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Graham Churchill Plant Limited | ||||
Report to the directors on the preparation of the unaudited abbreviated accounts of Graham Churchill Plant Limited for the year ended 31 January 2015 | ||||
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated financial statements of Graham Churchill Plant Limited for the year ended 31 January 2015 which comprise of the balance sheet and the related notes 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/ |
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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 abbreviated accounts. | ||||
Clark Howes Business Services Limited | ||||
Certified Accountants | ||||
Riverside Barn | ||||
Bourton Business Centre | ||||
Bourton Road | ||||
Buckingham | ||||
MK18 7DS | ||||
28 August 2015 | ||||
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Registered number: 02069955 | |||||||
Abbreviated Balance Sheet | |||||||
as at |
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Notes | 2015 | 2014 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 2 |
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Current assets | |||||||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | ( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | ( |
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Provisions for liabilities | ( |
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Net assets |
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Capital and reserves | |||||||
Called up share capital | 4 |
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Revaluation reserve |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders' funds |
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Graham Churchill | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Abbreviated Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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 is recognised when the goods are physically delivered to the customer and when services are provided. |
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Depreciation | ||||||||
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: | ||||||||
Plant, machinery and office equipment | 25%/12.5% reducing balance / straight line | |||||||
Motor vehicles - cars | 25% reducing balance | |||||||
Land, buildings and leasehold improvements | 5% straight line | |||||||
Revaluation | ||||||||
The company has adopted a policy of revaluation for land & buildings class of fixed assets. Losses caused only by changes in market value are recognised in the statement of recognised gains and losses until the carrying amount of the asset reaches its depreciated historical cost. Other revaluation losses are taken to the profit and loss account. Revaluation gains are recognised in the statement of gains and losses except to the extent that they reverse revaluation losses on the same asset that were previously taken to the profit and loss account. |
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Stocks | ||||||||
Stock is valued at the lower 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 on the balance sheet. | ||||||||
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 differences will reverse. | ||||||||
Leasing and hire purchase commitments | ||||||||
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
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Pensions | ||||||||
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. | ||||||||
2 | Tangible fixed assets | £ | ||||||
Cost | ||||||||
At 1 February 2014 |
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Additions |
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At 31 January 2015 |
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Depreciation | ||||||||
At 1 February 2014 |
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Charge for the year |
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At 31 January 2015 |
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Net book value | ||||||||
At 31 January 2015 |
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At 31 January 2014 |
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3 | Loans | 2015 | 2014 | |||||
£ | £ | |||||||
Creditors include: | ||||||||
Amounts falling due for payment after more than five years |
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4 | Share capital | Nominal | 2015 | 2015 | 2014 | |||
value | Number | £ | £ | |||||
Allotted, called up and fully paid: | ||||||||
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£ |
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5 | Loans to directors | |||||||
B/fwd | Paid | Repaid | C/fwd | |||||
£ | £ | £ | £ | |||||
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6 | Ultimate controlling party | |||||||
During the year the company was controlled by the directors by virtue of their 100% shareholding. |