Company Registration No. SC351620 (Scotland)
ABOYNE SERVICE STATION LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
ABOYNE SERVICE STATION LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABOYNE SERVICE STATION LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
67,559
51,632
Current assets
Stocks
139,037
171,730
Debtors
132,594
164,171
Cash at bank and in hand
134,542
144,502
406,173
480,403
Creditors: amounts falling due within one year
(82,373)
(161,003)
Net current assets
323,800
319,400
Total assets less current liabilities
391,359
371,032
Provisions for liabilities
(11,716)
(9,164)
379,643
361,868
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
378,643
360,868
Shareholders' funds
379,643
361,868
For the financial year ended 31 March 2016 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 19 December 2016
Bruce Grant
Alistair Grant
Director
Director
Company Registration No. SC351620
ABOYNE SERVICE STATION LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 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 January 2015).
1.2
Turnover
Turnover represents amounts receivable from the provision of filling station services and the sale and repair of motor vehicles, net of VAT. Turnover is recognised on the despatch of goods or completion of repairs.from the provision of filling station services and the sale and repair of motor vehicles, net of VAT. Turnover is recognised on the despatch of goods or completion of repairs.
1.3
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:
Plant and machinery
- 15% reducing balance
Fixtures, fittings & equipment
- 15% 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
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable. Contributions are also made to personal pension schemes on behalf of directors.
1.7
Deferred taxation
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.
ABOYNE SERVICE STATION LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
75,972
Additions
27,353
Disposals
(2,800)
At 31 March 2016
100,525
Depreciation
At 1 April 2015
24,340
On disposals
(1,225)
Charge for the year
9,851
At 31 March 2016
32,966
Net book value
At 31 March 2016
67,559
At 31 March 2015
51,632
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
950 Ordinary 'A' shares of £1 each
950
950
50 Ordinary 'B' shares of £1 each
50
50
1,000
1,000
4
Related party relationships and transactions
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Bruce Grant - loan
-
-
11,346
-
-
11,346
-
11,346
-
-
11,346
No interest is charged on this balance and there are no fixed terms of repayment.