Monico Garage Limited

MONICO GARAGE LIMITED - Company Information

true D Hoborough, L D T Hobrough and P Hobrough true 1 November 2015 31 October 2016 31 October 2016 true false 06462626 true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06462626 2015-10-31 06462626 2016-10-31 06462626 2015-11-01 2016-10-31 06462626 uk-gaap:RestatedAmount 2015-10-31 06462626 uk-gaap:RestatedAmount 2016-10-31 06462626 uk-gaap:NetGoodwill 2015-10-31 06462626 uk-gaap:NetGoodwill 2016-10-31 06462626 uk-gaap:NetGoodwill 2015-11-01 2016-10-31 06462626 uk-gaap:OtherIntangibleFixedAssets 2015-11-01 2016-10-31 06462626 uk-gaap:IntangibleAssetsOtherThanGoodwill 2015-10-31 06462626 uk-gaap:IntangibleAssetsOtherThanGoodwill 2016-10-31 06462626 uk-gaap:IntangibleAssetsOtherThanGoodwill 2015-11-01 2016-10-31 06462626 uk-gaap:DevelopmentCosts 2015-10-31 06462626 uk-gaap:DevelopmentCosts 2016-10-31 06462626 uk-gaap:DevelopmentCosts 2015-11-01 2016-10-31 06462626 uk-gaap:LandBuildings uk-gaap:OwnedOrFreeholdTangibleFixedAssets 2015-10-31 06462626 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Registered number: 06462626

Abbreviated accounts

For The Year Ended 31 October 2016

Lewis Ballard Ltd

Monico Garage Limited

Company No. 06462626

Abbreviated Balance Sheet 31 October 2016

Abbreviated Balance Sheet

		2016		2015
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	2		30,000		32,500
Tangible Assets	3		7,615		10,154

			37,615		42,654
CURRENT ASSETS
Stocks		3,978		3,789
Debtors		9,142		16,255
Cash at bank and in hand		75,453		76,506

		88,573		96,550
Creditors: Amounts Falling Due Within One Year		(93,985 )		(111,566 )

NET CURRENT ASSETS (LIABILITIES)			(5,412 )		(15,016 )

TOTAL ASSETS LESS CURRENT LIABILITIES			32,203		27,638

PROVISIONS FOR LIABILITIES
Deferred Taxation			(1,225 )		(1,668 )

NET ASSETS			30,978		25,970

CAPITAL AND RESERVES
Called up share capital	4		100		100
Profit and Loss Account			30,878		25,871

SHAREHOLDERS' FUNDS			30,978		25,971

Monico Garage Limited

Company No. 06462626

Abbreviated Balance Sheet (continued) 31 October 2016

For the year ending 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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 abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

On behalf of the board

Mr David Hobrough

12/01/2017

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Monico Garage Limited

Notes to the Abbreviated Accounts

For The Year Ended 31 October 2016

Notes to the Abbreviated Accounts

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2. Going Concern Disclosure

At the balance sheet date, the company's current liabilities exceeded its current assets. The majority of the current liabilities is the loan from the directors. The company has received assurance from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements if necessary. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis.

1.3. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax.

1.4. Intangible Fixed Assets and Amortisation - Goodwill

Positive goodwill arising on acquisition is capitalised, classified as an asset on the Balance sheet and amortised over its estimated life of up to a maximum of 20 years. It was previously amortised over 10 years but this policy was amended to reflect a ture representation. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this point.

Amortisation is calculated so as to write off the cost of an asset, less its residual value, over the economic life of that asset as follows:

Goodwill - 20 years traight line.

1.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% reducing balance
Motor Vehicles	25% reducing balance
Computer Equipment	25% reducing balance

1.6. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

1.7. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Monico Garage Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 October 2016

1.8. Deferred Taxation

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider 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 taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.

2. Intangible Assets


	Total
Cost	£
As at 1 November 2015	50,000

As at 31 October 2016	50,000

Amortisation
As at 1 November 2015	17,500
Provided during the period	2,500

As at 31 October 2016	20,000

Net Book Value
As at 31 October 2016	30,000

As at 1 November 2015	32,500

3. Tangible Assets


	Total
Cost	£
As at 1 November 2015	31,657

As at 31 October 2016	31,657

Depreciation
As at 1 November 2015	21,503
Provided during the period	2,539

As at 31 October 2016	24,042

Net Book Value
As at 31 October 2016	7,615

As at 1 November 2015	10,154

4. Share Capital

	Value	Number	2016	2015
Allotted, called up and fully paid	£		£	£
Ordinary shares	1.000	100	100	100

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Monico Garage Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 October 2016

5. Ultimate Controlling Party

Ultimate control is held by D Hoborough, L D T Hobrough and P Hobrough by virtue of of their shareholdings.

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