Cornerstone Garage Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04886698 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2017

for

Cornerstone Garage Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P S Gallaway

SECRETARY:

Mrs J Gallaway

REGISTERED OFFICE:

29 - 31 Leat Street

Tiverton

Devon

EX16 5LG

REGISTERED NUMBER:

04886698 (England and Wales)

ACCOUNTANTS:

Somerset Accountancy Services Ltd

22 Wessex Park

Bancombe Business Estate

Somerton

Somerset

TA11 6SB

FIXED ASSETS

Tangible assets

4

27,654

29,801

CURRENT ASSETS

Stocks

6,000

6,000

Debtors

5,287

5,081

Cash at bank and in hand

34,241

31,531

45,528

42,612

CREDITORS

Amounts falling due within one year

41,073

40,098

NET CURRENT ASSETS

4,455

2,514

TOTAL ASSETS LESS CURRENT LIABILITIES

32,109

32,315

CREDITORS

Amounts falling due after more than one year

(5,733

)

(7,779

)

PROVISIONS FOR LIABILITIES

(5,377

)

(5,120

)

NET ASSETS

20,999

19,416

CAPITAL AND RESERVES

Called up share capital

20,911

20,911

Retained earnings

88

(1,495

)

SHAREHOLDERS' FUNDS

20,999

19,416

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 September 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 5 January 2018 and were signed by:

Mr P S Gallaway - Director

1.	STATUTORY INFORMATION

Cornerstone Garage Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The director has a reasonable expectation that the company has adequate resources , including their support and

that from his family, to continue in operational existence for the foreseeable future. On this basis, the directors

consider it appropriate to prepare the accounts on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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 machinery etc

-

25% on reducing balance and 15% 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2016

76,447

Additions

4,034

At 30 September 2017

80,481

DEPRECIATION

At 1 October 2016

46,646

Charge for year

6,181

At 30 September 2017

52,827

NET BOOK VALUE

At 30 September 2017

27,654

At 30 September 2016

29,801

5.	RELATED PARTY DISCLOSURES

Mrs J Gallaway

the company secretary and shareholder

has loaned the company money on an interest fee basis with no specific repayment date.

30.9.17

30.9.16

£

£

Amount due to related party at balance sheet date

Mr P S Gallaway

a director and shareholder

55

4,425

Mrs J Gallaway

the company secretary and shareholder

-

160

6.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr P S Gallaway.