Company Registration No. 00727003 (England and Wales)
WEST SUSSEX MOTORS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
WEST SUSSEX MOTORS LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
WEST SUSSEX MOTORS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WEST SUSSEX MOTORS LIMITED FOR THE YEAR ENDED 30 JUNE 2015
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of West Sussex Motors Limited for the year ended 30 June 2015 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of West Sussex Motors Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of West Sussex Motors Limited and state those matters that we have agreed to state to the Board of Directors of West Sussex Motors Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
to anyone other than West Sussex Motors Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that West Sussex Motors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of West Sussex Motors Limited. You consider that West Sussex Motors Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of West Sussex Motors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
3 March 2016
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
WEST SUSSEX MOTORS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2015
30 June 2015
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2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
25,693
25,693
Current assets
Debtors
-
59
Cash at bank and in hand
10,325
10,909
10,325
10,968
Creditors: amounts falling due within one year
(22,161)
(17,347)
Net current liabilities
(11,836)
(6,379)
Total assets less current liabilities
13,857
19,314
Capital and reserves
Called up share capital
3
972
972
Share premium account
17,038
17,038
Other reserves
415
415
Profit and loss account
(4,568)
889
Shareholders' funds
13,857
19,314
For the financial year ended 30 June 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 19 February 2016
Mr A Steele
Mr B Steele
Director
Director
Company Registration No. 00727003
WEST SUSSEX MOTORS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
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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 April 2008), except as stated in note 1.3 below.
The company recorded a trading loss for the year and net current liabilities at the balance sheet date. However additional funding has been provided by a connected company, which is controlled by the directors of West Sussex Motors Limited. The directors have indicated that they expect this funding to be available for not less than 12 months from the approval of these financial statements. With a tenant secured for the investment property and in anticipation of ongoing support from the connected company, the directors consider it appropriate to prepare the financial statements on the going concern basis.
These financial statements do not include any adjustment that may arise if financial support is withdrawn.
1.2
Turnover
Turnover represents rental income recognised on an accrued basis.
1.3
Tangible fixed assets and depreciation
The company, with effect from 1 October 1992, let out its freehold property, which it had previously used for its own trading purposes. At this time the property was reclassified as an investment property, rental income being negotiated on an arms length basis.
In accordance with the provisions of the Financial Reporting Standard for Smaller Entities (effective April 2008), no further depreciation has been provided subsequent to that date on the buildings element of the property. This treatment has been adopted in the interest of giving a true and fair view, which overrides the otherwise specific requirement of the Companies Act 2006 to provide for depreciation on fixed assets with a limited useful economic life.
The investment property is stated at cost and not open market value. This treatment is not in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The directors consider that the cost of regularly revaluing the property would be disproportionate to the value of the information obtained, but are of the opinion that its value is in excess of the balance sheet amount.
2
Fixed assets
Tangible assets
£
Cost
At 1 July 2014 & at 30 June 2015
29,119
Depreciation
At 1 July 2014 & at 30 June 2015
3,426
Net book value
At 30 June 2015
25,693
At 30 June 2014
25,693
WEST SUSSEX MOTORS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
- 4 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
972 Ordinary shares of £1 each
972
972