Registered Number 07215684
THRAPSTON GARAGE AND TITTY HO MOTOR COMPANY LIMITED
Abbreviated Accounts
30 June 2015
Notes | 2015 | 2014 | |
---|---|---|---|
£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
|
|
Tangible assets | 3 |
|
|
|
|
||
Current assets | |||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: amounts falling due within one year |
( |
( |
|
Net current assets (liabilities) |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Total net assets (liabilities) |
|
|
|
Capital and reserves | |||
Called up share capital | 4 |
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Plant and machinery - 20% reducing balance
Motor vehicles - 25% reducing balance
Fixtures and fittings - 15% reducing balance
Office equipment - 33 reducing balance
Intangible assets amortisation policy
Amortisation is provided at the following rates:
Goodwill - Over 15 years
Other accounting policies
Stocks are valued at the lower cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost of vehicle stock represents purchase price plus reconditioning costs for used vehicles as appropriate.
Leasing and hire purchase
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised on if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
£ | |
---|---|
Cost | |
At 1 July 2014 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 30 June 2015 |
|
Amortisation | |
At 1 July 2014 |
|
Charge for the year |
|
On disposals |
|
At 30 June 2015 |
|
Net book values | |
At 30 June 2015 | 733,338 |
At 30 June 2014 | 806,670 |
£ | |
---|---|
Cost | |
At 1 July 2014 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 30 June 2015 |
|
Depreciation | |
At 1 July 2014 |
|
Charge for the year |
|
On disposals |
|
At 30 June 2015 |
|
Net book values | |
At 30 June 2015 | 40,314 |
At 30 June 2014 | 44,155 |