Registered number: 01617499 | ||||||||
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FOR THE YEAR ENDED 31/03/2017 | ||||||||
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Prepared By: | ||||||||
L A Morgan | ||||||||
Top Floor | ||||||||
42 High Street | ||||||||
Portishead | ||||||||
Bristol | ||||||||
BS20 6EL |
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Great Western Cameras Limited | ||||||||
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ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31/03/2017 | ||||||||
DIRECTORS | ||||||||
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SECRETARY | ||||||||
H Moorcroft | ||||||||
REGISTERED OFFICE | ||||||||
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Wiltshire | ||||||||
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COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 01617499 | ||||||||
ACCOUNTANTS | ||||||||
L A Morgan | ||||||||
Top Floor | ||||||||
42 High Street | ||||||||
Portishead | ||||||||
Bristol | ||||||||
BS20 6EL |
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Great Western Cameras Limited | ||||||||
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ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31/03/2017 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
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Great Western Cameras Limited | ||||||||
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BALANCE SHEET AT
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2017 | 2016 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 2 |
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CURRENT ASSETS | ||||||||||
Stock | 254,851 | 237,383 | ||||||||
Debtors | 4 | 31,386 | 29,750 | |||||||
Cash at bank and in hand |
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324,542 | 325,170 | |||||||||
CREDITORS: Amounts falling due within one year | 5 | 210,680 | 204,021 | |||||||
NET CURRENT ASSETS | 113,862 | 121,149 | ||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | 132,594 | 147,921 | ||||||||
CREDITORS: Amounts falling due after more than one year | 6 | - | 4,656 | |||||||
NET ASSETS | 132,594 | 143,265 | ||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 8 | 10,000 | 10,000 | |||||||
Capital redemption reserve | 9 | 17,000 | 17,000 | |||||||
Profit and loss account | 105,594 | 116,265 | ||||||||
SHAREHOLDERS' FUNDS |
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143,265 | ||||||||
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The directors have decided not to deliver to the registrar a copy of the company's profit and loss account. | ||||||||||
Approved by the board on
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............................. | ||||||||||
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Director | ||||||||||
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Great Western Cameras Limited | ||||||||
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NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31/03/2017 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 . |
1b. Depreciation | ||||||||
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Equipment | straight line 25% |
1c. Stocks | ||||||||
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. | ||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
1d. Pension Costs | ||||||||
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
1e. Basis Of Accounting FRS 1021 a | ||||||||
These accounts for the year ended 31 March 2017 are the first accounts that comply with FRS102 Section 1A small entities |
1f. Leases | ||||||||
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term. |
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Great Western Cameras Limited | ||||||||
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2. TANGIBLE FIXED ASSETS | ||||||||||||
Equipment | Total | |||||||||||
£ | £ | |||||||||||
Cost | ||||||||||||
At 01/04/2016 | 136,309 | 136,309 | ||||||||||
Additions | 915 | 915 | ||||||||||
At 31/03/2017 | 137,224 | 137,224 | ||||||||||
Depreciation | ||||||||||||
At 01/04/2016 | 109,537 | 109,537 | ||||||||||
For the year | 8,955 | 8,955 | ||||||||||
At 31/03/2017 | 118,492 | 118,492 | ||||||||||
Net Book Amounts | ||||||||||||
At 31/03/2017 |
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At 31/03/2016 |
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Included above are assets with a net book value of £17383 (2016 £24833) held under hire purchase contracts. | ||||||||||||
3. STOCK | 2017 | 2016 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock |
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4. DEBTORS | 2017 | 2016 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 23,234 | 22,181 | ||||||
PAYE control | 259 | - | ||||||
Prepayments | 7,893 | 7,569 | ||||||
31,386 | 29,750 | |||||||
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Great Western Cameras Limited | ||||||||
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5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2017 | 2016 | |||||||
£ | £ | |||||||
UK corporation tax | 1,743 | 467 | ||||||
VAT | 21,084 | 18,692 | ||||||
PAYE control | - | 2,212 | ||||||
Directors current account | 139,806 | 141,059 | ||||||
Hire purchase | 4,657 | 9,313 | ||||||
Trade creditors | 35,021 | 27,173 | ||||||
Accruals | 8,369 | 5,105 | ||||||
210,680 | 204,021 | |||||||
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2017 | 2016 | |||||||
£ | £ | |||||||
Hire purchase >1yr | - | 4,656 | ||||||
- | 4,656 | |||||||
7. EMPLOYEES | ||||||||
2017 | 2016 | |||||||
No. | No. | |||||||
The average number of employees, including directors, during the year and the previous year was 6 . | ||||||||
8. SHARE CAPITAL | 2017 | 2016 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
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10000 | 10000 | ||||||
10,000 | 10,000 | |||||||
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Great Western Cameras Limited | ||||||||
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9. OTHER RESERVES | 2017 | 2016 | ||||
£ | £ | |||||
Capital redemption reserve | 17,000 | 17,000 | ||||
17,000 | 17,000 | |||||
10. RELATED PARTY TRANSACTIONS | ||||||||
During the year dividends of £5000 were paid to N J Moorcroft and £5000 to H Moorcroft. The company repaid £1253 of the directors loan to leave £139806 owing to the directors. It is interest free and has no fixed repayment terms. | ||||||||