Peter Brace Ltd - Limited company - abbreviated - 11.6

PETER BRACE LTD

TRADING AS

TARNOCK GARAGE

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

S P Brace

Mrs V L Newman-Brace

C M Brace

Mrs J K Cann

SECRETARY:

Mrs V L Newman-Brace

REGISTERED OFFICE:

34 Boulevard

Weston-super-Mare

North Somerset

BS23 1NF

REGISTERED NUMBER:

05665656 (England and Wales)

ACCOUNTANTS:

four fifty partnership

Chartered Accountants

34 Boulevard

Weston-super-Mare

North Somerset

BS23 1NF

FIXED ASSETS

Tangible assets

2

36,408

44,442

CURRENT ASSETS

Stocks

281,151

301,206

Debtors

44,580

40,713

Cash at bank and in hand

73,039

49,390

398,770

391,309

CREDITORS

Amounts falling due within one year

392,604

410,525

NET CURRENT ASSETS/(LIABILITIES)

6,166

(19,216

)

TOTAL ASSETS LESS CURRENT LIABILITIES

42,574

25,226

PROVISIONS FOR LIABILITIES

6,922

5,040

NET ASSETS

35,652

20,186

CAPITAL AND RESERVES

Called up share capital

3

1,000

1,000

Profit and loss account

34,652

19,186

SHAREHOLDERS' FUNDS

35,652

20,186

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 8 May 2015 and were signed on its behalf by:

C M Brace - Director

1.	ACCOUNTING POLICIES

Accounting convention

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

Turnover represents net invoiced sales of goods and services, excluding value added tax together

with income accrued in respect of amounts recoverable on contracts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold

-

Straight line over lease period

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Stock

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual

arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any

contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

87,686

Additions

1,663

Disposals

(1,422

)

At 31 December 2014

87,927

DEPRECIATION

At 1 January 2014

43,244

Charge for year

9,313

Eliminated on disposal

(1,038

)

At 31 December 2014

51,519

NET BOOK VALUE

At 31 December 2014

36,408

At 31 December 2013

44,442

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1,000

Ordinary

£1

1,000

1,000

4.	RELATED PARTY DISCLOSURES

During the year the company made sales to the directors as follows:

£

S P Brace

Servicing and repairs

100

Mrs V Newman-Brace

Servicing and repairs

89

C M Brace

Servicing and repairs

25

Miss J K Brace

Servicing and repairs

NIL

All of the servicing and repair sales were made to the directors and family on an arms length basis.

£

S P Brace

Vehicle purchase

12,897

Mrs V Newman-Brace

Vehicle purchase

17,314

The above purchases were made to the directors during the year.

S P Brace

Director/ Shareholder

A fluctuating loan from the director subsisted during the year ended 31 December 2014. The

aforementioned loan is interest free and repayable on demand.

2014

2013

£

£

Amount due to related party at the balance sheet date

32,928

42,460

Mrs V L Newman-Brace

Director/ Shareholder

A fluctuating loan from the director subsisted during the year ended 31 December 2014. The

aforementioned loan is interest free and repayable on demand.

2014

2013

£

£

Amount due to related party at the balance sheet date

30,061

42,760

C M Brace

Director/ Shareholder

A fluctuating loan from the director subsisted during the year ended 31 December 2014. The

aforementioned loan is interest free and repayable on demand.

2014

2013

£

£

Amount due to related party at the balance sheet date

34,279

40,910

Mrs J K Cann

Director/ Shareholder

A fluctuating loan from the director subsisted during the year ended 31 December 2014. The

aforementioned loan is interest free and repayable on demand.

2014

2013

£

£

Amount due to related party at the balance sheet date

36,128

42,760