Company Registration No. 03794723 (England and Wales)
CLASSIC AUTOMOBILES WORLDWIDE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2015
CLASSIC AUTOMOBILES WORLDWIDE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
CLASSIC AUTOMOBILES WORLDWIDE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2015
30 September 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
12,609
1,898
Current assets
Stocks
275,134
265,985
Debtors
3
453,985
1,138,961
Cash at bank and in hand
12,450
460
741,569
1,405,406
Creditors: amounts falling due within one year
(2,309,259)
(2,631,887)
Net current liabilities
(1,567,690)
(1,226,481)
Total assets less current liabilities
(1,555,081)
(1,224,583)
Capital and reserves
Called up share capital
4
1,000
1,000
Profit and loss account
(1,556,081)
(1,225,583)
Shareholder's funds
(1,555,081)
(1,224,583)
For the financial year ended 30 September 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has 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 22 June 2016
Mr R W Bentley
Director
Company Registration No. 03794723
CLASSIC AUTOMOBILES WORLDWIDE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2015
- 2 -
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).
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.The validity of this assumption depends on the continued support of the directors and that of its creditors and lenders.
If the company was unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts, to provide for further liabilities that might arise and to reclassify fixed assets as current assets and long-term liabilities as current liabilities.
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.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
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:
Leasehold properties
Over the length of the lease of 15 years
Plant and machinery
20% reducing balance method
Fixtures, fittings and equipment
15% reducing balance method
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
CLASSIC AUTOMOBILES WORLDWIDE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 October 2014
69,054
Additions
13,863
At 30 September 2015
82,917
Depreciation
At 1 October 2014
67,156
Charge for the year
3,152
At 30 September 2015
70,308
Net book value
At 30 September 2015
12,609
At 30 September 2014
1,898
3
Debtors
Debtors include an amount of £130,000 (2014 - £130,000) which is due after more than one year.
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1,000 Ordinary Shares of £1 each
1,000
1,000