Abbreviated Company Accounts - PARK CRESCENT GARAGE & COMPANY LIMITED

PARK CRESCENT GARAGE & COMPANY LIMITED - Company Information

02145913 PARK CRESCENT GARAGE & COMPANY LIMITED 2014-05-31 false 2013-06-01 2014-05-31 true 02145913 2013-06-01 2014-05-31 02145913 2014-05-31 02145913 2013-05-31 02145913 uk-gaap-cd-bus:Director1 2013-06-01 2014-05-31 02145913 uk-gaap-cd-bus:Director2 2013-06-01 2014-05-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-06-01 2014-05-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-05-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-05-31 iso4217:GBP shares

Registered Number 02145913

PARK CRESCENT GARAGE & COMPANY LIMITED

Abbreviated Accounts

31 May 2014

PARK CRESCENT GARAGE & COMPANY LIMITED Registered Number 02145913

Abbreviated Balance Sheet as at 31 May 2014

	Notes	2014	2013
		£	£
Fixed assets
Intangible assets	2	4,000	4,000
Tangible assets	3	18,313	21,420
		22,313	25,420
Current assets
Stocks		3,955	3,125
Cash at bank and in hand		20,254	18,818
		24,209	21,943
Creditors: amounts falling due within one year		(45,883)	(46,636)
Net current assets (liabilities)		(21,674)	(24,693)
Total assets less current liabilities		639	727
Total net assets (liabilities)		639	727
Capital and reserves
Called up share capital	4	100	100
Profit and loss account		539	627
Shareholders' funds		639	727

For the year ending 31 May 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 27 February 2015

And signed on their behalf by:
M Knibbs, Director

PARK CRESCENT GARAGE & COMPANY LIMITED Registered Number 02145913

Notes to the Abbreviated Accounts for the period ended 31 May 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The Financial Statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover policy
Turnover represents the net invoiced value of work done, excluding Value Added Tax.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and equipment - 15% reducing balance
Office furniture and equipment - 15% reducing balance
Fixtures and fittings - 15% reducing balance
Computer equipment - 20% straight line
Motor vehicles - 25% reducing balance

Other accounting policies
Stock and work in progress
Stock and work in progress are valued at the lower of cost including attributable overheads and net realisable value.

TRANSACTION WITH DIRECTORS
A Lease was signed by the Company and its Directors for the use of their premises at IN Clifton Road Worthing West Sussex BN11 4AD at an annual rental of £ 24,000 based upon the open market value. The rental paid during the year has been shown in the Profit and Loss Account.

2Intangible fixed assets

	£
Cost
At 1 June 2013	4,000
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 May 2014	4,000
Amortisation
At 1 June 2013	-
Charge for the year	-
On disposals	-
At 31 May 2014	-
Net book values
At 31 May 2014	4,000
At 31 May 2013	4,000

3Tangible fixed assets

	£
Cost
At 1 June 2013	67,210
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 May 2014	67,210
Depreciation
At 1 June 2013	45,790
Charge for the year	3,107
On disposals	-
At 31 May 2014	48,897
Net book values
At 31 May 2014	18,313
At 31 May 2013	21,420

4Called Up Share Capital
Allotted, called up and fully paid:

	2014 £	2013 £
100 Ordinary shares of £1 each	100	100