Abbreviated Company Accounts - RAPID AUTOPARTS LIMITED

RAPID AUTOPARTS LIMITED - Company Information

Registered Number 05262050

RAPID AUTOPARTS LIMITED

Abbreviated Accounts

28 February 2016

RAPID AUTOPARTS LIMITED Registered Number 05262050

Abbreviated Balance Sheet as at 28 February 2016

	Notes	2016	2015
		£	£
Fixed assets
Tangible assets	2	9,416	1,383
		9,416	1,383
Current assets
Stocks		49,911	63,646
Debtors		14,300	22,060
Cash at bank and in hand		170,725	207,814
		234,936	293,520
Creditors: amounts falling due within one year		(65,994)	(121,696)
Net current assets (liabilities)		168,942	171,824
Total assets less current liabilities		178,358	173,207
Accruals and deferred income		(2,749)	(500)
Total net assets (liabilities)		175,609	172,707
Capital and reserves
Called up share capital		2,000	2,000
Profit and loss account		173,609	170,707
Shareholders' funds		175,609	172,707

For the year ending 28 February 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.

Approved by the Board on 30 November 2016

And signed on their behalf by:
A Hussain, Director

RAPID AUTOPARTS LIMITED Registered Number 05262050

Notes to the Abbreviated Accounts for the period ended 28 February 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention.

Turnover policy
Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.

Tangible assets depreciation policy
Depreciation is calculated to write down the cost of all tangible fixed assets, over their expected useful lives. The rates generally applicable are:

Equipment 15% reducing balance
Motor vehicles 25% straight line

2Tangible fixed assets

	£
Cost
At 1 March 2015	15,995
Additions	11,080
Disposals	-
Revaluations	-
Transfers	-
At 28 February 2016	27,075
Depreciation
At 1 March 2015	14,612
Charge for the year	3,047
On disposals	-
At 28 February 2016	17,659
Net book values
At 28 February 2016	9,416
At 28 February 2015	1,383