GATEWAY_MOTOR_COMPANY_LIM - Accounts


Company Registration No. 02833622 (England and Wales)
GATEWAY MOTOR COMPANY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
GATEWAY MOTOR COMPANY LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
GATEWAY MOTOR COMPANY LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GATEWAY MOTOR COMPANY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2015
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 5 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 Gateway Motor Company Limited for the year ended 31 December 2015 set out on pages 3 to 11 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 http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Gateway Motor Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gateway Motor Company Limited and state those matters that we have agreed to state to the Board of Directors of Gateway Motor Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gateway Motor Company Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Gateway Motor Company 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 Gateway Motor Company Limited. You consider that Gateway Motor Company 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 Gateway Motor Company 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.
Morris & Co
31 May 2016
Chartered Accountants
Chester House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
Cheshire
CH65 9HQ
GATEWAY MOTOR COMPANY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
18,299
17,631
Current assets
Stocks
1,734,366
1,450,184
Debtors
255,816
48,313
Cash at bank and in hand
877,375
745,031
2,867,557
2,243,528
Creditors: amounts falling due within one year
(2,034,354)
(1,553,910)
Net current assets
833,203
689,618
Total assets less current liabilities
851,502
707,249
Provisions for liabilities
(3,230)
(2,191)
848,272
705,058
Capital and reserves
Called up share capital
3
50,000
50,000
Profit and loss account
798,272
655,058
Shareholders'  funds
848,272
705,058
GATEWAY MOTOR COMPANY LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2015
31 December 2015
- 3 -
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board and authorised for issue on 27 May 2016
C A Kidd
W A Kidd
Director
Director
Company Registration No. 02833622
GATEWAY MOTOR COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 4 -
1
Accounting policies
1.1
Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover

Turnover represents amounts receivable for goods and services excluding value added tax.excluding value added tax.

1.4
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
1.5
Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Improvements to property
10% on cost
Plant and machinery
25% on reducing balance
Computer equipment
33% on cost
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
1.6
Stock

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

1.7
Pensions

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.

1.8
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted.
GATEWAY MOTOR COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 5 -
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2015
261,916
Additions
9,795
Disposals
(8,081)
At 31 December 2015
263,630
Depreciation
At 1 January 2015
244,284
On disposals
(5,524)
Charge for the year
6,571
At 31 December 2015
245,331
Net book value
At 31 December 2015
18,299
At 31 December 2014
17,631
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
25,500 A Ordinary shares of £1 each
25,500
25,500
13,000 B Ordinary shares of £1 each
13,000
13,000
7,500 C Ordinary shares of £1 each
7,500
7,500
50,000
50,000
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