Lee Atkins trading as Autosmart Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 09309281 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

FOR

LEE ATKINS TRADING AS AUTOSMART LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

L J Atkins

Mrs M V Atkins

REGISTERED OFFICE:

Unit 4F

Racemeadow Road

Carlyon Road Industrial Est

Atherstone

Warwickshire

CV9 1LJ

REGISTERED NUMBER:

09309281 (England and Wales)

ACCOUNTANTS:

Philip Barnes & Co Limited

Chartered Accountants

The Old Council Chambers

Halford Street

Tamworth

Staffordshire

B79 7RB

FIXED ASSETS

Intangible assets

2

12,432

22,213

Tangible assets

3

106,785

91,090

119,217

113,303

CURRENT ASSETS

Stocks

20,141

15,515

Debtors

197,081

196,355

Cash at bank and in hand

34,735

39,053

251,957

250,923

CREDITORS

Amounts falling due within one year

205,480

291,246

NET CURRENT ASSETS/(LIABILITIES)

46,477

(40,323

)

TOTAL ASSETS LESS CURRENT LIABILITIES

165,694

72,980

CREDITORS

Amounts falling due after more than one year

(27,766

)

(33,087

)

PROVISIONS FOR LIABILITIES

(5,600

)

-

NET ASSETS

132,328

39,893

CAPITAL AND RESERVES

Called up share capital

4

100

100

Profit and loss account

132,228

39,793

SHAREHOLDERS' FUNDS

132,328

39,893

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 23 August 2017 and were signed on its behalf by:

L J Atkins - 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 revenue recognised by the company in respect of goods and services supplied during the period,

excluding value added tax.

Goodwill

Acquired goodwill is written off in equal instalments over its estimated useful economic life.

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

-

20% reducing balance

Fixtures and fittings

-

20% reducing balance

Motor vehicles

-

20% reducing balance

Computer equipment

-

33% 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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2015

and 30 November 2016

29,344

AMORTISATION

At 1 December 2015

7,131

Amortisation for year

9,781

At 30 November 2016

16,912

NET BOOK VALUE

At 30 November 2016

12,432

At 30 November 2015

22,213

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2015

114,629

Additions

43,157

At 30 November 2016

157,786

DEPRECIATION

At 1 December 2015

23,539

Charge for year

27,462

At 30 November 2016

51,001

NET BOOK VALUE

At 30 November 2016

106,785

At 30 November 2015

91,090

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

100

Ordinary

£1

100

100