Company Registration No. 08284457 (England and Wales)
SEV AUTOMOTIVE & PLANT LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2015
SEV AUTOMOTIVE & PLANT LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
SEV AUTOMOTIVE & PLANT LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
254,215
Current assets
Stocks
55,000
Debtors
206,381
100
Cash at bank and in hand
185,870
447,251
100
Creditors: amounts falling due within one year
(529,159)
Net current (liabilities)/assets
(81,908)
100
Total assets less current liabilities
172,307
100
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
172,207
Shareholders' funds
172,307
100
For the financial period ended 31 May 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
-
The director acknowledges his 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 25 February 2016
Mr G Allison
Director
Company Registration No. 08284457
SEV AUTOMOTIVE & PLANT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 MAY 2015
- 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 April 2008).
The director of the company believes that ongoing reorganisations will reduce the companys cost base and help exploit additional opportunities for sales growth. The director has ensured sufficient cash flow to deliver these plans due to the sale of a property which was completed following the year end. Based on the above considerations the director believes it is appropriate to continue to prepare the financial statements on a going concern basis.
The director has ensured sufficient cash flow to deliver these plans due to the sale of a property which was completed following the year end.
Based on the above considerations the director believes it is appropriate to continue to prepare the financial statements on a going concern basis.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land 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:
Land and buildings Freehold
not provided
Plant and machinery
15% Straight Line
Computer equipment
33% Straight Line
Fixtures, fittings & equipment
15% Straight Line
As the property was sold following the year end for the same value as described in the accounts the director does not consider it appropriate to provide depreciation on the owned property.
1.4
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period they are payable.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
SEV AUTOMOTIVE & PLANT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 August 2014
Additions
259,053
At 31 May 2015
259,053
Depreciation
At 1 August 2014
Charge for the period
4,838
At 31 May 2015
4,838
Net book value
At 31 May 2015
254,215
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100
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