Registered Number 01265969
GUILDFORD TYRE COMPANY LIMITED
Abbreviated Accounts
30 June 2016
Notes | 2016 | 2015 | |
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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 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 4 |
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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 | 4 |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 5 |
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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.
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.
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.
Other accounting policies
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 shorter.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
Pension costs and other post-retirement benefits
The company make employee pension contibutions under an Auto-Enrolment group scheme. Contributions payable to the scheme are charged to the profit and loss account in the period to which they relate.
£ | |
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Cost | |
At 1 July 2015 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 30 June 2016 |
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Depreciation | |
At 1 July 2015 |
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Charge for the year |
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On disposals |
( |
At 30 June 2016 |
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Net book values | |
At 30 June 2016 | 1,815,243 |
At 30 June 2015 | 1,819,661 |
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, Cranleigh Tyre Co Limited and Caterham Tyre Co Limited - all of which are Dormant companies.
2016
£ |
2015
£ |
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Instalment debts due after 5 years |
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