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Registration number: 02705773

Milton Service Station Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

 

Milton Service Station Limited
Contents

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2 to 3

 

Milton Service Station Limited
(Registration number: 02705773)
Abbreviated Balance Sheet at 31 March 2015

   

Note

   

2015
£

   

2014
£

 

Fixed assets

 

             

Tangible fixed assets

 

   

545,628

   

541,005

 

Current assets

 

             

Stocks

 

   

36,581

   

46,802

 

Debtors

 

   

271,439

   

203,389

 
   

   

308,020

   

250,191

 

Creditors: Amounts falling due within one year

 

   

(280,936)

   

(242,311)

 

Net current assets

 

   

27,084

   

7,880

 

Total assets less current liabilities

 

   

572,712

   

548,885

 

Creditors: Amounts falling due after more than one year

 

   

(37,955)

   

(50,793)

 

Net assets

 

   

534,757

   

498,092

 

Capital and reserves

 

             

Called up share capital

 

4

   

14,002

   

14,002

 

Revaluation reserve

 

   

347,198

   

347,198

 

Profit and loss account

 

   

173,557

   

136,892

 

Shareholders' funds

 

   

534,757

   

498,092

 

For the year ending 31 March 2015 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 5 August 2015 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 2015
......... 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

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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.

 

Milton Service Station Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 1 April 2014

 

674,434

   

674,434

 

Additions

 

10,469

   

10,469

 

At 31 March 2015

 

684,903

   

684,903

 

Depreciation

           

At 1 April 2014

 

133,429

   

133,429

 

Charge for the year

 

5,846

   

5,846

 

At 31 March 2015

 

139,275

   

139,275

 

Net book value

           

At 31 March 2015

 

545,628

   

545,628

 

At 31 March 2014

 

541,005

   

541,005

 

3

Creditors

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

 

2015
£

   

2014
£

 

 

   

 

Amounts falling due within one year

 

99,474

   

39,134

 

Amounts falling due after more than one year

 

37,955

   

50,793

 

Total secured creditors

 

137,429

   

89,927

 

4

Share capital

Allotted, called up and fully paid shares

 

2015

2014

   

No.

   

£

   

No.

   

£

 

Ordinary shares of £1 each

 

14,002

   

14,002

   

14,002

   

14,002