Company Registration No. 07044233 (England and Wales)
GREEN VALLEY INDUSTRIAL SUPPLIES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
GREEN VALLEY INDUSTRIAL SUPPLIES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
GREEN VALLEY INDUSTRIAL SUPPLIES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
77,532
87,076
Tangible assets
2
33,185
43,195
110,717
130,271
Current assets
Stocks
83,583
81,978
Debtors
112,939
90,022
Cash at bank and in hand
13,974
6,712
210,496
178,712
Creditors: amounts falling due within one year
3
(249,209)
(275,186)
Net current liabilities
(38,713)
(96,474)
Total assets less current liabilities
72,004
33,797
Provisions for liabilities
-
(1,360)
72,004
32,437
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
71,904
32,337
Shareholders' funds
72,004
32,437
GREEN VALLEY INDUSTRIAL SUPPLIES LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 2 -
For the financial year ended 31 March 2016 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 7 September 2016
S J C Webster
Director
Company Registration No. 07044233
GREEN VALLEY INDUSTRIAL SUPPLIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 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).
The company meets its day to day working capital requirements through an overdraft facility which is repayable on demand.
The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash inflows. The director has prepared projected cash flow information for the period ending 9 months from the date of his approval of these financial statements. On the basis of this cash flow information, the director considers that the company will continue to operate within the facility currently agreed.
However, the margin of facilities over requirements is not large and, inherently there can be no certainty in relation to these matters. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the overdraft facility by the company's bankers.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts, income being recognised when these goods and services are dispatched to the customer.
1.3
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.4
Patents
Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.
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:
Plant and machinery
50% Straight line
Computer equipment
33.33% Reducing balance
Motor vehicles
10% Reducing balance
1.6
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.7
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.
GREEN VALLEY INDUSTRIAL SUPPLIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
1
Accounting policies (Continued)
- 4 -
1.8
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.
1.9
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015
107,420
59,401
166,821
Additions
840
317
1,157
At 31 March 2016
108,260
59,718
167,978
Depreciation
At 1 April 2015
20,344
16,206
36,550
Charge for the year
10,384
10,327
20,711
At 31 March 2016
30,728
26,533
57,261
Net book value
At 31 March 2016
77,532
33,185
110,717
At 31 March 2015
87,076
43,195
130,271
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £28,004).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100