Cornerstone Garage Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 04886698 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 30 September 2014

for

Cornerstone Garage Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

P S Gallaway

SECRETARY:

Mrs J Gallaway

REGISTERED OFFICE:

29 - 31 Leat Street

Tiverton

Devon

EX16 5LG

REGISTERED NUMBER:

04886698 (England and Wales)

ACCOUNTANTS:

Somerset Accountancy Services Ltd

22 Wessex Park

Bancombe Business Estate

Somerton

Somerset

TA11 6SB

FIXED ASSETS

Intangible assets

2

-

19,250

Tangible assets

3

28,584

45,512

28,584

64,762

CURRENT ASSETS

Stocks

2,000

4,500

Debtors

19,159

22,591

Cash at bank and in hand

69,551

14,452

90,710

41,543

CREDITORS

Amounts falling due within one year

64,866

74,170

NET CURRENT ASSETS/(LIABILITIES)

25,844

(32,627

)

TOTAL ASSETS LESS CURRENT LIABILITIES

54,428

32,135

CREDITORS

Amounts falling due after more than one year

(455

)

(3,875

)

PROVISIONS FOR LIABILITIES

(5,580

)

(8,179

)

NET ASSETS

48,393

20,081

CAPITAL AND RESERVES

Called up share capital

4

20,911

20,911

Profit and loss account

27,482

(830

)

SHAREHOLDERS' FUNDS

48,393

20,081

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 2 June 2015 and were signed by:

P S Gallaway - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The director has a reasonable expectation that the company has adequate resources , including their support and

that from his family, to continue in operational existence for the foreseeable future. On this basis, the directors

consider it appropriate to prepare the accounts on a going concern basis.

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, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2013

35,000

Disposals

(35,000

)

At 30 September 2014

-

AMORTISATION

At 1 October 2013

15,750

Eliminated on disposal

(15,750

)

At 30 September 2014

-

NET BOOK VALUE

At 30 September 2014

-

At 30 September 2013

19,250

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2013

113,063

Additions

3,224

Disposals

(53,254

)

At 30 September 2014

63,033

DEPRECIATION

At 1 October 2013

67,551

Charge for year

5,899

Eliminated on disposal

(39,001

)

At 30 September 2014

34,449

NET BOOK VALUE

At 30 September 2014

28,584

At 30 September 2013

45,512

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.14

30.9.13

value:

£

£

2

Ordinary A

£1

2

2

5,000

Ordinary B

£1

20,909

20,909

20,911

20,911