Company Registration No. 05526046 (England and Wales)
WALLACE GEOPHYSICAL LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2015
WALLACE GEOPHYSICAL LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
WALLACE GEOPHYSICAL LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2015
31 August 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,328
1,984
Current assets
Debtors
361
-
Cash at bank and in hand
101,804
102,047
102,165
102,047
Creditors: amounts falling due within one year
(4,669)
(12,282)
Net current assets
97,496
89,765
Total assets less current liabilities
98,824
91,749
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
98,823
91,748
Shareholders' funds
98,824
91,749
For the financial year ended 31 August 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 15 April 2016
Mr D M Wallace
Director
Company Registration No. 05526046
WALLACE GEOPHYSICAL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 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).
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.
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:
Plant and machinery
25% Reducing Balance Method
Fixtures, fittings & equipment
33% Reducing Balance Method
2
Fixed assets
Tangible assets
£
Cost
At 1 September 2014 & at 31 August 2015
7,666
Depreciation
At 1 September 2014
5,683
Charge for the year
655
At 31 August 2015
6,338
Net book value
At 31 August 2015
1,328
At 31 August 2014
1,984
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1 Ordinary Shares of £1 each
1
1