A-Z Vehicle Dismantlers Limited - Period Ending 2015-03-31

Registration number: 06879559

A-Z Vehicle Dismantlers Limited

Unaudited Abbreviated Accounts

31 March 2015
 

A-Z Vehicle Dismantlers Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
A-Z Vehicle Dismantlers Limited
for the Year Ended 31 March 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A-Z Vehicle Dismantlers Limited for the year ended 31 March 2015 set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of A-Z Vehicle Dismantlers Limited, as a body, in accordance with the terms of our engagement letter dated 1 December 2014. Our work has been undertaken solely to prepare for your approval the financial statements of A-Z Vehicle Dismantlers Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A-Z Vehicle Dismantlers Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that A-Z Vehicle Dismantlers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A-Z Vehicle Dismantlers Limited. You consider that A-Z Vehicle Dismantlers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of A-Z Vehicle Dismantlers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

25 November 2015

Page 1

A-Z Vehicle Dismantlers Limited
(Registration number: 06879559)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			26,073			31,747
Current assets
Stocks					79,375			88,650
Debtors					126,835			104,065
Cash at bank and in hand					50,321			37,828
					256,531			230,543
Creditors: Amounts falling due within one year					(64,777)			(51,038)
Net current assets					191,754			179,505
Total assets less current liabilities					217,827			211,252
Provisions for liabilities					(5,215)			(6,183)
Net assets					212,612			205,069
Capital and reserves
Called up share capital		3			120			120
Profit and loss account					212,492			204,949
Shareholders' funds					212,612			205,069

For the year ending 31 March 2015 the company was entitled to exemption 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the Board on 25 November 2015 and signed on its behalf by:

.........................................
C A Nugent
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

A-Z Vehicle Dismantlers Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... 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.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	4 years straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance
Fixtures and fittings	20% reducing balance
Motor vehicles	20% reducing balance
Office equipment	20% reducing balance

Stock

Stock is 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.

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.

Page 3

A-Z Vehicle Dismantlers Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		140,000			71,140			211,140
Additions		-			764			764
At 31 March 2015		140,000			71,904			211,904
Depreciation
At 1 April 2014		140,000			39,393			179,393
Charge for the year		-			6,438			6,438
At 31 March 2015		140,000			45,831			185,831
Net book value
At 31 March 2015		-			26,073			26,073
At 31 March 2014		-			31,747			31,747

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary A shares of £1 each		50			50			50			50
Ordinary B shares of £1 each		50			50			50			50
Ordinary C shares of £1 each		10			10			10			10
Ordinary D shares of £1 each		10			10			10			10
		120			120			120			120

Page 4

A-Z Vehicle Dismantlers Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

4	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
C A Nugent
Balance brought forward	30,692	-	41,910	-
Advances	49,743	-	37,871	-
Company expenditure met personally	-	1,300	-	1,300
Dividend credited	-	16,000	-	28,035
Amount repaid	-	11,000	-	21,555
Interest	1,467	-	1,801	-
	81,902	28,300	81,582	50,890
S D Barwick
Balance brought forward	58,236	-	88,781	-
Advances	26,044	-	16,996	-
Company expenditure met personally	-	1,310	-	1,300
Dividend credited	-	16,000	-	28,035
Amount repaid	-	11,000	-	21,555
Interest	2,017	-	3,349	-
	86,297	28,310	109,126	50,890

Directors' advances are repayable on demand.

Interest has been charged at a rate of 3.25% on advances to directors.

The maximum amounts owed by C A Nugent and S D Barwick during the year were £59,395 and £75,144 respectively.

5

Control

The company is controlled by the director s who either own or have an interest in 100% of the called up share capital .

Page 5