Company Registration No. 05083957 (England and Wales)
GLOBAL DISPLAY PROJECTS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Herts
AL1 3SE
GLOBAL DISPLAY PROJECTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
GLOBAL DISPLAY PROJECTS LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
116,745
82,370
Current assets
Debtors
1,210,746
2,002,774
Cash at bank and in hand
361,297
136,344
1,572,043
2,139,118
Creditors: amounts falling due within one year
(1,213,421)
(1,762,425)
Net current assets
358,622
376,693
Total assets less current liabilities
475,367
459,063
Creditors: amounts falling due after more than one year
(11,519)
-
Provisions for liabilities
(19,393)
(16,474)
444,455
442,589
Capital and reserves
Called up share capital
3
20
20
Other reserves
1
1
Profit and loss account
444,434
442,568
Shareholders' funds
444,455
442,589
GLOBAL DISPLAY PROJECTS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 31 May 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 24 October 2016
Mr A R Pegram
Director
Company Registration No. 05083957
GLOBAL DISPLAY PROJECTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
- 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 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
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Included in cost of sales is a provision for rectifications to goods supplied to customers. This provision is assessed by the directors and based on analyses of the historical cost of rectification work done. The provision lasts for between one and two years as calculated on a continual rolling basis by the directors and is related to the turnover of the company.
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
over the lease term
Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line
1.5
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.
GLOBAL DISPLAY PROJECTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015
143,636
Additions
71,191
At 31 May 2016
214,827
Depreciation
At 1 June 2015
61,266
Charge for the year
36,816
At 31 May 2016
98,082
Net book value
At 31 May 2016
116,745
At 31 May 2015
82,370
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
200 Ordinary shares of 10p each
20
20