ACCOUNTS - Final Accounts preparation

Registered number: 02520842

CHALKWELL GARAGE AND COACH HIRE LIMITED

UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2015

CHALKWELL GARAGE AND COACH HIRE LIMITED

REGISTERED NUMBER: 02520842

ABBREVIATED BALANCE SHEET

AS AT 31 JULY 2015

2015

2014

	Note	£	£	£	£
FIXED ASSETS
Tangible assets	2		1,398,726		1,795,921

CURRENT ASSETS
Stocks		75,049		109,843
Debtors		291,671		550,706
Cash at bank and in hand		573,312		440,774

		940,032		1,101,323
CREDITORS: amounts falling due within one year	3	(545,968)		(699,489)
NET CURRENT ASSETS			394,064		401,834

TOTAL ASSETS LESS CURRENT LIABILITIES

1,792,790

2,197,755

CREDITORS: amounts falling due after more than one year	4	(48,091)	(168,291)
PROVISIONS FOR LIABILITIES
Deferred tax		(167,009)	(223,549)
NET ASSETS		1,577,690	1,805,915

CAPITAL AND RESERVES
Called up share capital	5	500	500
Profit and loss account		1,577,190	1,805,415

SHAREHOLDERS' FUNDS

1,577,690

1,805,915

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CHALKWELL GARAGE AND COACH HIRE LIMITED

ABBREVIATED BALANCE SHEET (continued)

AS AT 31 JULY 2015

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 July 2015 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts, which have been prepared in accordance with the provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 28 January 2016.

C H Eglinton

Director

The notes on pages 3 to 5 form part of these financial statements.

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CHALKWELL GARAGE AND COACH HIRE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2015

1.ACCOUNTING POLICIES

	1.1	Basis of preparation of financial statements
		The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

	1.2	Turnover
		Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

	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 of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

L/Term Leasehold Property improvements	-	20% reducing balance
Plant & equipment	-	15% reducing balance
Motor vehicles	-	15% & 25% reducing balance
Other fixed assets	-	10 Years straight line

	1.4	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.

	1.5	Stocks
		Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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CHALKWELL GARAGE AND COACH HIRE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2015

1.ACCOUNTING POLICIES (continued)

	1.6	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 only 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.

	1.7	Pensions
		The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

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CHALKWELL GARAGE AND COACH HIRE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2015

2.TANGIBLE FIXED ASSETS

		£
	Cost
	At 1 August 2014	3,973,893
	Additions	100,700
	Disposals	(762,333)
	At 31 July 2015	3,312,260

	Depreciation
	At 1 August 2014	2,177,972
	Charge for the year	267,491
	On disposals	(531,929)
	At 31 July 2015	1,913,534

	Net book value
	At 31 July 2015	1,398,726
	At 31 July 2014	1,795,921

3.CREDITORS:
Amounts falling due within one year

Net obligations under finance leases and hire purchase contracts are secured on the specific assets financed

4.CREDITORS:
Amounts falling due after more than one year

Net obligations under finance leases and hire purchase contracts are secured on the specific assets financed.

5.SHARE CAPITAL

	2015	2014
	£	£
Allotted, called up and fully paid

500 Ordinary shares of £1 each	500	500

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