GOODMANS_AUTOS_LIMITED - Accounts

GOODMANS AUTOS LIMITED - Company Information

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Company Registration No. 00734792 (England and Wales)

GOODMANS AUTOS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2015

GOODMANS AUTOS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

GOODMANS AUTOS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

21,983

26,282

Current assets

Stocks

700

9,200

Debtors

76,671

62,145

Cash at bank and in hand

5,054

7,999

82,425

79,344

Creditors: amounts falling due within one year

(100,307)

(103,265)

Net current liabilities

(17,882)

(23,921)

Total assets less current liabilities

4,101

2,361

Provisions for liabilities

(428)

3,673

2,361

Capital and reserves

Called up share capital

Profit and loss account

3,671

2,359

Shareholder's funds

3,673

2,361

For the financial year ended 31 December 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 year 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 29 September 2016

Mr I M Neary

Director

Company Registration No. 00734792

GOODMANS AUTOS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 2 -

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 January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets 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:

Plant and machinery

15 % Reducing Balance

Fixtures, fittings & equipment

15 % Reducing Balance

Motor vehicles

25 % Reducing Balance

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Fixed assets

Tangible assets

Cost

At 1 January 2015 & at 31 December 2015

151,361

Depreciation

At 1 January 2015

125,079

Charge for the year

4,299

At 31 December 2015

129,378

Net book value

At 31 December 2015

21,983

At 31 December 2014

26,282

GOODMANS AUTOS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

Creditors: amounts falling due within one year

Share capital

2015

2014

Allotted, called up and fully paid

2 Ordinary Shares of £1 each

Ultimate parent company

The ultimate controlling party is J. Shannon who owns 100% of the issued share capital.

Related party relationships and transactions

Transactions with Directors

There was an opening balance owed to the director (Ian Neary) from Goodmans Autos Ltd of £416. During the year there was net movements on the directors loan account of £265. At the year end the director was owed £151 by the company.