Milton Service Station Limited - Period Ending 2014-03-31

Milton Service Station Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014

Milton Service Station Limited
Contents

Abbreviated Balance Sheet

Notes to the Abbreviated Accounts

2 to 3

Milton Service Station Limited
(Registration number: 02705773)
Abbreviated Balance Sheet at 31 March 2014

	Note	2014 £	2013 £
Fixed assets
Tangible fixed assets	2	541,005	545,070
Current assets
Stocks		46,802	42,788
Debtors		203,389	197,713
		250,191	240,501
Creditors: Amounts falling due within one year		(242,311)	(288,932)
Net current assets/(liabilities)		7,880	(48,431)
Total assets less current liabilities		548,885	496,639
Creditors: Amounts falling due after more than one year		(50,793)	(19,492)
Net assets		498,092	477,147
Capital and reserves
Called up share capital	4	14,002	14,002
Revaluation reserve		347,198	347,198
Profit and loss account		136,892	115,947
Shareholders' funds		498,092	477,147

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 12 September 2014 and signed on its behalf by:

.........................................
Mr M J Prew
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Milton Service Station Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

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).

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities of garage proprietors.

Depreciation

Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life.

Asset class	Depreciation method and rate
Land and buildings	Nil
Plant and machinery	10% straight line
Fixtures, fittings and equipment	10% straight line
Motor vehicles	33.3% straight line

Stock

Stock is valued at the lower of cost and net realisable value.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or receive more, tax.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

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Milton Service Station Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

2	Fixed assets

	Tangible assets £	Total £
Cost
At 1 April 2013	674,241	674,241
Additions	193	193
At 31 March 2014	674,434	674,434
Depreciation
At 1 April 2013	129,171	129,171
Charge for the year	4,258	4,258
At 31 March 2014	133,429	133,429
Net book value
At 31 March 2014	541,005	541,005
At 31 March 2013	545,070	545,070

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

	2014 £	2013 £

Amounts falling due within one year	39,134	65,144
Amounts falling due after more than one year	50,793	19,492
Total secured creditors	89,927	84,636

4	Share capital

Allotted, called up and fully paid shares

	2014			2013
		No.	£		No.	£
Ordinary shares of £1 each		14,002	14,002		14,002	14,002

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