North Street Garage Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 04853112 (England and Wales)

NORTH STREET GARAGE LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31ST AUGUST 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTORS:

D J Ryan

P J Hayward

SECRETARY:

P J Hayward

REGISTERED OFFICE:

17 North Street

Lewes

East Sussex

BN7 2PE

REGISTERED NUMBER:

04853112 (England and Wales)

ACCOUNTANTS:

Clark Brownscombe

Chartered Accountants

2 St Andrews Place

Lewes

East Sussex

BN7 1UP

FIXED ASSETS

Tangible assets

2

21,668

9,242

CURRENT ASSETS

Stocks

7,000

5,226

Debtors

24,259

22,787

Cash at bank

5,468

7,536

36,727

35,549

CREDITORS

Amounts falling due within one year

3

67,867

64,582

NET CURRENT LIABILITIES

(31,140

)

(29,033

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(9,472

)

(19,791

)

CREDITORS

Amounts falling due after more than one year

3

8,686

-

NET LIABILITIES

(18,158

)

(19,791

)

CAPITAL AND RESERVES

Called up share capital

4

Profit and loss account

(18,162

)

(19,795

)

SHAREHOLDERS' FUNDS

(18,158

)

(19,791

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2015 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 9th May 2016 and were signed on its behalf by:

D J Ryan - Director

P J Hayward - 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 VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital

element of the future payments is treated as a liability.

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.

Going concern

The financial statements have been prepared on the going concern basis as the directors have confirmed that they will

continue to support the company for the foreseeable future.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st September 2014

62,839

Additions

22,983

Disposals

(10,350

)

At 31st August 2015

75,472

DEPRECIATION

At 1st September 2014

53,597

Charge for year

7,679

Eliminated on disposal

(7,472

)

At 31st August 2015

53,804

NET BOOK VALUE

At 31st August 2015

21,668

At 31st August 2014

9,242

3.

CREDITORS

Creditors include an amount of £ 12,833 for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

4

Ordinary

£1

4

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited

financial statements, from which the unaudited abbreviated accounts (set out on pages two to five) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of North Street Garage Limited for the year ended 31st August 2015 which comprise the Profit and Loss Account, the

Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given

us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of North Street Garage Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of North Street Garage Limited and state those matters that we have agreed to state to the Board of Directors of North Street Garage Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that North Street Garage Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of North Street Garage Limited. You consider that North Street Garage 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 financial statements of North Street Garage 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 financial statements.

Clark Brownscombe

Chartered Accountants

2 St Andrews Place

Lewes

East Sussex

BN7 1UP

9th May 2016