Company Registration No. 02069955 (England and Wales)
Graham Churchill Plant Limited
Unaudited Abbreviated Financial Statements
For The Year Ended 31 January 2016
GRAHAM CHURCHILL PLANT LIMITED
Graham Churchill Plant Limited
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GRAHAM CHURCHILL PLANT LIMITED FOR THE YEAR ENDED 31 JANUARY 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 5 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Graham Churchill Plant Limited for the year ended 31 January 2016 set out on pages 3 to 13 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the
Association of
Chartered
Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/.
This report is made solely to the Board of Directors of Graham Churchill Plant Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Graham Churchill Plant Limited and state those matters that we have agreed to state to the Board of Directors of Graham Churchill Plant Limited, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163
. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Graham Churchill Plant Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Graham Churchill Plant Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Graham Churchill Plant Limited. You consider that Graham Churchill Plant Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Graham Churchill Plant Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Clark Howes Business Services Limited
Chartered Certified Accountants
8 August 2016
2 Minton Place
Victoria Road
Bicester
Oxfordshire
OX26 6QB
GRAHAM CHURCHILL PLANT LIMITED
Graham Churchill Plant Limited
ABBREVIATED BALANCE SHEET
AS AT
31 JANUARY 2016
31 January 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
2,379,664
1,871,719
Current assets
Stocks
6,550
4,050
Debtors
733,655
653,793
Cash at bank and in hand
583,829
456,199
1,324,034
1,114,042
Creditors: amounts falling due within one year
(637,662)
(543,489)
Net current assets
686,372
570,553
Total assets less current liabilities
3,066,036
2,442,272
Creditors: amounts falling due after more than one year
(280,502)
(264,838)
Provisions for liabilities
(248,255)
(168,639)
2,537,279
2,008,795
Capital and reserves
Called up share capital
3
98
98
Revaluation reserve
259,577
277,853
Other reserves
2
2
Profit and loss account
2,277,602
1,730,842
Shareholders' funds
2,537,279
2,008,795
GRAHAM CHURCHILL PLANT LIMITED
Graham Churchill Plant Limited
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2016
31 January 2016
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For the financial year ended 31 January 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 8 August 2016
Mr G Churchill
Director
Company Registration No. 02069955
GRAHAM CHURCHILL PLANT LIMITED
Graham Churchill Plant Limited
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention 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 the value, net of Value Added Tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers . Turnover is recognised when the goods are physically delivered to customers and when services are provided.
the value, net of Value Added Tax and discounts, of
goods
provided to customers
and
work carried out in respect of
services
provided to customers
.
Turnover is recognised when the goods are physically delivered to customers and when services are provided.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
5% Straight Line
Plant and machinery
25%/12.5% Reducing Balance/Straight Line Additions
Motor vehicles
25% Reducing Balance
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases
, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company,
are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the
P
rofit and
L
oss
A
ccount so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value
, after making due allowance for obsolete and slow moving items. Cost includes any expenditure incurred in bringing the stock to its present location and condition. Where consignment stock is in substance an asset of the company, it is recognised as such in the balance sheet.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the financial statements and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing difference will reverse.
GRAHAM CHURCHILL PLANT LIMITED
Graham Churchill Plant Limited
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
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2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 February 2015
4,169,101
Additions
690,044
Disposals
(14,245)
At 31 January 2016
4,844,900
Depreciation
At 1 February 2015
2,297,382
On disposals
(13,285)
Charge for the year
181,139
At 31 January 2016
2,465,236
Net book value
At 31 January 2016
2,379,664
At 31 January 2015
1,871,719
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
98 Ordinary shares of £1 each
98
98
4
Related party relationships and transactions
The following directors had interest free loans during the year. The movement on these loans
is
as follows:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr G Churchill - Directors loan account
-
1,208
47,809
-
40,173
8,844
Mrs K Henson - Directors loan account
-
(19,198)
17,494
-
22,584
(24,288)
(17,990)
65,303
-
62,757
(15,444)