Ashfield Allied Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC474197 (Scotland)

Abbreviated Accounts For The Period 1 May 2015 to 30 November 2015

for

Ashfield Allied Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M A Facenna

G Facenna

SECRETARY:

I A Paterson

REGISTERED OFFICE:

c/o Allied Vehicles Limited

230 Balmore Road

Glasgow

G22 6LJ

REGISTERED NUMBER:

SC474197 (Scotland)

ACCOUNTANTS:

Robb Ferguson

Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Tangible assets

2

1,337,164

268,326

Investments

3

100,000

5,974

1,437,164

274,300

CURRENT ASSETS

Debtors

24,183

-

Cash at bank

7,688

-

31,871

-

CREDITORS

Amounts falling due within one year

43,650

30,000

NET CURRENT LIABILITIES

(11,779

)

(30,000

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,425,385

244,300

CREDITORS

Amounts falling due after more than one year

1,529,927

244,298

NET (LIABILITIES)/ASSETS

(104,542

)

2

CAPITAL AND RESERVES

Called up share capital

4

2

2

Profit and loss account

(104,544

)

-

SHAREHOLDERS' FUNDS

(104,542

)

2

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 November 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 November 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 25 August 2016 and were signed on its behalf by:

G Facenna - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the going concern basis. The Directors consider that the going

concern basis is appropriate as although the company has net liabilities, these are principally represented by sums

due to related undertakings, with mutual Directors, who have confirmed their continued support.

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 January 2015).

Turnover

Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the

goods are physically delivered to the customer. Turnover from the supply of services represents the value of

services provided under contracts to the extent that there is a right to consideration and is recorded at the value of

the consideration due. Where a contract has only been partially completed at the balance sheet date turnover

represents the value of the service provided to the date based on a proportion of the total contract value. Where

payments are received from customers in advance of services provided, the amounts are recorded as Deferred

Income and included as part of Creditors due within one year.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write-off

cost less estimated residual value of each asset over its expected useful life. Depreciation will be charged on land

and buildings once the planned refurbishment has been completed.

- Furniture, fittings & equipment - 10% on cost, 33.33% on cost

Deferred tax

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

sheet date where transactions or events that result in an obligation to pay more tax in the future, or a right to pay

less tax in the future, have occurred at the balance sheet date. Timing differences are differences between the

Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains

or losses in tax assessments in periods different from those in which they are recognised in the financial

statements. Deferred tax assets are recognised to the extent they are recoverable and where future taxable profits

are anticipated.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing

differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted

by the balance sheet date. Deferred tax is measured on a non-discounted basis.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

268,326

Additions

1,079,089

At 30 November 2015

1,347,415

DEPRECIATION

Charge for period

10,251

At 30 November 2015

10,251

NET BOOK VALUE

At 30 November 2015

1,337,164

At 30 April 2015

268,326

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 May 2015

5,974

Additions

99,997

Disposals

(5,971

)

At 30 November 2015

100,000

NET BOOK VALUE

At 30 November 2015

100,000

At 30 April 2015

5,974

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2015

value:

£

£

2

Ordinary

£1

2

2