Company Registration No. 4705057 (England and Wales)
GT DEVELOPMENTS (SUSSEX) LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
GT DEVELOPMENTS (SUSSEX) LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
GT DEVELOPMENTS (SUSSEX) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
21,340
18,958
Current assets
Debtors
275,283
205,570
Cash at bank and in hand
79
149
275,362
205,719
Creditors: amounts falling due within one year
3
(251,386)
(217,740)
Net current assets/(liabilities)
23,976
(12,021)
Total assets less current liabilities
45,316
6,937
Creditors: amounts falling due after more than one year
4
(2,886)
-
42,430
6,937
Capital and reserves
Called up share capital
5
2
2
Profit and loss account
42,428
6,935
Shareholders' funds
42,430
6,937
For the financial year ended 30 April 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 11 August 2016
Mr G J Tilbury
Director
Company Registration No. 4705057
GT DEVELOPMENTS (SUSSEX) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 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).
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
Revenue is recognised as earned when, and to the extent that, the business obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
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
over 10 years
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
33.3% straight line
Motor vehicles
25% reducing balance
1.6
Deferred taxation
Deferred taxation 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.
GT DEVELOPMENTS (SUSSEX) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 May 2015
100,000
88,470
188,470
Additions
-
8,333
8,333
At 30 April 2016
100,000
96,803
196,803
Depreciation
At 1 May 2015
100,000
69,512
169,512
Charge for the year
-
5,951
5,951
At 30 April 2016
100,000
75,463
175,463
Net book value
At 30 April 2016
-
21,340
21,340
At 30 April 2015
-
18,958
18,958
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £17,964 (2015 - £66,567).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £2,886 (2015 - £0).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2