Agrimec Sales & Services Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 04431201 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 May 2014

for

Agrimec Sales & Services Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

J Breeds

SECRETARY:

M Lowney

REGISTERED OFFICE:

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

REGISTERED NUMBER:

04431201 (England and Wales)

ACCOUNTANTS:

The Mudd Partnership

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

FIXED ASSETS

Tangible assets

2

9,485

3,231

CURRENT ASSETS

Stocks

355,000

365,000

Debtors

6,272

17,585

Cash in hand

2,354

-

363,626

382,585

CREDITORS

Amounts falling due within one year

3

395,010

402,592

NET CURRENT LIABILITIES

(31,384

)

(20,007

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(21,899

)

(16,776

)

CREDITORS

Amounts falling due after more than one year

3

20,307

-

NET LIABILITIES

(42,206

)

(16,776

)

CAPITAL AND RESERVES

Called up share capital

4

100

100

Profit and loss account

(42,306

)

(16,876

)

SHAREHOLDERS' FUNDS

(42,206

)

(16,776

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2014 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 20 January 2015 and were signed by:

J Breeds - Director

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 April 2008).

Turnover

Turnover represents the value of sales to customers, net of discounts, allowances, volume and promotional

rebates and other payments to customers and excludes VAT. Sale of goods are recognised when the company

has delivered product to the customer, the customer has accepted the products and collectability of the related

receivable is reasonably assured.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% straight line

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

27,017

Additions

11,500

Disposals

(24,993

)

At 31 May 2014

13,524

DEPRECIATION

At 1 June 2013

23,786

Charge for year

3,380

Eliminated on disposal

(23,127

)

At 31 May 2014

4,039

NET BOOK VALUE

At 31 May 2014

9,485

At 31 May 2013

3,231

3.

CREDITORS

Creditors include an amount of £ 24,193 (31.5.13 - £ 27,939 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.14

31.5.13

value:

£

£

100

Ordinary

£1

100

100