Kinloss Garage Limited - Accounts to registrar - small 17.2

Kinloss Garage Limited - Accounts to registrar - small 17.2

KINLOSS GARAGE LIMITED - Company Information

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REGISTERED NUMBER: SC416298 (Scotland)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2017

FOR

KINLOSS GARAGE LIMITED

KINLOSS GARAGE LIMITED (REGISTERED NUMBER: SC416298)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KINLOSS GARAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2017







DIRECTORS: Mr A M Housby
Mrs J A Housby





SECRETARY: Mr A M Housby





REGISTERED OFFICE: Mossgiel
St Aethans
Burghead
Elgin
Moray
IV30 5UP





REGISTERED NUMBER: SC416298 (Scotland)





ACCOUNTANTS: MacKenzie Kerr Limited
65 High Street
Grantown on Spey
Moray
PH26 3EG
Page 1
KINLOSS GARAGE LIMITED (REGISTERED NUMBER: SC416298)

BALANCE SHEET
28 FEBRUARY 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 47,891 47,863

CURRENT ASSETS
Stocks 2,072 980
Debtors 5 12,440 10,922
Cash at bank and in hand 6,845 798
21,357 12,700
CREDITORS
Amounts falling due within one year 6 59,255 57,787
NET CURRENT LIABILITIES (37,898 ) (45,087 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
9,993
2,776

CREDITORS
Amounts falling due after more than one
year
7
9,209
-
NET ASSETS 784 2,776

CAPITAL AND RESERVES
Alloted,called up and fully paid share capital 100 100
Profit and loss account -
distributable 684 2,676
SHAREHOLDERS' FUNDS 784 2,776

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 notes form part of these financial statements

Page 2 continued...
KINLOSS GARAGE LIMITED (REGISTERED NUMBER: SC416298)

BALANCE SHEET - continued
28 FEBRUARY 2017


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 31 October 2017 and were signed on its behalf by:




Mr A M Housby - Director



Mrs J A Housby - Director


The notes form part of these financial statements

Page 3
KINLOSS GARAGE LIMITED (REGISTERED NUMBER: SC416298)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017


1. STATUTORY INFORMATION

Kinloss Garage Limited is a private company, limited by shares , registered in Scotland. The company's
registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102
The entity transitioned form the previous UK GAAP TO FRS102 as at 1 March 2016 and these are the first
financial statements that comply with FRS102. No transitional adjustments were required in the equity or profit
or loss for the year.

At the balance sheet date, the company had net current liabilities totalling £49,898. However, the directors have
agreed to subordinate their loans in favour of the other creditors and confirmed that they will ensure that
adequate funds will be made available to meet third party liabilities as they fall due. They still consider it
appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover represents net invoiced sales of goods and services, excluding Value Added Tax, arising from motor
engineering and general garage services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and 10% on cost

Fixed assets are stated at cost,being purchase price, less accumulated depreciation.

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


Page 4 continued...
KINLOSS GARAGE LIMITED (REGISTERED NUMBER: SC416298)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2017


2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the
current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax
rates and laws that have been enacted or substantively enacted by the balance sheet date.


Deferred tax represents the future tax consequences of transactions and events recognised in the financial
statements of current and previous periods. It is recognised in respect of all timing differences, with certain
exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated
in the financial statements that arise from the inclusion of income and expense in tax assessments in periods
different from those in which they are recognised in the financial statements. Unrelieved tax losses and other
deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the
reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the
balance sheet date that are expected to apply to the reversal of time differences. Deferred tax on revalued,
non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that
apply to the sale of the asset.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension
scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other
administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2016 70,966
Additions 8,200
At 28 February 2017 79,166
DEPRECIATION
At 1 March 2016 23,103
Charge for year 8,172
At 28 February 2017 31,275
NET BOOK VALUE
At 28 February 2017 47,891
At 29 February 2016 47,863

Page 5 continued...
KINLOSS GARAGE LIMITED (REGISTERED NUMBER: SC416298)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2017


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Trade debtors 12,440 10,922

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Bank loans and overdrafts 3,737 -
Trade creditors 11,869 3,405
Taxation and social security 12,575 17,124
Other creditors 31,074 37,258
59,255 57,787

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2017 2016
£    £   
Bank loans 9,209 -

8. OTHER FINANCIAL COMMITMENTS

At 28 February 2017, the company had total commitments under non- cancellable operating leases over the
remaining life of those leases of £36,828 (2016: £36,825)

These amount are payable as follows :

2017 2016
£ £
Less than one year 14,709 12,187
Between one and two years 8,238 12,187
Between two and five years 13,881 12,451
______ _______
36,828 36,825
_______ _______

Page 6