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Registration number: 02705773

Milton Service Station Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2013
 

Wenn Townsend
Chartered Accountants
30 St Giles'
Oxford
OX1 3LE

 

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 2013

 

Note

   

2013
£

   

2012
£

 

Fixed assets

 

   

   

 

Tangible fixed assets

 

   

545,070

   

565,427

 

Current assets

 

   

   

 

Stocks

 

   

42,788

   

54,724

 

Debtors

 

   

197,713

   

183,773

 

 

   

240,501

   

238,497

 

Creditors: Amounts falling due within one year

 

   

(288,932)

   

(287,238)

 

Net current liabilities

 

   

(48,431)

   

(48,741)

 

Total assets less current liabilities

 

   

496,639

   

516,686

 

Creditors: Amounts falling due after more than one year

 

   

(19,492)

   

(55,656)

 

Net assets

 

   

477,147

   

461,030

 

Capital and reserves

 

   

   

 

Called up share capital

 

4

   

14,002

   

14,002

 

Revaluation reserve

 

   

347,198

   

347,198

 

Profit and loss account

 

   

115,947

   

99,830

 

Shareholders' funds

 

   

477,147

   

461,030

 

For the year ending 31 March 2013 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 28 August 2013 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 2013
......... 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).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

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.

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 2013
......... continued

2

Fixed assets

 

Tangible assets
£

   

Total
£

 

Cost

 

   

 

At 1 April 2012

 

674,241

   

674,241

 

At 31 March 2013

 

674,241

   

674,241

 

Depreciation

 

   

 

At 1 April 2012

 

108,814

   

108,814

 

Charge for the year

 

20,357

   

20,357

 

At 31 March 2013

 

129,171

   

129,171

 

Net book value

 

   

 

At 31 March 2013

 

545,070

   

545,070

 

At 31 March 2012

 

565,427

   

565,427

 

3

Creditors

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

 

2013
£

   

2012
£

 

 

   

 

Amounts falling due within one year

 

65,144

   

77,169

 

Amounts falling due after more than one year

 

19,492

   

55,656

 

Total secured creditors

 

84,636

   

132,825

 

4

Share capital

Allotted, called up and fully paid shares

 

2013

2012

   

No.

   

£

   

No.

   

£

 

Ordinary shares of £1 each

 

14,002

   

14,002

   

14,002

   

14,002

 
                         

5

Control

The company is controlled by Mr M J Prew who owns 100% of the called up share capital.