Company Registration No. 4705057 (England and Wales)
GT DEVELOPMENTS (SUSSEX) LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2015
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 2015
30 April 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
18,958
26,132
Current assets
Debtors
205,570
121,368
Cash at bank and in hand
149
6
205,719
121,374
Creditors: amounts falling due within one year
3
(217,740)
(128,729)
Net current liabilities
(12,021)
(7,355)
Total assets less current liabilities
6,937
18,777
Creditors: amounts falling due after more than one year
-
(7,117)
6,937
11,660
Capital and reserves
Called up share capital
4
2
2
Profit and loss account
6,935
11,658
Shareholders' funds
6,937
11,660
For the financial year ended 30 April 2015 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 24 August 2015
Mr G J Tilbury
Director
Company Registration No. 4705057
GT DEVELOPMENTS (SUSSEX) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2015
- 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 April 2008).
The financial statements have been prepared on a going concern basis which assumes that the company will receive financial support from its bankers.The directors have no reason to believe that this support will not continue for the foreseeable future.
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 2015
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 May 2014 & at 30 April 2015
100,000
88,470
188,470
Depreciation
At 1 May 2014
100,000
62,338
162,338
Charge for the year
-
7,174
7,174
At 30 April 2015
100,000
69,512
169,512
Net book value
At 30 April 2015
-
18,958
18,958
At 30 April 2014
-
26,132
26,132
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2014 - £47,719).
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
5
Related party relationships and transactions
Advances and credits to directors
Advances and credits granted to the directors during the year are outlined in the table below:
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr & Mrs Tilbury
-
48,034
25,582
-
(73,912)
(296)
48,034
25,582
-
(73,912)
(296)