Abbreviated Company Accounts - PARK CRESCENT GARAGE & COMPANY LIMITED

PARK CRESCENT GARAGE & COMPANY LIMITED - Company Information

02145913 PARK CRESCENT GARAGE & COMPANY LIMITED 2016-05-31 false 2015-06-01 2016-05-31 true 02145913 2015-06-01 2016-05-31 02145913 2016-05-31 02145913 2015-05-31 02145913 uk-gaap-cd-bus:Director1 2015-06-01 2016-05-31 02145913 uk-gaap-cd-bus:Director2 2015-06-01 2016-05-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-06-01 2016-05-31 uk-gaap-cd-bus:OrdinaryShareClass1 2016-05-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-05-31 iso4217:GBP shares

Registered Number 02145913

PARK CRESCENT GARAGE & COMPANY LIMITED

Abbreviated Accounts

31 May 2016

PARK CRESCENT GARAGE & COMPANY LIMITED Registered Number 02145913

Abbreviated Balance Sheet as at 31 May 2016

	Notes	2016	2015
		£	£
Fixed assets
Intangible assets	2	4,000	4,000
Tangible assets	3	18,068	18,544
		22,068	22,544
Current assets
Stocks		4,125	3,500
Cash at bank and in hand		21,462	21,193
		25,587	24,693
Creditors: amounts falling due within one year		(47,317)	(46,890)
Net current assets (liabilities)		(21,730)	(22,197)
Total assets less current liabilities		338	347
Total net assets (liabilities)		338	347
Capital and reserves
Called up share capital	4	100	100
Profit and loss account		238	247
Shareholders' funds		338	347

For the year ending 31 May 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 directors acknowledge their 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 Board on 24 February 2017

And signed on their behalf by:
M W KNIBBS, Director

PARK CRESCENT GARAGE & COMPANY LIMITED Registered Number 02145913

Notes to the Abbreviated Accounts for the period ended 31 May 2016

1Accounting Policies

Basis of measurement and preparation of accounts
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 policy
Turnover represents the net invoiced value of work done, excluding Value Added Tax.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and equipment - 15% reducing balance
Office furniture and equipment - 10% reducing balance
Fixtures and fittings - 10% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 20% straight line

Other accounting policies
Stock and work in progress
Stock and work in progress are valued at the lower of cost including attributable overheads and net realisable value.

TRANSACTION WITH DIRECTORS
A Lease was signed by the Company and its Directors for the use of their premises in Clifton Road Worthing West Sussex BN11 4DP at an annual rental of £ 24,000 based upon the open market value. The rental paid during the year has been shown in the Profit and Loss Account.

2Intangible fixed assets

	£
Cost
At 1 June 2015	4,000
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 May 2016	4,000
Amortisation
At 1 June 2015	-
Charge for the year	-
On disposals	-
At 31 May 2016	-
Net book values
At 31 May 2016	4,000
At 31 May 2015	4,000

3Tangible fixed assets

	£
Cost
At 1 June 2015	70,700
Additions	2,912
Disposals	-
Revaluations	-
Transfers	-
At 31 May 2016	73,612
Depreciation
At 1 June 2015	52,156
Charge for the year	3,388
On disposals	-
At 31 May 2016	55,544
Net book values
At 31 May 2016	18,068
At 31 May 2015	18,544

4Called Up Share Capital
Allotted, called up and fully paid:

	2016 £	2015 £
100 Ordinary shares of £1 each	100	100