GARWOOD EUROPE LIMITED
Company Registration No. 04333504 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
GARWOOD EUROPE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
GARWOOD EUROPE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
29 FEBRUARY 2016
29 February 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
18,710
8,548
Current assets
Stocks
160,319
267,086
Debtors
476,160
258,577
Cash at bank and in hand
94,477
19,840
730,956
545,503
Creditors: amounts falling due within one year
(769,987)
(611,248)
Net current liabilities
(39,031)
(65,745)
Total assets less current liabilities
(20,321)
(57,197)
Provisions for liabilities
-
(234)
(20,321)
(57,431)
Capital and reserves
Called up share capital
3
34,100
34,100
Profit and loss account
(54,421)
(91,531)
Shareholders' funds
(20,321)
(57,431)
For the financial year ended 29 February 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 14 November 2016
Mr D S McHugh
Director
Company Registration No. 04333504
GARWOOD EUROPE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
- 2 -
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).
The directors will continue to support the company through their company Garwood International Pty.
On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable accounting standards.
1.3
Turnover
Turnover represents amounts receivable for goods and services 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:
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.5
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
1.6
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.
1.7
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
GARWOOD EUROPE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 March 2015
33,864
Additions
15,045
Disposals
(6,500)
At 29 February 2016
42,409
Depreciation
At 1 March 2015
25,316
On disposals
(5,633)
Charge for the year
4,016
At 29 February 2016
23,699
Net book value
At 29 February 2016
18,710
At 28 February 2015
8,548
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
34,100 Ordinary shares of £1 each
34,100
34,100