Powersport Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 04243295 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2013

for

Powersport Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Chartered Certified Accountants' Report

5

DIRECTOR:

D Kingham

SECRETARY:

Mrs G Kingham

REGISTERED OFFICE:

Woodhead House

44-46 Market Street

Hyde

Cheshire

SK14 1AH

REGISTERED NUMBER:

04243295 (England and Wales)

ACCOUNTANTS:

Hardy & Company

Chartered Certified Accountants

Woodhead House

44-46 Market Street

Hyde

Cheshire

SK14 1AH

FIXED ASSETS

Tangible assets

2

10,667

12,450

CURRENT ASSETS

Stocks

75,260

59,721

Debtors

3,878

29,026

Cash at bank

1,122

4,133

80,260

92,880

CREDITORS

Amounts falling due within one year

3

125,563

125,848

NET CURRENT LIABILITIES

(45,303

)

(32,968

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(34,636

)

(20,518

)

CAPITAL AND RESERVES

Called up share capital

4

2

2

Profit and loss account

(34,638

)

(20,520

)

SHAREHOLDERS' FUNDS

(34,636

)

(20,518

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2013 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 21 August 2014 and were signed by:

D Kingham - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis as the director anticipates that the

company will return to profitability in the year ended 31 December 2014. The director will also continue to

provide financial support to the company.

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 comprises the invoiced value of goods and services supplied by the company net of discounts and

value added tax. Turnover is recognised upon completion of a sale.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% 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.

Deferred tax

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

sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2013

and 31 December 2013

45,563

DEPRECIATION

At 1 January 2013

33,113

Charge for year

1,783

At 31 December 2013

34,896

NET BOOK VALUE

At 31 December 2013

10,667

At 31 December 2012

12,450

3.

CREDITORS

Creditors include an amount of £ 35,898 (31.12.12 - £ 14,116 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.13

31.12.12

value:

£

£

2

ordinary

£1

2

2

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to four)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Powersport Limited for the year ended 31 December 2013 which comprise the Profit and Loss

Account, the Balance Sheet, and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and

other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the director of Powersport Limited in accordance with our terms of engagement. Our work

has been undertaken solely to prepare for your approval the financial statements of Powersport Limited and state those

matters that we have agreed to state to the director of Powersport Limited in this report in accordance with the

requirements of the Association of Chartered Certified Accountants as detailed at

http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Powersport 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 loss of Powersport Limited. You

consider that Powersport 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 Powersport 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.

Hardy & Company

Chartered Certified Accountants

Woodhead House

44-46 Market Street

Hyde

Cheshire

SK14 1AH

2 September 2014