Registered number: 02483323 | ||||||||
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FOR THE YEAR ENDED 31/07/2017 | ||||||||
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Prepared By: | ||||||||
Arundales | ||||||||
Chartered Accountants | ||||||||
Stowe House | ||||||||
1688 High Street | ||||||||
Knowle | ||||||||
West Midlands | ||||||||
B93 0LY |
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Congleton Garden Machinery Ltd | ||||||||
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ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31/07/2017 | ||||||||
DIRECTORS | ||||||||
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SECRETARY | ||||||||
Mrs L.I. Meek | ||||||||
REGISTERED OFFICE | ||||||||
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West Midlands | ||||||||
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COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 02483323 | ||||||||
ACCOUNTANTS | ||||||||
Arundales | ||||||||
Chartered Accountants | ||||||||
Stowe House | ||||||||
1688 High Street | ||||||||
Knowle | ||||||||
West Midlands | ||||||||
B93 0LY |
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Congleton Garden Machinery Ltd | ||||||||
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ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31/07/2017 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 5 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
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Congleton Garden Machinery Ltd | ||||||||
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BALANCE SHEET AT
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2017 | 2016 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 2 |
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CURRENT ASSETS | ||||||||||
Stock |
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Debtors | 4 |
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Cash at bank and in hand |
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746,774 | 826,337 | |||||||||
CREDITORS: Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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280,170 | ||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: Amounts falling due after more than one year | 6 | 170,891 | 193,387 | |||||||
PROVISIONS FOR LIABILITIES AND CHARGES | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES | ||||||||||
Called up share capital | 9 |
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Profit and loss account | 602,650 | 468,655 | ||||||||
SHAREHOLDERS' FUNDS |
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Approved by the board on
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............................. | ||||||||||
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Director | ||||||||||
............................. | ||||||||||
Mrs L.I. Meek | ||||||||||
Director | ||||||||||
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Congleton Garden Machinery Ltd | ||||||||
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BALANCE SHEET AT
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Congleton Garden Machinery Ltd | ||||||||
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NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31/07/2017 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The principal activity of the company is the hire, repair and sale of garden machinery and there was no change during the year. | ||||||||
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
1b. Depreciation | ||||||||
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Fixtures, fittings and equipment | reducing balance 10% | |||||||
Motor vehicles | reducing balance 25% |
1c. Stocks | ||||||||
Stocks are stated at the lower of purchases cost and net realisable value. | ||||||||
Net realisable value is based in estimated selling prices less further costs expected to be incurred to completion and disposal. |
1d. Deferred Taxation | ||||||||
Deferred taxation is calculated on the liability method in respect of timing differences arising primarily from the different accounting and tax treatment of depreciation. |
1e. Hire Purchase And Leasing Agreements | ||||||||
Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their expected useful lives. | ||||||||
The interest element of the hire purchase obligations is charged to revenue over the period of the hire and represents a constant proportion of capital repayments made. | ||||||||
Rentals paid under operating leases are charged to revenue as incurred. |
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Congleton Garden Machinery Ltd | ||||||||
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1f. Tax | ||||||||
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. | ||||||||
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. | ||||||||
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
2. TANGIBLE FIXED ASSETS | ||||||||
Land And | Fixtures, fittings | |||||||
buildings | and equipment | Motor vehicles | Total | |||||
£ | £ | £ | £ | |||||
Cost | ||||||||
At 01/08/2016 | 260,875 | 194,676 | 82,174 | 537,725 | ||||
Additions | - | 890 | - | 890 | ||||
At 31/07/2017 | 260,875 | 195,566 | 82,174 | 538,615 | ||||
Depreciation | ||||||||
At 01/08/2016 | - | 78,313 | 51,533 | 129,846 | ||||
For the year | - | 11,725 | 7,661 | 19,386 | ||||
At 31/07/2017 | - | 90,038 | 59,194 | 149,232 | ||||
Net Book Amounts | ||||||||
At 31/07/2017 | 260,875 | 105,528 | 22,980 | 389,383 | ||||
At 31/07/2016 | 260,875 | 116,363 | 30,641 | 407,879 | ||||
The net book value of fixed assets of £389,383 (2016 : £407,879) includes £15,750 (2016 : £21,000) of assets held under hire purchase contracts. | ||||||||
3. STOCK | 2017 | 2016 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Goods for resale and hire |
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4. DEBTORS | 2017 | 2016 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 10,655 | 5,419 | ||||||
Prepayments and accrued income | 2,882 | 4,076 | ||||||
13,537 | 9,495 | |||||||
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Congleton Garden Machinery Ltd | ||||||||
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5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2017 | 2016 | |||||||
£ | £ | |||||||
Corporation tax | 48,055 | 36,461 | ||||||
Other taxes and social security | 61,653 | 33,116 | ||||||
Directors loan account | 6,075 | 10,630 | ||||||
Bank loan | 19,016 | 118,334 | ||||||
Current instalments on hire purchase | 4,055 | 3,687 | ||||||
Trade creditors | 179,340 | 321,443 | ||||||
Accruals and deferred income | 22,846 | 22,496 | ||||||
341,040 | 546,167 | |||||||
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2017 | 2016 | |||||||
£ | £ | |||||||
Bank loans >1yr | 157,844 | 176,285 | ||||||
Hire purchase >1yr | 13,047 | 17,102 | ||||||
170,891 | 193,387 | |||||||
7. EMPLOYEES | ||||||
2017 | 2016 | |||||
No. | No. | |||||
Average number of employees | 11 | 11 | ||||
8. PROVISIONS FOR LIABILITIES | 2017 | 2016 | ||||||
£ | £ | |||||||
Deferred taxation | 20,576 | 25,007 | ||||||
20,576 | 25,007 | |||||||
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Congleton Garden Machinery Ltd | ||||||||
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9. SHARE CAPITAL | 2017 | 2016 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
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1000 | 1000 | ||||||
1,000 | 1,000 | |||||||
10. CONTROLLING PARTY | ||||||||
The directors of the company own 100% of the issued share capital and are the ultimate controlling party. | ||||||||
11. BANK LOAN | ||||||||
The long term bank loan, which bears interest at a variable rate, is repayable by monthly instalments subject to the Bank's right to demand immediate repayment of the loan in the event of any default under conditions specified in the loan agreement. | ||||||||
The loan is being repaid as follows: Amounts repayable within one year: £19,016 (2016: £118,334); Amounts repayable between one and two years: £19,377 (2016: £18,334); Amounts repayable between two and five years: £59,132 (2016: £58,002); Amounts repayable after more than five years; £79,335 (2016: £99,949) | ||||||||