Company Registration No. SC267333 (Scotland)
WELLINGTON GALLERY (KILMARNOCK) LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2015
WELLINGTON GALLERY (KILMARNOCK) LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
WELLINGTON GALLERY (KILMARNOCK) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2015
30 April 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
555
640
Current assets
Stocks
17,057
18,521
Debtors
-
96
Cash at bank and in hand
8,032
7,759
25,089
26,376
Creditors: amounts falling due within one year
(21,699)
(20,964)
Net current assets
3,390
5,412
Total assets less current liabilities
3,945
6,052
Provisions for liabilities
(111)
-
3,834
6,052
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
2,834
5,052
Shareholders' funds
3,834
6,052
For the financial year ended 30 April 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has 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 1 September 2015
Mr Neil Hamilton
Director
Company Registration No. SC267333
WELLINGTON GALLERY (KILMARNOCK) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 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
Turnover
Turnover represents amounts receivable for goods and services inclusive of VAT and trade discounts.
1.3
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
1.4
Stock
Stock is valued at the lower of cost and net realisable value.
1.5
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 2014 & at 30 April 2015
2,789
Depreciation
At 1 May 2014
2,149
Charge for the year
85
At 30 April 2015
2,234
Net book value
At 30 April 2015
555
At 30 April 2014
640
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1,000 Ordinary of £1 each
1,000
1,000