Peter Brace Ltd - Abbreviated accounts 16.1
Peter Brace Ltd - Abbreviated accounts 16.1
| PETER BRACE LTD |
| TRADING AS |
| TARNOCK GARAGE |
| ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2015 |
| PETER BRACE LTD (REGISTERED NUMBER: 05665656) |
| TRADING AS TARNOCK GARAGE |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| PETER BRACE LTD |
| TRADING AS TARNOCK GARAGE |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| PETER BRACE LTD (REGISTERED NUMBER: 05665656) |
| TRADING AS TARNOCK GARAGE |
| ABBREVIATED BALANCE SHEET |
| 31 DECEMBER 2015 |
| 2015 | 2014 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| PETER BRACE LTD (REGISTERED NUMBER: 05665656) |
| TRADING AS TARNOCK GARAGE |
| ABBREVIATED BALANCE SHEET - continued |
| 31 DECEMBER 2015 |
| 2015 | 2014 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 3 |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| 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 financial statements were approved by the Board of Directors on behalf by: |
| PETER BRACE LTD (REGISTERED NUMBER: 05665656) |
| TRADING AS TARNOCK GARAGE |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 DECEMBER 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 and services, excluding value added tax together |
| with income accrued in respect of amounts recoverable on contracts. |
| Tangible fixed assets |
| Short leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stock |
| Stocks are valued at the lower of cost on first in, first out basis and net realisable value, after making |
| due allowance for obsolete and slow moving stock. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
| at the balance sheet date. |
| 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. |
| Financial instruments |
| Financial instruments are classified and accounted for according to the substance of the contractual |
| arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any |
| contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
| PETER BRACE LTD (REGISTERED NUMBER: 05665656) |
| TRADING AS TARNOCK GARAGE |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 January 2015 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2015 |
| DEPRECIATION |
| At 1 January 2015 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2015 |
| NET BOOK VALUE |
| At 31 December 2015 |
| At 31 December 2014 |
| 3. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2015 | 2014 |
| value: | £ | £ |
| Ordinary | £1 |
| 4. | RELATED PARTY DISCLOSURES |
| During the year the company made a sale to a director as follows: |
| £ |
| S P Brace | Vehicle purchase | 15,500 |
| The above purchase was made by the director during the year on an arms length basis at cost. |
| Director/ Shareholder |
| A fluctuating loan from the director subsisted during the year ended 31 December 2015. The |
| aforementioned loan is interest free and repayable on demand. |
| 2015 | 2014 |
| £ | £ |
| PETER BRACE LTD (REGISTERED NUMBER: 05665656) |
| TRADING AS TARNOCK GARAGE |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| Amount due to related party at the balance sheet date |
| Director/ Shareholder |
| A fluctuating loan from the director subsisted during the year ended 31 December 2015. The |
| aforementioned loan is interest free and repayable on demand. |
| 2015 | 2014 |
| £ | £ |
| Amount due to related party at the balance sheet date |
| Director/ Shareholder |
| A fluctuating loan from the director subsisted during the year ended 31 December 2015. The |
| aforementioned loan is interest free and repayable on demand. |
| 2015 | 2014 |
| £ | £ |
| Amount due to related party at the balance sheet date |
| Director/ Shareholder |
| A fluctuating loan from the director subsisted during the year ended 31 December 2015. The |
| aforementioned loan is interest free and repayable on demand. |
| 2015 | 2014 |
| £ | £ |
| Amount due to related party at the balance sheet date |