Registered number
01300279
Chagcroft Motors Limited
Abbreviated Accounts
31 July 2014
Chagcroft Motors Limited
Registered number: 01300279
Abbreviated Balance Sheet
as at 31 July 2014
Notes 2014 2013
£ £
Fixed assets
Tangible assets 2 200,358 202,587
Current assets
Stocks 296,554 302,110
Debtors 28,358 37,685
Cash at bank and in hand 25,871 10,101
350,783 349,896
Creditors: amounts falling due within one year (164,562) (170,648)
Net current assets 186,221 179,248
Net assets 386,579 381,835
Capital and reserves
Called up share capital 4 30,000 30,000
Revaluation reserve 131,617 131,617
Profit and loss account 224,962 220,218
Shareholders' funds 386,579 381,835
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 14 September 2014
Chagcroft Motors Limited
Notes to the Abbreviated Accounts
for the year ended 31 July 2014
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 2013 265,352
At 31 July 2014 265,352
Depreciation
At 1 August 2013 62,765
Charge for the year 2,229
At 31 July 2014 64,994
Net book value
At 31 July 2014 200,358
At 31 July 2013 202,587
3 Loans 2014 2013
£ £
Creditors include:
Secured bank loans 19,792 19,792
4 Share capital Nominal 2014 2014 2013
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 30,000 30,000 30,000
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