Company Registration No. 09138595 (England and Wales)
AIRBAG TEAM LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
AIRBAG TEAM LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
AIRBAG TEAM LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
18,402
10,465
Current assets
Stocks
173,256
118,401
Debtors
197,694
30,502
Cash at bank and in hand
99,321
69,035
470,271
217,938
Creditors: amounts falling due within one year
(429,518)
(225,965)
Net current assets/(liabilities)
40,753
(8,027)
Total assets less current liabilities
59,155
2,438
Provisions for liabilities
(2,840)
-
56,315
2,438
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
56,215
2,338
Shareholders' funds
56,315
2,438
For the financial year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 16 January 2017
Mrs N Bryce
Director
Company Registration No. 09138595
AIRBAG TEAM LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
Computer equipment
Fixtures, fittings & equipment
Motor vehicles
2
Fixed assets
Tangible assets
£
Cost
At 1 September 2015
13,564
Additions
14,150
Disposals
(5,200)
At 31 August 2016
22,514
Depreciation
At 1 September 2015
3,099
On disposals
(1,875)
Charge for the year
2,888
At 31 August 2016
4,112
Net book value
At 31 August 2016
18,402
At 31 August 2015
10,465
AIRBAG TEAM LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary Shares of £1 each
100
100
4
Related party relationships and transactions
Airbagsforsale.com Limited
100% Common shareholding
This company is dormant at the balance sheet date and is expected to be struck off at the directors earliest convenience.
Amounts owed from/(to) the related party is £0.
Airbag Disposals (UK) Ltd
100% Common shareholding
This company holds the licences for the disposal of airbags (subject to Health & Safety regulations). It shares a premise with the above company, contributes to the overheads and is controlled by the directors.
Amounts owed to related party is (£62,302) (2015: (£39,677)).
Airbagsforsale (Hinckley) Ltd
100% Common shareholding
This company was set up as a management company for the costs of the directors. It shares a premise with the above company, contributes to the overheads and is controlled by the directors.
Amounts owed from related party is £131,069 (2015: £9,069).
DPF Clean Team Ltd
100% Common shareholding
This company was set up to clean filters on diesel engines. It shares a premise with the above company, contributes to the overheads and is controlled by the directors.
Amounts owed from related party is £35,704 (2015: (£26,188)).