Company Registration No. NI035040 (Northern Ireland)
LAIRD GRASS MACHINERY LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2015
LAIRD GRASS MACHINERY LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
LAIRD GRASS MACHINERY LTD
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2015
31 October 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
87,827
94,718
Current assets
Stocks
616,016
655,923
Debtors
240,105
189,950
Cash at bank and in hand
126,331
26,694
982,452
872,567
Creditors: amounts falling due within one year
(405,770)
(332,446)
Net current assets
576,682
540,121
Total assets less current liabilities
664,509
634,839
Creditors: amounts falling due after more than one year
(42,274)
(40,328)
622,235
594,511
Capital and reserves
Called up share capital
3
35,000
35,000
Profit and loss account
587,235
559,511
Shareholders' funds
622,235
594,511
For the financial year ended 31 October 2015 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 11 January 2016
Mr. D Laird
Director
Company Registration No. NI035040
LAIRD GRASS MACHINERY LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 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) and the UK Statute comprising the companies Act 2006.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
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:
Golf buggies
25% Straight Line
Plant and machinery
25% Straight Line
Fixtures, fittings & equipment
25% Straight Line
Motor vehicles
25% Reducing Balance
1.5
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.
LAIRD GRASS MACHINERY LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 November 2014
331,588
Additions
68,955
Disposals
(83,446)
At 31 October 2015
317,097
Depreciation
At 1 November 2014
222,496
On disposals
(25,946)
Charge for the year
32,720
At 31 October 2015
229,270
Net book value
At 31 October 2015
87,827
At 31 October 2014
94,718
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
35,000 Ordinary of £1 each
35,000
35,000