IN Autos Limited,Ltd - Accounts


2014-10-01truefalsePrivate Limited Company035872202015-09-30035872202014-10-012015-09-30035872202014-09-30035872202013-10-012014-09-3003587220uk-bus:Director12014-10-012015-09-3003587220uk-bus:OrdinaryShareClass12015-09-30iso4217:GBP
IN Autos Limited
For the year ended 30 September 2015
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 03587220
2
Abbreviated Balance Sheet
IN Autos Limited
As at 30 September 2015
03587220
Registered Number :
£
£
2015
Notes
2014
Fixed assets
Tangible assets
2
51,267
50,665
51,267
50,665
Current assets
Stocks
26,100
17,371
Debtors
61,678
83,472
100,843
87,778
Creditors: amounts falling due within one year
(101,515)
(102,535)
(13,737)
(1,692)
Net current liabilities
Total assets less current liabilities
49,575
36,928
Creditors: amounts falling due after more than one year
(11,177)
(17,561)
(10,253)
(10,133)
Provisions for liabilities
21,761
Net assets
15,618
Capital and reserves
Called up share capital
4
3
4
Profit and loss account
21,757
15,614
21,761
15,618
Shareholders funds
For the year ended 30 September 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
2) The director acknowledges his 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.
Date approved by the board: 17 June 2016
J. P. Pinto-Pereira Director
Signed on behalf of the board of directors
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Notes to the Abbreviated Financial Statements
IN Autos Limited
For the year ended 30 September 2015
1 Accounting Policies
Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a method giving a constant rate of return on the balance outstanding.
Deferred taxation
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.Deferred tax assets are only recognised if it is more likely than not that they will be recovered either against future taxable profits or against the reversal of other deferred tax liabilities.
Dividends
Interim dividends are recognised in the financial statements as an appropriation of the Profit and Loss reserves in the
financial year in which they are paid. Proposed dividends are only included as liabilities in the financial statements
when their payment has been approved by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at a rate of 25% on a reducing balance basis which is calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives.
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and
rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets
and depreciated in accordance with the policy in the tangible fixed assets note above.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
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Notes to the Abbreviated Financial Statements
IN Autos Limited
For the year ended 30 September 2015
Stocks and work in progress
Stock comprises parts and consumable items for sale or to be used in servicing. Short term work in progress comprises direct costs incurred up to the balance sheet date on jobs which were completed and invoiced after the balance sheet date. Both items are stated at the lower of cost and net realisable value, based on the opinion of the Director.
2 Tangible fixed assets
Tangible fixed
assets
Cost or valuation
£
94,698
At 01 October 2014
18,000
Additions
(5,500)
Disposals
At 30 September 2015
107,198
Depreciation
44,033
At 01 October 2014
(5,159)
Disposals
17,057
Charge for year
55,931
At 30 September 2015
Net book values
At 30 September 2015
51,267
50,665
At 30 September 2014
Motor vehicles which have a net book value of £23,062 (2014 - £12,750) are held under hire purchase agreements.
3 Share capital
Allotted called up and fully paid
2015
2014
£
£
4 Ordinary shares of £1.00 each
4
4
4
4
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