Company Registration No. 8925287 (England and Wales)
GEM LIVESTOCK LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
GEM LIVESTOCK LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
GEM LIVESTOCK LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
32,000
36,000
Tangible assets
2
1,200
1,376
33,200
37,376
Current assets
Debtors
1,632
6,504
Cash at bank and in hand
5,712
3,056
7,344
9,560
Creditors: amounts falling due within one year
(40,171)
(42,929)
Net current liabilities
(32,827)
(33,369)
Total assets less current liabilities
373
4,007
Provisions for liabilities
(240)
(275)
133
3,732
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
33
3,632
Shareholders' funds
133
3,732
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.
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 27 September 2016
Mrs Eleanor Mitchell
Mr George Mitchell
Director
Director
Company Registration No. 8925287
GEM LIVESTOCK LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 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 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.
1.4
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.
amortised evenly over its estimated useful life of ten years.
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
25% on reducing balance
Equipment
25% on reducing balance
Fixtures & fittings
25% on 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.
GEM LIVESTOCK LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015
40,000
1,835
41,835
Additions
-
249
249
At 31 March 2016
40,000
2,084
42,084
Depreciation
At 1 April 2015
4,000
334
4,334
Charge for the year
4,000
550
4,550
At 31 March 2016
8,000
884
8,884
Net book value
At 31 March 2016
32,000
1,200
33,200
At 31 March 2015
36,000
1,376
37,376
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
4
Related party relationships and transactions
The company was under the control of Mr G S Mitchell and Mrs E Mitchell throughout the period . Mr & Mrs Mitchell are both Directors of the company, and together control all of the issued share capital.
.
Mr & Mrs Mitchell are both Directors of the company, and together control all of the issued share
capital.