Monico Garage Limited - Limited company - abbreviated - 11.9
Monico Garage Limited - Limited company - abbreviated - 11.9
| REGISTERED NUMBER: |
| ABBREVIATED UNAUDITED ACCOUNTS |
| FOR THE YEAR ENDED 31 OCTOBER 2015 |
| FOR |
| MONICO GARAGE LIMITED |
| MONICO GARAGE LIMITED (REGISTERED NUMBER: 06462626) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| for the year ended 31 October 2015 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| MONICO GARAGE LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 October 2015 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| MONICO GARAGE LIMITED (REGISTERED NUMBER: 06462626) |
| ABBREVIATED BALANCE SHEET |
| 31 October 2015 |
| 2015 | 2014 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 2 |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 4 |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| 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. |
| MONICO GARAGE LIMITED (REGISTERED NUMBER: 06462626) |
| ABBREVIATED BALANCE SHEET - continued |
| 31 October 2015 |
| The financial statements were approved by the Board of Directors on |
| MONICO GARAGE LIMITED (REGISTERED NUMBER: 06462626) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| for the year ended 31 October 2015 |
| 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 services, excluding value added tax. |
| Goodwill |
| Positive goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised |
| over its estimated useful life up to a maximum of 20 years. It was previously amortised over 10 years but this |
| policy was amended to reflect a true representation.This length of time is presumed to be the maximum useful |
| life of purchased goodwill because it is difficult to make projections beyond this point. |
| Amortisation is calculated so as to write off the cost of an asset, less its residual value, over the economic life of |
| that asset as follows: |
| Goodwill - 20 years straight line. |
| Tangible fixed assets |
| All fixed assets are initially recorded at cost. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
| life. |
| Plant and machinery - 25% on reducing balance |
| Motor vehicles - 25% on reducing balance |
| Stocks |
| Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance |
| for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed |
| and variable overheads. |
| Deferred tax |
| Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods |
| different from those in which they are included in the company's account. Deferred tax is provided in full on |
| timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax |
| rates that are expected to apply then the timing differences reverse, based on current tax rates and laws. |
| Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no |
| commitment to sell the asset. |
| Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be |
| recovered. Deferred tax assets and liabilities are not discounted. |
| Hire purchase and leasing commitments |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with |
| the lessor are charged to the profit and loss account on a straight line basis over the lease term. |
| Assets held under finance leases and hire purchase agreements are capitalised and disclosed under tangible fixed |
| assets at their fair value. The capital element of the future payments is treated as a liability, and the interest |
| element is charged to the profit and loss account over the period of the lease at a constant proportion of the |
| outstanding balance of capital repayments. |
| MONICO GARAGE LIMITED (REGISTERED NUMBER: 06462626) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| for the year ended 31 October 2015 |
| 2. | INTANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 November 2014 |
| and 31 October 2015 |
| AMORTISATION |
| At 1 November 2014 |
| Amortisation for year |
| At 31 October 2015 |
| NET BOOK VALUE |
| At 31 October 2015 |
| At 31 October 2014 |
| 3. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 November 2014 |
| Additions |
| At 31 October 2015 |
| DEPRECIATION |
| At 1 November 2014 |
| Charge for year |
| At 31 October 2015 |
| NET BOOK VALUE |
| At 31 October 2015 |
| At 31 October 2014 |
| 4. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2015 | 2014 |
| value: | £ | £ |
| Ordinary | 1 |