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REGISTERED NUMBER: 04673806 (England and Wales)


























ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2014

FOR

GEARBOX CENTRE LIMITED

GEARBOX CENTRE LIMITED (REGISTERED NUMBER: 04673806)

CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2014










Page

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2

GEARBOX CENTRE LIMITED (REGISTERED NUMBER: 04673806)

ABBREVIATED BALANCE SHEET
31 MAY 2014

31/5/14 31/5/13
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 2 45,000 50,000
Tangible assets 3 28,411 23,685
73,411 73,685

CURRENT ASSETS
Stocks 9,050 9,650
Debtors 11,835 16,315
Cash at bank and in hand 59,933 55,483
80,818 81,448
CREDITORS
Amounts falling due within one year 4 36,826 47,139
NET CURRENT ASSETS 43,992 34,309
TOTAL ASSETS LESS CURRENT
LIABILITIES

117,403

107,994

CREDITORS
Amounts falling due after more than one year 4 (71,440 ) (79,954 )

PROVISIONS FOR LIABILITIES (4,500 ) (4,500 )
NET ASSETS 41,463 23,540

CAPITAL AND RESERVES
Called up share capital 5 100 100
Profit and loss account 41,363 23,440
SHAREHOLDERS' FUNDS 41,463 23,540

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and
which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable
to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.


The financial statements were approved by the director on 30 July 2014 and were signed by:




Mr M J P Smith - Director


GEARBOX CENTRE LIMITED (REGISTERED NUMBER: 04673806)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2014


1. ACCOUNTING POLICIES

Accounting convention
The financial statements 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 net invoiced sales of goods, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% Straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving
items.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire
purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over
their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital
element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the
lease.

2. INTANGIBLE FIXED ASSETS
Total
£   
COST
At 1 June 2013
and 31 May 2014 100,000
AMORTISATION
At 1 June 2013 50,000
Amortisation for year 5,000
At 31 May 2014 55,000
NET BOOK VALUE

At 31 May 2014 45,000
At 31 May 2013 50,000

GEARBOX CENTRE LIMITED (REGISTERED NUMBER: 04673806)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE YEAR ENDED 31 MAY 2014


3. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 June 2013 58,670
Additions 11,740
Disposals (13,900 )
At 31 May 2014 56,510
DEPRECIATION
At 1 June 2013 34,985
Charge for year 4,783
Eliminated on disposal (11,669 )
At 31 May 2014 28,099
NET BOOK VALUE
At 31 May 2014 28,411
At 31 May 2013 23,685

4. CREDITORS

Creditors include an amount of £ 77,504 (31/5/13 - £ 88,183 ) for which security has been given.

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/5/14 31/5/13
value: £    £   
100 Ordinary 1 100 100