Company Registration No. 01344336 (England and Wales)
GRAHAM MARTIN (BUS & COACH SALES) LIMITED
ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2015
GRAHAM MARTIN (BUS & COACH SALES) LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
GRAHAM MARTIN (BUS & COACH SALES) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2015
31 October 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
578,998
599,356
Current assets
Debtors
82,751
61,236
Cash at bank and in hand
298,990
224,442
381,741
285,678
Creditors: amounts falling due within one year
(303,595)
(341,362)
Net current assets/(liabilities)
78,146
(55,684)
Total assets less current liabilities
657,144
543,672
Provisions for liabilities
(8,397)
(3,274)
648,747
540,398
Capital and reserves
Called up share capital
3
31,924
31,924
Profit and loss account
616,823
508,474
Shareholders' funds
648,747
540,398
For the financial year ended 31 October 2015 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 of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 6 May 2016
P Martin
Director
Company Registration No. 01344336
GRAHAM MARTIN (BUS & COACH SALES) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Leasehold land and buildings
2% straight line
Plant and machinery
15% reducing balance
Office equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.4
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Deferred taxation
Deferred tax is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements which arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non - discounted basis.
GRAHAM MARTIN (BUS & COACH SALES) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 November 2014
884,772
Additions
2,149
At 31 October 2015
886,921
Depreciation
At 1 November 2014
285,416
Charge for the year
22,507
At 31 October 2015
307,923
Net book value
At 31 October 2015
578,998
At 31 October 2014
599,356
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
31,924 Ordinary shares of £1 each
31,924
31,924
4
Related party relationships and transactions
The company trades from a site that is owned personally by G Martin, a director. During the year the company was charged ground rent of £15,600 (2014 - £13,200) by the director.