McCormack's Garage Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC431274 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 30 November 2016

for

McCormack's Garage Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M A McCormack

J J McCormack

REGISTERED OFFICE:

Newlands

King Street

Kingussie

Inverness - shire

PH21 1HW

REGISTERED NUMBER:

SC431274 (Scotland)

ACCOUNTANTS:

Peter Munro & Company

Chartered Certified Accountants

15-17 High Street

Kingussie

Inverness-shire

PH21 1HS

FIXED ASSETS

Intangible assets

2

16,880

17,960

Tangible assets

3

45,978

76,656

62,858

94,616

CURRENT ASSETS

Stocks

10,000

16,500

Debtors

56,303

68,534

Cash at bank

21,222

5,137

87,525

90,171

CREDITORS

Amounts falling due within one year

103,776

102,643

NET CURRENT LIABILITIES

(16,251

)

(12,472

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

46,607

82,144

CREDITORS

Amounts falling due after more than one
year

(38,892

)

(69,360

)

PROVISIONS FOR LIABILITIES

(7,045

)

(12,709

)

NET ASSETS

670

75

CAPITAL AND RESERVES

Called up share capital

4

3

Profit and loss account

667

72

SHAREHOLDERS' FUNDS

670

75

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 1 March 2017 and were signed on its behalf by:

M A McCormack - 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 invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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

Plant and equipment

-

15% on reducing balance

Motor vehicles

-

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2015

and 30 November 2016

21,200

AMORTISATION

At 1 December 2015

3,240

Amortisation for year

1,080

At 30 November 2016

4,320

NET BOOK VALUE

At 30 November 2016

16,880

At 30 November 2015

17,960

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2015

109,277

Additions

15,467

Disposals

(47,469

)

At 30 November 2016

77,275

DEPRECIATION

At 1 December 2015

32,621

Charge for year

8,119

Eliminated on disposal

(9,443

)

At 30 November 2016

31,297

NET BOOK VALUE

At 30 November 2016

45,978

At 30 November 2015

76,656

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.16

30.11.15

value:

£

3

Ordinary

1

3