68 Auto Performance Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07762800 (England and Wales)

Financial Statements

for the Year Ended 31 December 2017

for

68 Auto Performance Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

E J Frost

A E Frost

REGISTERED OFFICE:

33 Short Walk

Butley

Woodbridge

Suffolk

IP12 3NU

REGISTERED NUMBER:

07762800 (England and Wales)

ACCOUNTANTS:

Pinfold & Co

Chartered Accountants

8 Deben Mill Business Centre

Old Maltings Approach

Woodbridge

Suffolk

IP12 1BL

FIXED ASSETS

Tangible assets

4

3,970

5,293

CURRENT ASSETS

Stocks

250

500

Debtors

1,039

3,562

Cash at bank

791

487

2,080

4,549

CREDITORS

Amounts falling due within one year

20,341

22,239

NET CURRENT LIABILITIES

(18,261

)

(17,690

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(14,291

)

(12,397

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(14,292

)

(12,398

)

SHAREHOLDERS' FUNDS

(14,291

)

(12,397

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 6 September 2018 and were signed on its behalf by:

E J Frost - Director

1.	STATUTORY INFORMATION

68 Auto Performance Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The turnover represents net invoiced sales of goods and services, excluding value added tax, arising from engine

tuning.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

and 31 December 2017

17,352

DEPRECIATION

At 1 January 2017

12,059

Charge for year

1,323

At 31 December 2017

13,382

NET BOOK VALUE

At 31 December 2017

3,970

At 31 December 2016

5,293

5.	SUMMARY OF TRANSACTIONS WITH DIRECTORS

The following advances by and repayments to directors subsisted during the years ended 31 December 2017 and

31 December 2016:

31.12.17

31.12.16

£

£

E J Frost and A E Frost

Balance outstanding at start of year

19,200

20,932

Amounts advanced

4,039

11,662

Amounts repaid

(3,182

)

(13,394

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

20,057

19,200

6.	ULTIMATE CONTROLLING PARTY

The controlling party is A E Frost.