GOLDENS VEHICLE REPAIR CENTRE LIMITED - Abbreviated accounts 16.1

REGISTERED NUMBER: 06850010 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2016

for

GOLDENS VEHICLE REPAIR CENTRE LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

P Golden

SECRETARY:

REGISTERED OFFICE:

The Gatehouse

Wick Drive

New Milton

Hampshire

BH25 6SJ

REGISTERED NUMBER:

06850010 (England and Wales)

ACCOUNTANTS:

Richard Baker & Co.

The Gatehouse

Wick Drive

New Milton

Hampshire

BH25 6SJ

FIXED ASSETS

Intangible assets

2

51,000

54,000

Tangible assets

3

163,752

177,960

214,752

231,960

CURRENT ASSETS

Stocks

2,575

2,115

Debtors

2,017

1,584

Cash at bank and in hand

49,509

29,446

54,101

33,145

CREDITORS

Amounts falling due within one year

164,030

146,293

NET CURRENT LIABILITIES

(109,929

)

(113,148

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

104,823

118,812

CREDITORS

Amounts falling due after more than one year

4

(98,917

)

(109,550

)

PROVISIONS FOR LIABILITIES

(2,275

)

(3,812

)

NET ASSETS

3,631

5,450

CAPITAL AND RESERVES

Called up share capital

5

100

Profit and loss account

3,531

5,350

SHAREHOLDERS' FUNDS

3,631

5,450

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 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 director on 8 August 2016 and were signed by:

P Golden - Director

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 a business in 2013, is being amortised evenly over its estimated useful life of twenty years.

Acquired goodwill is written off in equal annual instalments over it's estimated useful economic life of 20 years.

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 -20% straight line

Fixtures, fittings and equipment -15% straight line

Motor vehicles - 25% straight line

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 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.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

60,400

AMORTISATION

At 1 April 2015

6,400

Amortisation for year

3,000

At 31 March 2016

9,400

NET BOOK VALUE

At 31 March 2016

51,000

At 31 March 2015

54,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

215,747

Additions

120

At 31 March 2016

215,867

DEPRECIATION

At 1 April 2015

37,787

Charge for year

14,328

At 31 March 2016

52,115

NET BOOK VALUE

At 31 March 2016

163,752

At 31 March 2015

177,960

4.

CREDITORS

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

31.3.16

31.3.15

£

Repayable by instalments

94,317

97,150

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

100

Ordinary

£1

100

6.	LOAN INTEREST

Loan interest charged to the profit and loss account this year totalling £8087 includes an amount of £3802 relating to the

accounting year ended 31st March, 2015.