Registration number:
for the Year Ended
GSD Lambert and Sons Limited
Contents
Abbreviated Balance Sheet |
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Notes to the Abbreviated Accounts |
GSD Lambert and Sons Limited
(Registration number: 02156869)
Abbreviated Balance Sheet as at 31 October 2016
Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
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Current assets |
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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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Accruals and deferred income |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders funds |
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For the year ending 31 October 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
Mr G S D Lambert
Director
GSD Lambert and Sons Limited
Notes to the Abbreviated Accounts
Accounting policies |
Basis of preparation
The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied exclusive of value added tax and trade discounts. Contracts of a larger nature are treated under SSAP 9 as detailed in the long-term contracts accounting policy.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
20% straight line |
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33% straight line |
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20% straight line |
Stock
Stock and work in progress is valued at the lower of cost and net realisable value. Costs include all direct costs incurred. Net realisable value is based on estimated selling price allowing for all further costs of and completion disposal.
Deferred tax
Full provision is made for deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
Hire purchase and leasing
Assets obtained under the 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.
GSD Lambert and Sons Limited
Notes to the Abbreviated Accounts
Pensions
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Fixed assets |
Tangible assets |
Total |
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Cost |
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At 1 November 2015 |
3,246,592 |
3,246,592 |
Additions |
1,066,618 |
1,066,618 |
Disposals |
(189,919) |
(189,919) |
At 31 October 2016 |
4,123,291 |
4,123,291 |
Depreciation |
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At 1 November 2015 |
2,027,184 |
2,027,184 |
Charge for the year |
322,137 |
322,137 |
Eliminated on disposals |
(189,917) |
(189,917) |
At 31 October 2016 |
2,159,404 |
2,159,404 |
Net book value |
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At 31 October 2016 |
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At 31 October 2015 |
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Share capital |
Allotted, called up and fully paid shares
2016 |
2015 |
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No. |
£ |
No. |
£ |
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Ordinary of £1 each |
1,000 |
1,000 |
1,000 |
1,000 |
Control |
The directors are the controlling party by virtue of their controlling shareholding in the company.