Abbreviated Company Accounts - G. T. GARAGES (SCARBOROUGH) LIMITED

Abbreviated Company Accounts - G. T. GARAGES (SCARBOROUGH) LIMITED

G. T. GARAGES (SCARBOROUGH) LIMITED - Company Information

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Registered Number 00965329

G. T. GARAGES (SCARBOROUGH) LIMITED

Abbreviated Accounts

30 November 2016

G. T. GARAGES (SCARBOROUGH) LIMITED Registered Number 00965329

Abbreviated Balance Sheet as at 30 November 2016

Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 73,493 82,433
73,493 82,433
Current assets
Stocks 1,614,647 1,355,536
Debtors 193,898 158,453
Cash at bank and in hand 142,114 73,661
1,950,659 1,587,650
Creditors: amounts falling due within one year 3 (1,727,670) (1,383,962)
Net current assets (liabilities) 222,989 203,688
Total assets less current liabilities 296,482 286,121
Provisions for liabilities (6,354) (7,839)
Total net assets (liabilities) 290,128 278,282
Capital and reserves
Called up share capital 4 29,934 29,719
Share premium account 90,000 90,000
Other reserves 3,000 3,000
Profit and loss account 167,194 155,563
Shareholders' funds 290,128 278,282
  • For the year ending 30 November 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 23 May 2017

And signed on their behalf by:
G J Thomas, Director
T A Hull, Director

G. T. GARAGES (SCARBOROUGH) LIMITED Registered Number 00965329

Notes to the Abbreviated Accounts for the period ended 30 November 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standards for Small Entities (effective January 2015).

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) which have been applied consistently (except as otherwise stated).

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows;

Land and buildings Leasehold straight line over 20 years, Plant and machinery 15% reducing balance, Fixtures, fittings and equipment 15% reducing balance

2Tangible fixed assets
£
Cost
At 1 December 2015 301,604
Additions -
Disposals -
Revaluations -
Transfers -
At 30 November 2016 301,604
Depreciation
At 1 December 2015 219,171
Charge for the year 8,940
On disposals -
At 30 November 2016 228,111
Net book values
At 30 November 2016 73,493
At 30 November 2015 82,433
3Creditors
2016
£		 2015
£
Secured Debts 0 850,721
4Called Up Share Capital
Allotted, called up and fully paid:
2016
£		 2015
£
10,000 A Ordinary shares of £1 each 10,000 10,000
1,935 B Ordinary shares of £1 each 1,935 1,935
9,600 C Ordinary shares of £1 each 9,600 9,600
4,600 D Ordinary shares of £1 each 4,600 4,600
3,799 E Ordinary shares of £1 each 3,799 3,799