Stewarts Garage (Dunoon) Ltd. - Abbreviated accounts 16.3

REGISTERED NUMBER: SC253789 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 29 FEBRUARY 2016

FOR

STEWARTS GARAGE (DUNOON) LTD.

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

W Stewart

A H Stewart

SECRETARY:

A H Stewart

REGISTERED OFFICE:

50 Wellington Street

Dunoon

Argyll

PA23 7LA

REGISTERED NUMBER:

SC253789 (Scotland)

ACCOUNTANTS:

John M Taylor & Co

Chartered Accountants

9 Glasgow Road

PAISLEY

Renfrewshire

PA1 3QS

FIXED ASSETS

-

Intangible assets

2

-

80,125

Tangible assets

3

75,256

80,125

75,256

CURRENT ASSETS

10,361

Stocks

13,820

46,550

Debtors

33,290

35,291

Cash at bank and in hand

35,405

92,202

82,515

CREDITORS

76,082

Amounts falling due within one year

4

65,595

16,120

NET CURRENT ASSETS

16,920

96,245

TOTAL ASSETS LESS CURRENT
LIABILITIES

92,176

CREDITORS

(7,009

)

Amounts falling due after more than one
year

4

(4,220

)

(7,383

)

PROVISIONS FOR LIABILITIES

(6,212

)

81,853

NET ASSETS

81,744

CAPITAL AND RESERVES

2,000

Called up share capital

5

2,000

79,853

Profit and loss account

79,744

81,853

SHAREHOLDERS' FUNDS

81,744

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2016 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 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 28 November 2016 and were signed on its behalf
by:

W Stewart - 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 on ordinary activities of the company represents the amounts due for goods sold, for services provided

and the hire of vehicles stated net of discounts and value added tax.

Sale of goods are recognised when the goods are delivered, sale of services are recognised when the service has

been provided and the hire of vehicles held by the company is recognised on the commencement date of the hire

period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on reducing balance and 15% on cost

Computer equipment

-

33% on cost

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

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the balance sheet date. However,

deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred

taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing

differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

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 March 2015

and 29 February 2016

15,000

AMORTISATION

At 1 March 2015

and 29 February 2016

15,000

NET BOOK VALUE

At 29 February 2016

-

At 28 February 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2015

207,701

Additions

24,424

Disposals

(5,950

)

At 29 February 2016

226,175

DEPRECIATION

At 1 March 2015

127,576

Charge for year

26,758

Eliminated on disposal

(3,415

)

At 29 February 2016

150,919

NET BOOK VALUE

At 29 February 2016

75,256

At 28 February 2015

80,125

4.

CREDITORS

Creditors include an amount of £ 7,009 (28.2.15 - £ 9,798 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

29.2.16

28.2.15

value:

£

1,998

Ordinary

£1

2,000