Company Registration No. 2842512 (England and Wales)
GROMMETS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2015
GROMMETS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
GROMMETS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2015
31 August 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
27,531
17,996
Current assets
Stocks
75,997
78,949
Debtors
86,478
91,997
Cash at bank and in hand
117,838
33,099
280,313
204,045
Creditors: amounts falling due within one year
3
(121,671)
(82,625)
Net current assets
158,642
121,420
Total assets less current liabilities
186,173
139,416
Creditors: amounts falling due after more than one year
4
(8,639)
(14,120)
Provisions for liabilities
(978)
(1,600)
176,556
123,696
Capital and reserves
Called up share capital
5
37,221
37,221
Other reserves
12,779
12,779
Profit and loss account
126,556
73,696
Shareholders' funds
176,556
123,696
GROMMETS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2015
31 August 2015
- 2 -
For the financial year ended 31 August 2015 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 her 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 18 November 2015
Mrs J H Boorsma
Director
Company Registration No. 2842512
GROMMETS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
- 3 -
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 April 2008).
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 net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost 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:
Land and buildings leasehold
5% straight line
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line/33.3% straight line
Motor vehicles
20% straight line
1.5
Leasing
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over 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 profit and loss account 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.
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
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
GROMMETS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2015
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 September 2014
88,997
Additions
16,391
At 31 August 2015
105,388
Depreciation
At 1 September 2014
71,001
Charge for the year
6,856
At 31 August 2015
77,857
Net book value
At 31 August 2015
27,531
At 31 August 2014
17,996
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2014 - £5,648).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £8,639 (2014 - £14,120).
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
37,221 Ordinary shares of £1 each
37,221
37,221