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Company registration number: 04266752

Scammell Commercial Ltd
 

 
Annual Report and Unaudited Abbreviated Accounts
 

 
Year Ended 31 August 2014
 

Beresfords
 
Chartered Accountants
 
Castle House
 
Castle Hill Avenue
 
Folkestone
 
Kent
 
CT20 2TQ

 

Scammell Commercial Ltd
Contents

Abbreviated Balance Sheet

1 to 2

Notes to the Abbreviated Accounts

3 to 5

 

Scammell Commercial Ltd
(Company registration number: 04266752)
Abbreviated Balance Sheet
31 August 2014

   

Note

   

2014
£

   

2013
£

 

Fixed assets

 

             

Tangible fixed assets

 

   

634,827

   

379,837

 

Current assets

 

             

Stocks

 

   

7,550

   

8,200

 

Debtors

 

   

410,050

   

337,242

 

Cash at bank and in hand

 

   

82,904

   

323

 
   

   

500,504

   

345,765

 

Creditors: Amounts falling due within one year

 

   

(484,757)

   

(389,956)

 

Net current assets/(liabilities)

 

   

15,747

   

(44,191)

 

Total assets less current liabilities

 

   

650,574

   

335,646

 

Creditors: Amounts falling due after more than one year

 

   

(288,664)

   

(120,725)

 

Provisions for liabilities

 

   

(81,191)

   

(47,428)

 

Net assets

 

   

280,719

   

167,493

 

Capital and reserves

 

             

Called up share capital

 

3

   

1,052

   

1,052

 

Profit and loss account

 

   

279,667

   

166,441

 

Shareholders' funds

 

   

280,719

   

167,493

 

The notes on pages 3 to 5 form an integral part of these financial statements.
 

 
Page 1

 

Scammell Commercial Ltd
(Company registration number: 04266752)
Abbreviated Balance Sheet
31 August 2014......... continued

For the year ending 31 August 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 4 March 2015 and signed on its behalf by:


 

 

 

 
.........................................
 
Mr DM Scammell
 
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
 

 
Page 2

 

Scammell Commercial Ltd
Notes to the Abbreviated Accounts
Year Ended 31 August 2014......... continued

1

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is calculated so as to write off the cost of an asset , less its estimated residual value , over the useful economic life of that asset as follows :

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Equipment

25% reducing balance

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

 

Scammell Commercial Ltd
Notes to the Abbreviated Accounts
Year Ended 31 August 2014......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

Scammell Commercial Ltd
Notes to the Abbreviated Accounts
Year Ended 31 August 2014......... continued

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 1 September 2013

 

782,277

   

782,277

 

Additions

 

543,708

   

543,708

 

Disposals

 

(113,750)

   

(113,750)

 

At 31 August 2014

 

1,212,235

   

1,212,235

 

Depreciation

           

At 1 September 2013

 

402,440

   

402,440

 

Charge for the year

 

212,618

   

212,618

 

Eliminated on disposals

 

(37,650)

   

(37,650)

 

At 31 August 2014

 

577,408

   

577,408

 

Net book value

           

At 31 August 2014

 

634,827

   

634,827

 

At 31 August 2013

 

379,837

   

379,837

 

3

Share capital

Allotted, called up and fully paid shares

 

2014

2013

   

No.

   

£

   

No.

   

£

 

Ordinary of £1 each

 

2

   

2

   

2

   

2