GORDON LAND LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
GORDON LAND LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Current assets
Stocks
262,717
260,018
Debtors
97,737
38,893
Cash at bank and in hand
162,074
237,421
522,528
536,332
Creditors: amounts falling due within one year
(4,870)
(4,755)
Total assets less current liabilities
517,658
531,577
Capital and reserves
Called up share capital
2
1,000
1,000
Profit and loss account
516,658
530,577
Shareholders' funds
517,658
531,577
For the financial year ended 31 December 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 29 August 2016
Gordon Duncan Pirie
Lord Aberdeen
Director
Director
Company Registration No. SC208969
GORDON LAND LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 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 January 2015).
1.2
Stock and work in progress
Stock is valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis.
The cost of work in progress includes the cost of direct materials and labour plus attributable overheads based on the normal level of activity.
Net realisable value is based on estimated selling prices less the estimated cost of disposal.
1.3
Profit recognition
Profits in respect of sales of properties are included in the accounts where legal completion has taken place by the end of the financial year or on full receipt of the cash proceeds.
2
Share capital
2015
2014
£
£
Allotted, called up and fully paid
500 Ordinary A shares of £1 each
500
500
500 Ordinary B shares of £1 each
500
500
1,000
1,000
The A shares and B shares rank equally.
3
Related party relationships and transactions
Loan to director
Transactions in relation to loans to director during the period are detailed below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Gordon Duncan Pirie
-
-
60,000
-
-
60,000
-
60,000
-
-
60,000