Automatic Gearboxes (Poole) Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 06639948 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 July 2015

for

Automatic Gearboxes (Poole) Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr P Wilcock

Mrs J S Wilcock

REGISTERED OFFICE:

21 Kennington Road

Poole

Dorset

BH17 0GF

REGISTERED NUMBER:

06639948 (England and Wales)

ACCOUNTANTS:

Ward Goodman

4 Cedar Park

Cobham Road

Ferndown Industrial Estate

Wimborne

Dorset

BH21 7SF

FIXED ASSETS

Intangible assets

2

24,000

32,000

Tangible assets

3

9,360

9,949

33,360

41,949

CURRENT ASSETS

Debtors

34,851

5,218

Cash in hand

1,822

1,524

36,673

6,742

CREDITORS

Amounts falling due within one year

49,450

46,113

NET CURRENT LIABILITIES

(12,777

)

(39,371

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

20,583

2,578

PROVISIONS FOR LIABILITIES

1,415

1,782

NET ASSETS

19,168

796

CAPITAL AND RESERVES

Called up share capital

4

1,000

Profit and loss account

18,168

(204

)

SHAREHOLDERS' FUNDS

19,168

796

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 20 April 2016 and were signed on its behalf by:

Mr P Wilcock - 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 net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

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

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2014

and 31 July 2015

80,000

AMORTISATION

At 1 August 2014

48,000

Amortisation for year

8,000

At 31 July 2015

56,000

NET BOOK VALUE

At 31 July 2015

24,000

At 31 July 2014

32,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2014

26,098

Additions

1,784

At 31 July 2015

27,882

DEPRECIATION

At 1 August 2014

16,149

Charge for year

2,373

At 31 July 2015

18,522

NET BOOK VALUE

At 31 July 2015

9,360

At 31 July 2014

9,949

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

500

Ordinary 'B' Shares

£1

500

Ordinary 'A' Shares

£1

500

1,000

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2015 and 31 July 2014:

2015

2014

£

Mr P Wilcock and Mrs J S Wilcock

Balance outstanding at start of year

868

10,899

Amounts advanced

14,812

-

Amounts repaid

(868

)

(10,031

)

Balance outstanding at end of year

14,812

868

The loan was repaid within nine months of the financial year end.

6.	ULTIMATE CONTROLLING PARTY

The company is controlled by P Wilcock and Mrs J S Wilcock who each holds 50% of the issued share capital.