Company Registration No. 08405376 (England and Wales)
MASONS CAR SERVICE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
MASONS CAR SERVICE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
MASONS CAR SERVICE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
96,000
108,000
Tangible assets
2
9,128
4,508
105,128
112,508
Current assets
Debtors
21,017
17,961
Cash at bank and in hand
40,798
35,767
61,815
53,728
Creditors: amounts falling due within one year
(57,272)
(56,953)
Net current assets/(liabilities)
4,543
(3,225)
Total assets less current liabilities
109,671
109,283
Creditors: amounts falling due after more than one year
(95,000)
(100,000)
Provisions for liabilities
-
(63)
14,671
9,220
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
14,571
9,120
Shareholders' funds
14,671
9,220
MASONS CAR SERVICE LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2015
31 March 2015
- 2 -
For the financial year ended 31 March 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 4 December 2015
Mr R P B Smith
Director
Company Registration No. 08405376
MASONS CAR SERVICE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
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
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets 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:
Fixtures, fittings and equipment
20% reducing balance
Motor vehicles
25% reducing balance
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
MASONS CAR SERVICE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2014
120,000
5,804
125,804
Additions
-
9,458
9,458
Disposals
-
(2,700)
(2,700)
At 31 March 2015
120,000
12,562
132,562
Depreciation
At 1 April 2014
12,000
1,296
13,296
On disposals
-
(675)
(675)
Charge for the year
12,000
2,813
14,813
At 31 March 2015
24,000
3,434
27,434
Net book value
At 31 March 2015
96,000
9,128
105,128
At 31 March 2014
108,000
4,508
112,508
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
4
Related party relationships and transactions
At the period end the company owed its directors, Mr R P B Smith and Miss K Jones, £80,487 (2014: £107,343) and £27,988 (2014: £4,776) respectively, of which £95,000 (2014: £100,000) is disclosed as due after more than one year.