Registered number
01300279
Chagcroft Motors Limited
Abbreviated Accounts
31 July 2016
Chagcroft Motors Limited
Registered number: 01300279
Abbreviated Balance Sheet
as at 31 July 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 203,713 206,316
Current assets
Stocks 271,511 313,308
Debtors 43,878 24,012
Cash at bank and in hand 50,223 3,289
365,612 340,609
Creditors: amounts falling due within one year (161,243) (148,444)
Net current assets 204,369 192,165
Net assets 408,082 398,481
Capital and reserves
Called up share capital 4 29,962 30,000
Revaluation reserve 131,617 131,617
Profit and loss account 246,503 236,864
Shareholders' funds 408,082 398,481
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
J K Palmer
Director
Approved by the board on 10 March 2017
Chagcroft Motors Limited
Notes to the Abbreviated Accounts
for the year ended 31 July 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 10% on the reducing balance
Motor vehicles 25% straight line
Stocks
Stock is valued at the lower of cost and net realisable value.
2 Tangible fixed assets £
Cost
At 1 August 2015 274,201
At 31 July 2016 274,201
Depreciation
At 1 August 2015 67,885
Charge for the year 2,603
At 31 July 2016 70,488
Net book value
At 31 July 2016 203,713
At 31 July 2015 206,316
3 Loans 2016 2015
£ £
Creditors include:
Secured bank loans 19,792 19,792
4 Share capital Nominal 2016 2016 2015
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 30,000 29,962 30,000
Chagcroft Motors Limited 01300279 false true 2015-08-01 2016-07-31 2016-07-31 J K Palmer 01300279 uk-bus:OrdinaryShareClass1 2015-07-31 01300279 2015-08-01 2016-07-31 01300279 uk-bus:Director40 2015-08-01 2016-07-31 01300279 uk-gaap:PlantMachinery 2015-08-01 2016-07-31 01300279 uk-gaap:MotorVehicles 2015-08-01 2016-07-31 01300279 uk-bus:OrdinaryShareClass1 2015-08-01 2016-07-31 01300279 2016-07-31 01300279 uk-bus:OrdinaryShareClass1 2016-07-31 01300279 2015-07-31 iso4217:GBP xbrli:shares