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Registration number: 02705773

Milton Service Station Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

 

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 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.

 

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

 

3

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