REGISTERED NUMBER: |
ABBREVIATED UNAUDITED ACCOUNTS |
FOR THE YEAR ENDED 31 AUGUST 2016 |
FOR |
FIRST CLASS MOTORS LIMITED |
REGISTERED NUMBER: |
ABBREVIATED UNAUDITED ACCOUNTS |
FOR THE YEAR ENDED 31 AUGUST 2016 |
FOR |
FIRST CLASS MOTORS LIMITED |
FIRST CLASS MOTORS LIMITED (REGISTERED NUMBER: 03792378) |
CONTENTS OF THE ABBREVIATED ACCOUNTS |
for the Year Ended 31 August 2016 |
Page |
Company Information | 1 |
Abbreviated Balance Sheet | 2 |
Notes to the Abbreviated Accounts | 4 |
FIRST CLASS MOTORS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 August 2016 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
FIRST CLASS MOTORS LIMITED (REGISTERED NUMBER: 03792378) |
ABBREVIATED BALANCE SHEET |
31 August 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
Tangible assets | 3 |
Investment property | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Profit and loss account |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FIRST CLASS MOTORS LIMITED (REGISTERED NUMBER: 03792378) |
ABBREVIATED BALANCE SHEET - continued |
31 August 2016 |
The financial statements were approved by the director on |
FIRST CLASS MOTORS LIMITED (REGISTERED NUMBER: 03792378) |
NOTES TO THE ABBREVIATED ACCOUNTS |
for the Year Ended 31 August 2016 |
1. | ACCOUNTING POLICIES |
Accounting convention |
The financial statements 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 net invoice value of goods sold and services provided, excluding value added tax. |
Goodwill |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at the following |
annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and 10% on cost |
Investment property |
Investment properties are accounted for in accordance with the Financial Reporting Standard for Smaller Entities |
(effective April 2008) and are revalued annually to open market value. Changes in market value would be |
reflected in a revaluation reserve except when an impairment is deemed to be permanent, when the loss is |
charged directly against the current year’s profit. |
No depreciation is provided in respect of investment properties. This treatment is a departure from the |
requirements of the Companies Act 2006 which requires all properties to be depreciated. However, the director |
considers that these properties are not held for consumption but for investment and that to depreciate them would |
not give a true and fair view. The amount of decertification which might otherwise have been charged cannot be |
separately identified or quantified as it is not practical to asses the estimated useful lives of investment |
properties. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
Rents receivable |
Rents receivable represent the value of rents receivable during the year excluding value added tax. |
FIRST CLASS MOTORS LIMITED (REGISTERED NUMBER: 03792378) |
NOTES TO THE ABBREVIATED ACCOUNTS - continued |
for the Year Ended 31 August 2016 |
2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 September 2015 |
and 31 August 2016 |
AMORTISATION |
At 1 September 2015 |
Amortisation for year |
At 31 August 2016 |
NET BOOK VALUE |
At 31 August 2016 |
At 31 August 2015 |
3. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 September 2015 |
Additions |
At 31 August 2016 |
DEPRECIATION |
At 1 September 2015 |
Charge for year |
At 31 August 2016 |
NET BOOK VALUE |
At 31 August 2016 |
At 31 August 2015 |
4. | INVESTMENT PROPERTY |
Total |
£ |
COST |
At 1 September 2015 |
Additions |
At 31 August 2016 |
NET BOOK VALUE |
At 31 August 2016 |
At 31 August 2015 |
5. | CREDITORS |
Creditors include an amount of £ |
FIRST CLASS MOTORS LIMITED (REGISTERED NUMBER: 03792378) |
NOTES TO THE ABBREVIATED ACCOUNTS - continued |
for the Year Ended 31 August 2016 |
5. | CREDITORS - continued |
They also include the following debts falling due in more than five years: |
2016 | 2015 |
£ | £ |
Repayable by instalments | 75,933 | 93,660 |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
Ordinary | £1 |
7. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 August 2016 and |
31 August 2015: |
2016 | 2015 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Balance outstanding at end of year |
8. | CONTROL |
The company is controlled by the director. |