Accounts filed on 31-07-2016
Accounts filed on 31-07-2016
truePlanguard Garage Services Ltd040205982016-07-31-67489-68863-67487-6886122-67487-6886110950113542242231094-34115-26413-127890-12862720411019481976220661927374763719247324739377510221493775102214Basis of accounting
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).
The company made a net profit of £1,374 (2015: loss of £41,778) for the financial year ended 31 July 2016, but as at that date, the company remained in a net deficit position of £67,487 (2015: £68,861).
The directors believe that it is appropriate to prepare the financial statements on a going concern basis as the directors have committed to support the company for 12 months from the date the financial statements were signed. The company also has the support of its related companies and financial institutions.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed
assets at their fair value. The capital element of the future payments is treated as a liability and
the interest is charged to the profit and loss account on a straight line basis.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive more tax, with
the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments)
of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement
assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose
of the assets concerned. However, no provision is made where, on the basis of all available
evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled
over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the director considers that it is more
likely than not that there will be suitable taxable profits from which the future reversal of the
underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected
to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
Fixed Assets
All fixed assets are initially recorded at cost.
Plant & MachineryMethod for Plant & equipment0.0000Fixtures & FittingsMethod for Fixtures & fittings0.0000Motor VehiclesMethod for Motor vehicles0.0000Leasehold PropertyMethod for Leasehold property0.0000354408330397240112606332281833245035440833039724011260633228183324502242231094Hire purchase liabilities are secured upon the assets to which they relate.
Ordinary2122Ordinary12222017-02-09Mr I Gorvetttruetruetruetruexbrli:sharesiso4217:GBPxbrli:purePlanguard Garage Services Ltd2015-08-012016-07-31Planguard Garage Services Ltd2014-08-012015-07-31Planguard Garage Services Ltd2014-07-31Planguard Garage Services Ltd2015-07-31Planguard Garage Services Ltd2015-07-31Planguard Garage Services Ltd2016-07-31 2017-02-28
