Grays Garage Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 00593508 (England and Wales)

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

FOR

GRAYS GARAGE LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr S A Davis

Mr M H Davis

Mr A T Sanders

REGISTERED OFFICE:

Wharf Street

Warwick

Warwickshire

CV34 4PA

REGISTERED NUMBER:

00593508 (England and Wales)

ACCOUNTANTS:

TGFP

Chartered Accountants

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

FIXED ASSETS

Tangible assets

2

26,911

21,558

CURRENT ASSETS

Stocks

382,367

415,197

Debtors

236,937

182,112

Cash at bank and in hand

282,589

231,290

901,893

828,599

CREDITORS

Amounts falling due within one year

499,126

433,106

NET CURRENT ASSETS

402,767

395,493

TOTAL ASSETS LESS CURRENT LIABILITIES

429,678

417,051

CAPITAL AND RESERVES

Called up share capital

3

7,200

7,200

Share premium

6,000

6,000

Capital redemption reserve

2,400

2,400

Profit and loss account

414,078

401,451

SHAREHOLDERS' FUNDS

429,678

417,051

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 6 January 2017 and were signed on its behalf by:

Mr M H Davis - 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 invoices sale of new motor vehicles, sales of parts and vehicle services, excluding

value added tax.

Turnover also represents the sale of used motor vehicles under the second hand car scheme for VAT

purposes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

50% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

During the year no consignment stock is recognised in cost of sales or closing stock other than costs relating to

vehicles sold during the year.

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.

Pension costs and other post-retirement benefits

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

251,825

Additions

19,866

Disposals

(19,914

)

At 30 April 2016

251,777

DEPRECIATION

At 1 May 2015

230,267

Charge for year

8,013

Eliminated on disposal

(13,414

)

At 30 April 2016

224,866

NET BOOK VALUE

At 30 April 2016

26,911

At 30 April 2015

21,558

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

3,600

Ordinary

£1

3,600

3,600

3,600

Ordinary A

£1

3,600

3,600

7,200

7,200

4.	ULTIMATE CONTROLLING PARTY