Company Registration No. 08729481 (England and Wales)
SEA PLACE GARAGE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
SEA PLACE GARAGE LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
SEA PLACE GARAGE LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SEA PLACE GARAGE LIMITED FOR THE YEAR ENDED 31 MARCH 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 5 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sea Place Garage Limited for the year ended 31 March 2016 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Sea Place Garage Limited, as a body, in accordance with the terms of our engagement letter
.
Our work has been undertaken solely to prepare for your approval the financial statements of Sea Place Garage Limited and state those matters that we have agreed to state to the Board of Directors of Sea Place Garage Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sea Place Garage Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Sea Place Garage Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sea Place Garage Limited. You consider that Sea Place Garage Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sea Place Garage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
22 December 2016
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
SEA PLACE GARAGE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
19,500
22,100
Tangible assets
2
14,047
17,558
33,547
39,658
Current assets
Stocks
299,760
323,800
Debtors
2,806
-
Cash at bank and in hand
119,118
108,354
421,684
432,154
Creditors: amounts falling due within one year
(451,003)
(468,758)
Net current liabilities
(29,319)
(36,604)
Total assets less current liabilities
4,228
3,054
Provisions for liabilities
(100)
-
4,128
3,054
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
4,028
2,954
Shareholders' funds
4,128
3,054
SEA PLACE GARAGE LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 3 -
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 22 December 2016
Mr C I Davis
Director
Company Registration No. 08729481
SEA PLACE GARAGE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
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).
The financial statements indicate net current liabilities at the balance sheet date and this has arisen due to the balance due to the directors. The directors have confirmed that they will not seek repayment unless the company is able to do so without prejudicing any third party creditors. The financial statements do not include any adjustments that would result in the withdrawal of this support.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts . It is recognised when the goods are sold and the services provided.
. It is recognised when the goods are sold and the services provided.
1.3
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of ten years.
of ten years.
1.4
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
20% p a reducing balance
Fixtures, fittings & equipment
20% p a reducing balanace
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
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.
SEA PLACE GARAGE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 5 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015 & at 31 March 2016
26,000
25,082
51,082
Depreciation
At 1 April 2015
3,900
7,524
11,424
Charge for the period
2,600
3,511
6,111
At 31 March 2016
6,500
11,035
17,535
Net book value
At 31 March 2016
19,500
14,047
33,547
At 31 March 2015
22,100
17,558
39,658
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100