Owd Barn Service Station Limited - Period Ending 2016-08-31

Registration number: 5902225

Owd Barn Service Station Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

McGinty Demack
Chartered Certified Accountants
Vermont House
Bradley Lane
Standish
Lancashire
WN6 0XF

Owd Barn Service Station Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Owd Barn Service Station Limited
for the Year Ended 31 August 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Owd Barn Service Station Limited for the year ended 31 August 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Owd Barn Service Station 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 accounts of Owd Barn Service Station Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Owd Barn Service Station Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Owd Barn Service Station Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Owd Barn Service Station Limited. You consider that Owd Barn Service Station 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 accounts of Owd Barn Service Station 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 accounts.

......................................

McGinty Demack
Chartered Certified Accountants
Vermont House
Bradley Lane
Standish
Lancashire
WN6 0XF

2 December 2016

Page 1

Owd Barn Service Station Limited
(Registration number: 5902225)
Abbreviated Balance Sheet at 31 August 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					6,309			6,309
Tangible fixed assets					8,326			8,460
					14,635			14,769
Current assets
Stocks					2,100			2,100
Debtors					-			5,037
Cash at bank and in hand					3			1,650
					2,103			8,787
Creditors: Amounts falling due within one year					(29,462)			(34,112)
Net current liabilities					(27,359)			(25,325)
Net liabilities					(12,724)			(10,556)
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					(12,726)			(10,558)
Shareholders' deficit					(12,724)			(10,556)

For the year ending 31 August 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 2 December 2016

.........................................
Mr Daniel William Chapman
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Owd Barn Service Station Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Goodwill has not been amortised during the year.

Asset class	Amortisation method and rate
Goodwill	0

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation less any estimated residual value over their expected useful economic life

Asset class	Depreciation method and rate
Motor vehicles	25% Reducing balance
Plant and machinery	15% Reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Owd Barn Service Station Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 September 2015		6,309			20,206			26,515
Additions		-			2,095			2,095
Disposals		-			(850)			(850)
At 31 August 2016		6,309			21,451			27,760
Depreciation
At 1 September 2015		-			11,746			11,746
Charge for the year		-			1,529			1,529
Eliminated on disposals		-			(150)			(150)
At 31 August 2016		-			13,125			13,125
Net book value
At 31 August 2016		6,309			8,326			14,635
At 31 August 2015		6,309			8,460			14,769

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		2			2			2			2

Page 4