Registered Number 03621037
GEOFF GILBERT AIR CARGO LIMITED
Abbreviated Accounts
31 August 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
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 (liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Other reserves |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Office equipment - 25% reducing balance
Other accounting policies
In accordance with SSAP 19, (i) investment properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve and (ii) no depreication or amortisation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years to run.
Pensions
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
Deferred taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.
Foreign currencies
Monetary assets and liabilites denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.
Transactions with directors
Mrs L Holmes, a director of the company, received a loan of £250500 during the year from the company. At the year end a balance of £165217 was owing from Mrs Holmes. The loan is to be repaid in full within nine months of the year end. No interest was charged on the loan during the year.
£ | |
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Cost | |
At 1 September 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 August 2016 |
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Depreciation | |
At 1 September 2015 |
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Charge for the year |
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On disposals |
( |
At 31 August 2016 |
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Net book values | |
At 31 August 2016 | 350,159 |
At 31 August 2015 | 200,274 |