Company Registration No. SC267333 (Scotland)
WELLINGTON GALLERY (KILMARNOCK) LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
WELLINGTON GALLERY (KILMARNOCK) LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
WELLINGTON GALLERY (KILMARNOCK) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
482
555
Current assets
Stocks
16,171
17,057
Debtors
100
-
Cash at bank and in hand
8,904
8,032
25,175
25,089
Creditors: amounts falling due within one year
(22,889)
(21,699)
Net current assets
2,286
3,390
Total assets less current liabilities
2,768
3,945
Provisions for liabilities
(97)
(111)
2,671
3,834
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
1,671
2,834
Shareholders' funds
2,671
3,834
For the financial year ended 30 April 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 23 August 2016
Mr Neil Hamilton
Director
Company Registration No. SC267333
WELLINGTON GALLERY (KILMARNOCK) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 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 inclusive 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:
Plant and machinery
20% Reducing balance basis
Fixtures, fittings & equipment
10% Reducing balance basis
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the director, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
2
Fixed assets
Tangible assets
£
Cost
At 1 May 2015 & at 30 April 2016
2,789
Depreciation
At 1 May 2015
2,234
Charge for the year
73
At 30 April 2016
2,307
Net book value
At 30 April 2016
482
At 30 April 2015
555
WELLINGTON GALLERY (KILMARNOCK) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1,000 Ordinary of £1 each
1,000
1,000