Compton Garage Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05243576 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st March 2018

for

Compton Garage Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D J Howarth

SECRETARY:

Miss V Delaney

REGISTERED OFFICE:

2-6 London Road

Buxton

Derbyshire

SK17 9NX

REGISTERED NUMBER:

05243576 (England and Wales)

ACCOUNTANTS:

Laytons

Chartered Accountants

6 Manchester Road

Buxton

Derbyshire

SK17 6SB

FIXED ASSETS

Tangible assets

4

1,206

1,463

CURRENT ASSETS

Stocks

2,684

2,738

Debtors

11,967

8,470

Cash at bank and in hand

43,648

43,537

58,299

54,745

CREDITORS

Amounts falling due within one year

22,760

28,658

NET CURRENT ASSETS

35,539

26,087

TOTAL ASSETS LESS CURRENT LIABILITIES

36,745

27,550

PROVISIONS FOR LIABILITIES

233

293

NET ASSETS

36,512

27,257

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

36,412

27,157

SHAREHOLDERS' FUNDS

36,512

27,257

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2018 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 Income Statement and an abridged Balance Sheet for the year ended 31st March 2018 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 4th December 2018 and were signed by:

D J Howarth - Director

1.	STATUTORY INFORMATION

Compton 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.

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

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% 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.

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 6 (2017 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2017

and 31st March 2018

9,996

DEPRECIATION

At 1st April 2017

8,533

Charge for year

257

At 31st March 2018

8,790

NET BOOK VALUE

At 31st March 2018

1,206

At 31st March 2017

1,463

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included in debtors are monies owed by the director to the company £2,625 (2017 £69 owed to the

director). The loan is interest free and repayable on demand.