Gornal Tyre & Exhaust Limited - Abbreviated accounts

Gornal Tyre & Exhaust Limited - Abbreviated accounts


Registered number
07181739
Gornal Tyre & Exhaust Limited
Unaudited Abbreviated Accounts
29 February 2016
Gornal Tyre & Exhaust Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited abbreviated accounts of Gornal Tyre & Exhaust Limited for the year ended 29 February 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Gornal Tyre & Exhaust Limited for the year ended 29 February 2016 which comprise of 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, 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 Gornal Tyre & Exhaust Limited, as a body, in accordance with the terms of our engagement letter dated 23 June 2010. Our work has been undertaken solely to prepare for your approval the accounts of Gornal Tyre & Exhaust Limited and state those matters that we have agreed to state to the Board of Directors of Gornal Tyre & Exhaust 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 Gornal Tyre & Exhaust Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Gornal Tyre & Exhaust 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 Gornal Tyre & Exhaust Limited. You consider that Gornal Tyre & Exhaust 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 Gornal Tyre & Exhaust 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 abbreviated accounts.
Michael Dack & Company
Chartered Accountants
Suite B2
Josephs Well
Hanover Walk, Westgate
Leeds
LS3 1AB
24 May 2016
Gornal Tyre & Exhaust Limited
Registered number: 07181739
Abbreviated Balance Sheet
as at 29 February 2016
Notes 2016 2015
£ £
Fixed assets
Intangible assets 2 14,600 18,250
Tangible assets 3 9,455 7,468
24,055 25,718
Current assets
Stocks 10,440 11,583
Debtors 7,693 2,679
Cash at bank and in hand 73,013 27,514
91,146 41,776
Creditors: amounts falling due within one year (97,985) (77,403)
Net current liabilities (6,839) (35,627)
Total assets less current liabilities 17,216 (9,909)
Provisions for liabilities (1,891) -
Net assets/(liabilities) 15,325 (9,909)
Capital and reserves
Called up share capital 4 100 100
Profit and loss account 15,225 (10,009)
Shareholder's funds 15,325 (9,909)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
M S Hitchcroft
Director
Approved by the board on 24 May 2016
Gornal Tyre & Exhaust Limited
Notes to the Abbreviated Accounts
for the year ended 29 February 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
2 Intangible fixed assets £
Cost
At 1 March 2015 36,500
At 29 February 2016 36,500
Amortisation
At 1 March 2015 18,250
Provided during the year 3,650
At 29 February 2016 21,900
Net book value
At 29 February 2016 14,600
At 28 February 2015 18,250
3 Tangible fixed assets £
Cost
At 1 March 2015 25,417
Additions 5,145
At 29 February 2016 30,562
Depreciation
At 1 March 2015 17,949
Charge for the year 3,158
At 29 February 2016 21,107
Net book value
At 29 February 2016 9,455
At 28 February 2015 7,468
4 Share capital Nominal 2016 2016 2015
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
Gornal Tyre & Exhaust Limited 07181739 false true 2015-03-01 2016-02-29 2016-02-29 M S Hitchcroft 07181739 uk-bus:OrdinaryShareClass1 2015-02-28 07181739 2015-03-01 2016-02-29 07181739 uk-bus:Director40 2015-03-01 2016-02-29 07181739 uk-gaap:PlantMachinery 2015-03-01 2016-02-29 07181739 uk-gaap:MotorVehicles 2015-03-01 2016-02-29 07181739 uk-bus:OrdinaryShareClass1 2015-03-01 2016-02-29 07181739 2016-02-29 07181739 uk-bus:OrdinaryShareClass1 2016-02-29 07181739 2015-02-28 iso4217:GBP xbrli:shares