REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
FOR |
ABC GARRATT LANE LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
FOR |
ABC GARRATT LANE LIMITED |
ABC GARRATT LANE LIMITED (REGISTERED NUMBER: 03378638) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2016 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ABC GARRATT LANE LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2016 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
Highdown House |
11 Highdown Road |
Leamington Spa |
Warwickshire |
CV31 1XT |
BANKERS: |
32 Corn Street |
Bristol |
BS99 7UG |
ABC GARRATT LANE LIMITED (REGISTERED NUMBER: 03378638) |
ABRIDGED BALANCE SHEET |
31 December 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 6 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on by: |
ABC GARRATT LANE LIMITED (REGISTERED NUMBER: 03378638) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2016 |
1. | STATUTORY INFORMATION |
ABC Garratt Lane Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company adopted FRS102 Section 1A "small entities" in the current year and it has resulted in the following |
changes upon transition. |
A related party loan has been reanalysed upon transition, with £47,074 (2015 - £45,571) being transferred from |
non current liabilities to current liabilities. This resulted in net current liabilities increasing by the amounts above |
in each corresponding financial year. |
The date of transition was 1 January 2015. |
At the balance sheet date the company had net current liabilities of £203,438 (2015 - £278,784) and total net |
liabilities of £399,533 (2015 - £436,039). The directors have expressed their willingness to support the company |
as necessary and along with the forecasted future profitable trade the business is considered a going concern. The |
accounts and financial statements have therefore been prepared on a going concern basis. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents net invoiced sales of storage services, excluding value added tax. Storage income is |
recognised over the period for which the storage space is occupied by the customer. |
Tangible fixed assets |
Short leasehold | - |
Warehouse equipment | - |
Fixtures and fittings | - |
Computer equipment | - |
Financial instruments |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, |
they are measured at amortised cost using the effective interest rate method, less impairment. |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the income statement. |
ABC GARRATT LANE LIMITED (REGISTERED NUMBER: 03378638) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2016 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2016 |
Additions |
At 31 December 2016 |
DEPRECIATION |
At 1 January 2016 |
Charge for year |
At 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
ABC GARRATT LANE LIMITED (REGISTERED NUMBER: 03378638) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2016 |
5. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2016 | 2015 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
In addition to the minimum lease commitments detailed above, there is also a contractual 5% turnover rent |
payable each year which is contingent on annual trading results. |
6. | PROVISIONS FOR LIABILITIES |
2016 | 2015 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 7,664 | 10,741 |
Deferred |
tax |
£ |
Balance at 1 January 2016 |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2016 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
8. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2016 | ( |
) |
Profit for the year |
At 31 December 2016 | ( |
) |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
ABC GARRATT LANE LIMITED (REGISTERED NUMBER: 03378638) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2016 |
10. | PENSION COMMITMENTS |
The company operates defined contribution pension schemes in respect of certain employees and directors. The |
schemes and their assets are held by independent managers. The pension charge represents contributions due |
from the company amounting to £488 (2015 - £nil). Included within creditors is a balance due to pension |
providers of £878 (2015 - £nil) representing contributions owed to the funds. |
11. | CONTINGENT LIABILITIES |
The company has entered into an unlimited composite cross guarantee in respect of the bank borrowings of the |
other group members. The maximum potential liability at 31 December 2016 was £nil (2015 - £nil). |
12. | RELATED PARTY DISCLOSURES |
ABC Selfstore Services Limited |
Company controlled by the directors |
Management charges of £186,000 (2015 - £216,000) were paid during the year. |
2016 | 2015 |
£ | £ |
Amount due to related party at the balance sheet date | 21,600 | 28,800 |
The Milton Group |
Partnership controlled by the directors |
Management charges of £93,184 (2015 - £100,352) were paid during the year. |
2016 | 2015 |
£ | £ |
Amount due to related party at the balance sheet date | 878 | - |
Lynwave Limited |
Company controlled by the directors |
Rent of £205,092 (2015 - £202,014) was paid during the year. |
Loan interest of £12,165 (2015 - £13,754) was paid during the year. |
2016 | 2015 |
£ | £ |
Amount due to related party at the balance sheet date | 349,507 | 395,078 |
13. | ULTIMATE PARENT COMPANY |
The ultimate parent company is Aynsgarth Limited, a company incorporated in the Isle of Man. The immediate |
parent company is ABC Self Storage Limited, which is incorporated in the Isle of Man. |