Williams Garage Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 05248394 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2016

FOR

WILLIAMS GARAGE LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

I H Williams

REGISTERED OFFICE:

1 Ashfield Grange

Sykes Lane

Saxilby

Lincoln

Lincolnshire

LN1 2NP

REGISTERED NUMBER:

05248394 (England and Wales)

ACCOUNTANTS:

Dexter & Sharpe (Lincoln) Ltd

Landmark House

1 Riseholme Road

Lincoln

Lincolnshire

LN1 3SN

FIXED ASSETS

Intangible assets

2

6,000

8,000

Tangible assets

3

8,048

10,302

14,048

18,302

CURRENT ASSETS

Stocks

2,071

2,137

Debtors

2,151

1,778

Cash at bank

2,106

2,478

6,328

6,393

CREDITORS

Amounts falling due within one year

12,460

17,528

NET CURRENT LIABILITIES

(6,132

)

(11,135

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

7,916

7,167

CAPITAL AND RESERVES

Called up share capital

4

2

Profit and loss account

7,914

7,165

SHAREHOLDERS' FUNDS

7,916

7,167

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 20 July 2017 and were signed by:

I H Williams - 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 2004, is being amortised evenly over its estimated useful life of fifteen years.

Tangible fixed assets

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

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.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2015

and 31 October 2016

30,000

AMORTISATION

At 1 November 2015

22,000

Amortisation for year

2,000

At 31 October 2016

24,000

NET BOOK VALUE

At 31 October 2016

6,000

At 31 October 2015

8,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2015

and 31 October 2016

27,175

DEPRECIATION

At 1 November 2015

16,873

Charge for year

2,254

At 31 October 2016

19,127

NET BOOK VALUE

At 31 October 2016

8,048

At 31 October 2015

10,302

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2

Ordinary

£1

2