Registered Number 10166696
BLUE GEE SUPPLIES DISTRIBUTION LIMITED
Micro-entity Accounts
31 May 2017
Notes | 2017 | ||
---|---|---|---|
£ | |||
Fixed assets | |||
Intangible assets | 1 |
|
|
Tangible assets | 2 |
|
|
|
|||
Current assets | |||
Stocks |
|
||
Debtors |
|
||
Cash at bank and in hand |
|
||
|
|||
Creditors: amounts falling due within one year |
( |
||
Net current assets (liabilities) |
( |
||
Total assets less current liabilities |
|
||
Total net assets (liabilities) |
|
||
Capital and reserves | |||
Called up share capital | 3 |
|
|
Profit and loss account |
|
||
Shareholders' funds |
|
Approved by the Board on
And signed on their behalf by:
£ | |
---|---|
Cost | |
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 31 May 2017 |
|
Amortisation | |
Charge for the year |
|
On disposals |
|
At 31 May 2017 |
|
Net book values | |
At 31 May 2017 | 47,500 |
£ | |
---|---|
Cost | |
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 31 May 2017 |
|
Depreciation | |
Charge for the year |
|
On disposals |
|
At 31 May 2017 |
|
Net book values | |
At 31 May 2017 | 10,209 |
4 Accounting Policies
Basis of measurement and preparation of accounts
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Turnover policy
Tangible assets depreciation policy
Motor Vehicles 25% reducing balance method
Computer Equipment 25% reducing balance method
Intangible assets amortisation policy
Other accounting policies
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.