GK Autos Limited - Period Ending 2013-12-31

Registration number: 5640873

GK Autos Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2013
 

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

GK Autos Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

GK Autos Limited
(Registration number: 5640873)
Abbreviated Balance Sheet at 31 December 2013

		Note			2013 £			2012 £
Fixed assets
Intangible fixed assets					33,600			36,400
Tangible fixed assets					1,110			-
					34,710			36,400
Current assets
Stocks					2,135			4,000
Debtors					896			1,449
Cash at bank and in hand					6,143			-
					9,174			5,449
Creditors: Amounts falling due within one year					(38,501)			(36,095)
Net current liabilities					(29,327)			(30,646)
Total assets less current liabilities					5,383			5,754
Creditors: Amounts falling due after more than one year					(597)			(2,450)
Net assets					4,786			3,304
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					4,686			3,204
Shareholders' funds					4,786			3,304

For the year ending 31 December 2013 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 22 September 2014

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

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

GK Autos Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... 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	20 Years

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.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

GK Autos Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2013		56,000			5,277			61,277
Additions		-			1,300			1,300
At 31 December 2013		56,000			6,577			62,577
Depreciation
At 1 January 2013		19,600			5,277			24,877
Charge for the year		2,800			190			2,990
At 31 December 2013		22,400			5,467			27,867
Net book value
At 31 December 2013		33,600			1,110			34,710
At 31 December 2012		36,400			-			36,400

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary Shares of £1 each		100			100			100			100

Page 3