
Additions	7,121

As at 31 March 2014	7,121

Depreciation
As at 8 April 2013	-
Provided during the period	1,780

As at 31 March 2014	1,780

Net Book Value
As at 31 March 2014	5,341

As at 8 April 2013	-

Share Capital

	Value	Number	2014
Allotted, called up and fully paid:	£		£
Ordinary shares	1.000	10	10

Controlling Party

During the period under review Mr S Stewart and Mr S Hutchison each held 50% of the ordinary share capital of the company represented by 5 ordinary shares of £1.

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