Company Registration No. 01693456 (England and Wales)
GLOBAL FLOORING NORTH EAST LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
GLOBAL FLOORING NORTH EAST LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
GLOBAL FLOORING NORTH EAST LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
60,041
57,535
Current assets
Stocks
34,476
30,640
Debtors
1,668
4,468
Cash at bank and in hand
16,353
15,079
52,497
50,187
Creditors: amounts falling due within one year
(57,273)
(57,682)
Net current liabilities
(4,776)
(7,495)
Total assets less current liabilities
55,265
50,040
Provisions for liabilities
(3,671)
(2,910)
51,594
47,130
Capital and reserves
Called up share capital
3
100
100
Revaluation reserve
25,300
26,560
Profit and loss account
26,194
20,470
Shareholders' funds
51,594
47,130
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 7 December 2016
Mr J Burke
Director
Company Registration No. 01693456
GLOBAL FLOORING NORTH EAST LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of leasehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cos t less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
are stated at cos
t
less depreciation. Depreciation is provided at rates calculated to write off the cost
less estimated residual value of each asset over its expected useful life, as follows:
Long leasehold
2% on straight line
Property alteration
15% on reducing balance
Fixtures, fittings & equipment
15% on reducing balance
Motor vehicles
25% on reducing balance
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 April 2015
117,446
Additions
9,150
At 31 March 2016
126,596
Depreciation
At 1 April 2015
59,911
Charge for the year
6,644
At 31 March 2016
66,555
Net book value
At 31 March 2016
60,041
At 31 March 2015
57,535
GLOBAL FLOORING NORTH EAST LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
76 A Ordinary of £1 each
76
76
24 B Ordinary of £1 each
24
24
100
100