Registered Number 07009898
GLOBAL TIMBER PRODUCTS LTD
Abbreviated Accounts
30 September 2015
Notes | 2015 | 2014 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
( |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Cash flow statement
The directors have taken advantage of the exemption in Financial Reporting Standard No 1 (revised 1996) from including a cash flow statement in the financial statements on the grounds that the company is small.
Turnover policy
Tangible assets depreciation policy
Plant & machinery - 25% straight line
Fixtures, fittings and equipment – 25-33% straight line
Motor vehicles – 33% straight line
Fixed assets
All fixed assets are initially recorded at cost.
Other accounting policies
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed
assets at their fair value. The capital element of the future payments is treated as a liability and
the interest is charged to the profit and loss account on a straight line basis.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the
scheme are held separately from those of the company. The annual contributions payable are
charged to the profit and loss account.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange
ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at
the rate of exchange ruling at the date of the transaction. Exchange differences are taken into
account in arriving at the operating profit.
Ultimate parent company
The ultimate parent undertaking is GTP (Midlands) Holding Limited, a company registered in
England and Wales.
£ | |
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Cost | |
At 1 October 2014 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 30 September 2015 |
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Depreciation | |
At 1 October 2014 |
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Charge for the year |
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On disposals |
( |
At 30 September 2015 |
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Net book values | |
At 30 September 2015 | 244,185 |
At 30 September 2014 | 47,358 |
4 Transactions with directors
Name of director receiving advance or credit: |
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Description of the transaction: |
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Balance at 1 October 2014: | £ |
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Advances or credits made: | £ |
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Advances or credits repaid: |
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Balance at 30 September 2015: | £ |
Name of director receiving advance or credit: |
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Description of the transaction: |
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Balance at 1 October 2014: | £ |
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Advances or credits made: | £ |
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Advances or credits repaid: |
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Balance at 30 September 2015: | £ |
Name of director receiving advance or credit: |
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Description of the transaction: |
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Balance at 1 October 2014: | £ |
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Advances or credits made: | £ |
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Advances or credits repaid: |
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Balance at 30 September 2015: | £ |