Registered number
01300279
Chagcroft Motors Limited
Abbreviated Accounts
31 July 2015
Chagcroft Motors Limited
Registered number: 01300279
Abbreviated Balance Sheet
as at 31 July 2015
Notes 2015 2014
£ £
Fixed assets
Tangible assets 2 206,316 200,358
Current assets
Stocks 313,308 296,554
Debtors 24,012 28,358
Cash at bank and in hand 3,289 25,871
340,609 350,783
Creditors: amounts falling due within one year (148,444) (164,562)
Net current assets 192,165 186,221
Net assets 398,481 386,579
Capital and reserves
Called up share capital 4 30,000 30,000
Revaluation reserve 131,617 131,617
Profit and loss account 236,864 224,962
Shareholders' funds 398,481 386,579
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 31 December 2015
Chagcroft Motors Limited
Notes to the Abbreviated Accounts
for the year ended 31 July 2015
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 2014 265,352
Additions 8,849
At 31 July 2015 274,201
Depreciation
At 1 August 2014 64,994
Charge for the year 2,891
At 31 July 2015 67,885
Net book value
At 31 July 2015 206,316
At 31 July 2014 200,358
3 Loans 2015 2014
£ £
Creditors include:
Secured bank loans 19,792 19,792
4 Share capital Nominal 2015 2015 2014
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 30,000 30,000 30,000
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