Registered Number 01265969
GUILDFORD TYRE COMPANY LIMITED
Abbreviated Accounts
30 June 2015
Notes | 2015 | 2014 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Investments | 3 |
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Current assets | |||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 5 |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 5 |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 6 |
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Other reserves |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Preparation of consolidated financial statements
The financial statements contain information about Guildford Tyre Company Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has not prepared consolidated financial information as all three of its subsidiaries are dormant during the year and balance sheet balances at the year end are immaterial.
Turnover policy
Tangible assets depreciation policy
Freehold property - 2% on cost
Long leasehold - in accordance with the property
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Assets over £500 are capitalised.
Intangible assets amortisation policy
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.
Valuation information and policy
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Other accounting policies
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital elements of the future payments is treated as a liability.
Pension costs and other post-retirement benefits
The company contributions to the personal pension scheme of some employees. Contributions payable to the personal pension schemes are charged to the profit and loss account in the period to which they relate.
£ | |
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Cost | |
At 1 July 2014 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 30 June 2015 |
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Depreciation | |
At 1 July 2014 |
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Charge for the year |
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On disposals |
( |
At 30 June 2015 |
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Net book values | |
At 30 June 2015 | 1,819,661 |
At 30 June 2014 | 1,527,115 |
Included within depreciation charge for the year is £14,000 related to transfer to ownership.
3
Fixed assets Investments
The company's investments at the Balance Sheet date in the share capital of companies include the following:
Gatwick Tyre Co Limited - 100% holding of Ordinary shares
Aggregate capital and reserves £2 (2014: £2)
Cranleigh Tyre Co Limited - 100% holding of Ordinary shares
Aggregate capital and reserves £2,000 (2014: £2,000)
Caterham Tyre Co Limited - 100% holding of Ordinary shares
Aggregate capital and reserves £75 (2014: £75)
2015
£ |
2014
£ |
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Debtors include the following amounts due after more than one year |
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2015
£ |
2014
£ |
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Instalment debts due after 5 years |
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