Registered Number 04569054
S.M. AUTO & BODY REPAIRS LTD
Abbreviated Accounts
30 November 2014
Notes | 2014 | 2013 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
( |
( |
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Net current assets (liabilities) |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: amounts falling due after more than one year |
( |
( |
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Total net assets (liabilities) |
( |
( |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
( |
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Shareholders' funds |
( |
( |
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
The company had net liabilities at 30 November 2014 of £40,500 which indicates that the company may not be able to continue to trade. The financial statements have been prepared on the going concern basis which is dependent upon the company continuing to receive the support of the director, who is a major creditor and provider of security to the company's bankers. Should the company be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities which might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.
Turnover policy
Tangible assets depreciation policy
Plant and machinery - 25% reducing balance
Motor vehicles - 25% reducing balance
Valuation information and policy
Other accounting policies
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and are depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Rentals under operating leases are charged to income on a straight line basis over the lease term.
£ | |
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Cost | |
At 1 December 2013 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 30 November 2014 |
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Depreciation | |
At 1 December 2013 |
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Charge for the year |
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On disposals |
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At 30 November 2014 |
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Net book values | |
At 30 November 2014 | 15,601 |
At 30 November 2013 | 17,959 |