Majid And Sons (Service Stations) Limite - Abbreviated accounts 16.1

Majid And Sons (Service Stations) Limite - Abbreviated accounts 16.1

MAJID AND SONS (SERVICE STATIONS) LIMITED - Company Information

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REGISTERED NUMBER: 05188276 (England and Wales)









Abbreviated Unaudited Accounts

for the Year Ended 30 September 2015

for

Majid And Sons (Service Stations)
Limited

Majid And Sons (Service Stations)
Limited (Registered number: 05188276)






Contents of the Abbreviated Accounts
for the Year Ended 30 September 2015




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 4

Majid And Sons (Service Stations)
Limited

Company Information
for the Year Ended 30 September 2015







DIRECTORS: A Majid
T Majid





SECRETARY: Mrs R B Majid





REGISTERED OFFICE: The Annex
143 - 145 Stanwell Road
Ashford
Middlesex
TW15 3QN





REGISTERED NUMBER: 05188276 (England and Wales)





ACCOUNTANT: Robert Thorne FCCA
Chartered Certified Accountant
The Annex
143 - 145 Stanwell Road
Ashford
Middlesex
TW15 3QN
Page 1
Majid And Sons (Service Stations)
Limited (Registered number: 05188276)

Abbreviated Balance Sheet
30 September 2015

30/9/15 30/9/14
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 2 246,158 371,158
Tangible assets 3 1,237,822 1,275,107
1,483,980 1,646,265

CURRENT ASSETS
Stocks 379,553 362,730
Debtors 270,367 308,693
Cash at bank and in hand 267,112 184,791
917,032 856,214
CREDITORS
Amounts falling due within one year 4 713,964 727,662
NET CURRENT ASSETS 203,068 128,552
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,687,048
1,774,817

CREDITORS
Amounts falling due after more than one
year
4
(637,127
)
(722,500
)

PROVISIONS FOR LIABILITIES (31,813 ) (33,349 )
NET ASSETS 1,018,108 1,018,968

CAPITAL AND RESERVES
Called up share capital 5 2 2
Profit and loss account 1,018,106 1,018,966
SHAREHOLDERS' FUNDS 1,018,108 1,018,968

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 notes form part of these abbreviated accounts

Page 2 continued...
Majid And Sons (Service Stations)
Limited (Registered number: 05188276)

Abbreviated Balance Sheet - continued
30 September 2015


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 12 May 2016 and were signed on its behalf by:





T Majid - Director


The notes form part of these abbreviated accounts

Page 3
Majid And Sons (Service Stations)
Limited (Registered number: 05188276)

Notes to the Abbreviated Accounts
for the Year Ended 30 September 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 January 2015).

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2004, 2007 and 2009, is
being amortised evenly over its estimated useful life of ten years in each case.

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

Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

No depreciation is provided on the freehold property because in the opinion of the directors the residual value is
in excess of the market value of the property as stated in the financial statements. The directors conduct annual
impairment reviews and have regular external revaluations. Where it is felt that the carrying valuation of the
freehold property would not exceed the open market value an appropriate periodic depreciation charge will be
made in the financial statements.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computation periods
different from those in which they are included in the company's accounts. Deferred tax is provided in full on
timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates
that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Hire purchase and leasing commitments
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.

Page 4 continued...
Majid And Sons (Service Stations)
Limited (Registered number: 05188276)

Notes to the Abbreviated Accounts - continued
for the Year Ended 30 September 2015

2. INTANGIBLE FIXED ASSETS
Total
£   
COST
At 1 October 2014
and 30 September 2015 1,250,000
AMORTISATION
At 1 October 2014 878,842
Amortisation for year 125,000
At 30 September 2015 1,003,842
NET BOOK VALUE

At 30 September 2015 246,158
At 30 September 2014 371,158

3. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 October 2014
and 30 September 2015 1,868,322
DEPRECIATION
At 1 October 2014 593,215
Charge for year 37,285
At 30 September 2015 630,500
NET BOOK VALUE
At 30 September 2015 1,237,822
At 30 September 2014 1,275,107

4. CREDITORS

Creditors include an amount of £ 722,127 (30/9/14 - £ 807,500 ) for which security has been given.

They also include the following debts falling due in more than five years:

30/9/15 30/9/14
£    £   
Repayable by instalments 297,127 382,500

5. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 30/9/15 30/9/14
value: £    £   
2 Share capital 1 £1 2 2

Page 5 continued...
Majid And Sons (Service Stations)
Limited (Registered number: 05188276)

Notes to the Abbreviated Accounts - continued
for the Year Ended 30 September 2015

6. RELATED PARTY DISCLOSURES

The petrol service stations operated by the company are rented from the directors who own them personally. The rents in the year were £180,000 (2014 - £180,000).

7. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be Mr A Majid, whom together with his son Mr T Majid own
equally the entire issued share capital of the company.

8. SUBORDINATION OF DIRECTORS LOAN

Whilst this loan is shown as a current liability, the directors have formally sub-ordinated their loan to the claims
of all other creditors and have agreed with the company that no funds will be withdrawn that would prejudice the
company's ability to meet its other liabilities as they fall due.

Page 6