Towse Motors Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 09077073 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 30 June 2016

for

Towse Motors Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

P Towse

Miss B C Towse

R P Towse

SECRETARY:

REGISTERED OFFICE:

650 Anlaby Road

Kingston upon Hull

EAST YORKSHIRE

HU3 6UU

REGISTERED NUMBER:

09077073 (England and Wales)

ACCOUNTANTS:

Andrew Cooper & Company

Chartered Accountants

650 Anlaby Road

Kingston upon Hull

East Yorkshire

HU3 6UU

FIXED ASSETS

Intangible assets

2

20,880

23,490

Tangible assets

3

22,527

24,711

43,407

48,201

CURRENT ASSETS

Stocks

27,932

19,660

Debtors

8,337

6,800

Cash at bank and in hand

23,873

25,699

60,142

52,159

CREDITORS

Amounts falling due within one year

82,920

79,637

NET CURRENT LIABILITIES

(22,778

)

(27,478

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

20,629

20,723

CREDITORS

Amounts falling due after more than one
year

7,584

9,789

NET ASSETS

13,045

10,934

CAPITAL AND RESERVES

Called up share capital

4

102

201

Profit and loss account

12,943

10,733

SHAREHOLDERS' FUNDS

13,045

10,934

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 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 20 March 2017 and were signed on its behalf by:

P Towse - Director

1.	ACCOUNTING POLICIES

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 represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

10% on cost

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

and 30 June 2016

26,100

AMORTISATION

At 1 July 2015

2,610

Amortisation for year

2,610

At 30 June 2016

5,220

NET BOOK VALUE

At 30 June 2016

20,880

At 30 June 2015

23,490

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

26,756

Additions

511

At 30 June 2016

27,267

DEPRECIATION

At 1 July 2015

2,045

Charge for year

2,695

At 30 June 2016

4,740

NET BOOK VALUE

At 30 June 2016

22,527

At 30 June 2015

24,711

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.16

30.6.15

value:

£

1

Ordinary

£1

100

1

200

Ordinary B and C

£1

2

200

102

201

99 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.