Company Registration No. 04488611 (England and Wales)
MICHAEL DOUGLAS AUTOSALVAGE LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
MICHAEL DOUGLAS AUTOSALVAGE LTD
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
MICHAEL DOUGLAS AUTOSALVAGE LTD
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
170,485
187,327
Current assets
Stocks
5,000
10,500
Debtors
33,980
24,338
Cash at bank and in hand
15,549
17,367
54,529
52,205
Creditors: amounts falling due within one year
(46,152)
(41,534)
Net current assets
8,377
10,671
Total assets less current liabilities
178,862
197,998
Creditors: amounts falling due after more than one year
(9,644)
(22,003)
Provisions for liabilities
(34,097)
(37,230)
135,121
138,765
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
134,121
137,765
Shareholders' funds
135,121
138,765
MICHAEL DOUGLAS AUTOSALVAGE LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2015
31 December 2015
- 2 -
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 members have 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 4 June 2016
Mr M W Douglas
Director
Company Registration No. 04488611
MICHAEL DOUGLAS AUTOSALVAGE LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
1
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
10% Reducing balance
Fixtures, fittings & equipment
10% Reducing balance
Motor vehicles
25% Reducing balance
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
MICHAEL DOUGLAS AUTOSALVAGE LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2015
387,691
Additions
8,555
At 31 December 2015
396,246
Depreciation
At 1 January 2015
200,364
Charge for the year
25,397
At 31 December 2015
225,761
Net book value
At 31 December 2015
170,485
At 31 December 2014
187,327
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1,000 Ordinary share of £1 each
1,000
1,000
4
Related party relationships and transactions
Advances and credits granted to the directors during the year are outlined in the table below:
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr M W Douglas - Directors current account
-
22,284
54,762
-
43,117
33,929
22,284
54,762
-
43,117
33,929