Abbreviated Company Accounts - PARK CRESCENT GARAGE & COMPANY LIMITED

PARK CRESCENT GARAGE & COMPANY LIMITED - Company Information

02145913 PARK CRESCENT GARAGE & COMPANY LIMITED 2015-05-31 false 2014-06-01 2015-05-31 true 02145913 2014-06-01 2015-05-31 02145913 2015-05-31 02145913 2014-05-31 02145913 uk-gaap-cd-bus:Director1 2014-06-01 2015-05-31 02145913 uk-gaap-cd-bus:Director2 2014-06-01 2015-05-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-06-01 2015-05-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-05-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-05-31 iso4217:GBP shares

Registered Number 02145913

PARK CRESCENT GARAGE & COMPANY LIMITED

Abbreviated Accounts

31 May 2015

PARK CRESCENT GARAGE & COMPANY LIMITED Registered Number 02145913

Abbreviated Balance Sheet as at 31 May 2015

	Notes	2015	2014
		£	£
Fixed assets
Intangible assets	2	4,000	4,000
Tangible assets	3	18,544	18,313
		22,544	22,313
Current assets
Stocks		3,500	3,955
Cash at bank and in hand		21,193	20,254
		24,693	24,209
Creditors: amounts falling due within one year		(46,890)	(45,883)
Net current assets (liabilities)		(22,197)	(21,674)
Total assets less current liabilities		347	639
Total net assets (liabilities)		347	639
Capital and reserves
Called up share capital	4	100	100
Profit and loss account		247	539
Shareholders' funds		347	639

For the year ending 31 May 2015 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 17 February 2016

And signed on their behalf by:
M W KNIBBS, Director

PARK CRESCENT GARAGE & COMPANY LIMITED Registered Number 02145913

Notes to the Abbreviated Accounts for the period ended 31 May 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The Financial Statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
Turnover represents the net invoiced value of work done, excluding Value Added Tax.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and equipment - 15% reducing balance
Office furniture and equipment - 10% reducing balance
Fixtures and fittings - 10% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 20% straight line

Other accounting policies
Stock and work in progress
Stock and work in progress are valued at the lower of cost including attributable overheads and net realisable value.

TRANSACTION WITH DIRECTORS
A Lease was signed by the Company and its Directors for the use of their premises in Clifton Road Worthing West Sussex BN11 4DP at an annual rental of £ 24,000 based upon the open market value. The rental paid during the year has been shown in the Profit and Loss Account.

2Intangible fixed assets

	£
Cost
At 1 June 2014	4,000
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 May 2015	4,000
Amortisation
At 1 June 2014	-
Charge for the year	-
On disposals	-
At 31 May 2015	-
Net book values
At 31 May 2015	4,000
At 31 May 2014	4,000

3Tangible fixed assets

	£
Cost
At 1 June 2014	67,210
Additions	3,490
Disposals	-
Revaluations	-
Transfers	-
At 31 May 2015	70,700
Depreciation
At 1 June 2014	48,897
Charge for the year	3,259
On disposals	-
At 31 May 2015	52,156
Net book values
At 31 May 2015	18,544
At 31 May 2014	18,313

4Called Up Share Capital
Allotted, called up and fully paid:

	2015 £	2014 £
100 Ordinary shares of £1 each	100	100