Registered number
01300279
Chagcroft Motors Limited
Abbreviated Accounts
31 July 2012
Chagcroft Motors Limited
Registered number: 01300279
Abbreviated Balance Sheet
as at 31 July 2012
Notes 2012 2011
£ £
Fixed assets
Tangible assets 2 203,427 205,998
Current assets
Stocks 280,952 251,649
Debtors 35,838 19,993
Cash at bank and in hand 24,041 36,694
340,831 308,336
Creditors: amounts falling due within one year (168,819) (149,978)
Net current assets 172,012 158,358
Net assets 375,439 364,356
Capital and reserves
Called up share capital 4 30,000 30,000
Revaluation reserve 131,617 131,617
Profit and loss account 213,822 202,739
Shareholders' funds 375,439 364,356
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.
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 31 March 2013
Chagcroft Motors Limited
Notes to the Abbreviated Accounts
for the year ended 31 July 2012
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 April 2008).
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 2011 263,716
At 31 July 2012 263,716
Depreciation
At 1 August 2011 57,718
Charge for the year 2,571
At 31 July 2012 60,289
Net book value
At 31 July 2012 203,427
At 31 July 2011 205,998
3 Loans 2012 2011
£ £
Creditors include:
Secured bank loans 19,792 29,374
4 Share capital Nominal 2012 2012 2011
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 30,000 30,000 30,000
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