Abbreviated Company Accounts - GATEWAY TYRES & AUTO LIMITED

Abbreviated Company Accounts - GATEWAY TYRES & AUTO LIMITED

GATEWAY TYRES & AUTO LIMITED - Company Information

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Registered Number 07245259

GATEWAY TYRES & AUTO LIMITED

Abbreviated Accounts

31 May 2014

GATEWAY TYRES & AUTO LIMITED Registered Number 07245259

Abbreviated Balance Sheet as at 31 May 2014

Notes 2014 2013
£ £
Fixed assets
Tangible assets 2 11,475 10,921
11,475 10,921
Current assets
Stocks 2,334 2,647
Debtors 3 17,227 18,448
Cash at bank and in hand 40,224 15,489
59,785 36,584
Prepayments and accrued income 7,557 7,150
Creditors: amounts falling due within one year 4 (64,922) (63,445)
Net current assets (liabilities) 2,420 (19,711)
Total assets less current liabilities 13,895 (8,790)
Total net assets (liabilities) 13,895 (8,790)
Capital and reserves
Called up share capital 900 900
Profit and loss account 12,995 (9,690)
Shareholders' funds 13,895 (8,790)
  • 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:
Dennis Garratt, Director
Michael Hutchinson, Director

GATEWAY TYRES & AUTO LIMITED Registered Number 07245259

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

1Accounting Policies

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

Turnover policy
The turnover represents amounts receivable for goods and services net of VAT and trade discounts

Tangible assets depreciation policy
Depreceiation has been provided at the following rates in order to write off the assets over their estimated useful lives

Land and Buildings 10% reducing balance

Plant and Machinery 15% reducing balance

Fixtures and fittings 25% reducing balance

2Tangible fixed assets
£
Cost
At 1 June 2013 16,534
Additions 2,250
Disposals -
Revaluations -
Transfers -
At 31 May 2014 18,784
Depreciation
At 1 June 2013 5,613
Charge for the year 1,696
On disposals -
At 31 May 2014 7,309
Net book values
At 31 May 2014 11,475
At 31 May 2013 10,921
3Debtors
2014
£		 2013
£
Debtors include the following amounts due after more than one year 17,227 18,636
4Creditors
2014
£		 2013
£
Secured Debts 18,211 17,105