GK Autos Limited - Period Ending 2014-12-31

Registration number: 5640873

GK Autos Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

TCS Business Management Limited
  Faveo House, 2 Somerville Court
  Banbury Business Park
  Adderbury
  Banbury
  Oxfordshire
  OX17 3SN

GK Autos Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
GK Autos Limited
for the Year Ended 31 December 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GK Autos Limited for the year ended 31 December 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of GK Autos Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of GK Autos Limited and state those matters that we have agreed to state to them, as a body, in this report with the Board of Directors of GK Autos Limited. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GK Autos Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that GK Autos Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GK Autos Limited. You consider that GK Autos Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of GK Autos Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

TCS Business Management Limited
Faveo House, 2 Somerville Court
Banbury Business Park
Adderbury
Banbury
Oxfordshire
OX17 3SN

30 September 2015

Page 1

GK Autos Limited
(Registration number: 5640873)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					30,800			33,600
Tangible fixed assets					785			1,110
					31,585			34,710
Current assets
Stocks					1,880			2,135
Debtors					10,001			896
Cash at bank and in hand					45			6,143
					11,926			9,174
Creditors: Amounts falling due within one year					(40,151)			(38,501)
Net current liabilities					(28,225)			(29,327)
Total assets less current liabilities					3,360			5,383
Creditors: Amounts falling due after more than one year								(597)
Provisions for liabilities					(157)
Net assets					3,203			4,786
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					3,103			4,686
Shareholders' funds					3,203			4,786

For the year ending 31 December 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 director acknowledges his 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 director on 30 September 2015

.........................................
Mr Graham Knapp
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

GK Autos Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line 5%

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	Straight line 25%

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

GK Autos Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2014		56,000			6,577			62,577
Disposals					(3,302)			(3,302)
At 31 December 2014		56,000			3,275			59,275
Depreciation
At 1 January 2014		22,400			5,467			27,867
Charge for the year		2,800			325			3,125
Eliminated on disposals					(3,302)			(3,302)
At 31 December 2014		25,200			2,490			27,690
Net book value
At 31 December 2014		30,800			785			31,585
At 31 December 2013		33,600			1,110			34,710

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary Shares of £1 each		100			100			100			100

Page 4