Company Registration No. 07549767 (England and Wales)
GS UPHOLSTERY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
GS UPHOLSTERY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
GS UPHOLSTERY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
11,665
13,378
Current assets
Debtors
34,250
41,608
Cash at bank and in hand
31,527
15,990
65,777
57,598
Creditors: amounts falling due within one year
3
(61,906)
(51,191)
Net current assets
3,871
6,407
Total assets less current liabilities
15,536
19,785
Creditors: amounts falling due after more than one year
4
(5,773)
(11,069)
Provisions for liabilities
(1,832)
(2,361)
7,931
6,355
Capital and reserves
Called up share capital
5
4
4
Profit and loss account
7,927
6,351
Shareholders' funds
7,931
6,355
For the financial year ended 31 March 2016 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 23 December 2016
S Cowell
Director
Company Registration No. 07549767
GS UPHOLSTERY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 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 upholstery services provided prior to the Balance Sheet date, 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:
Plant and machinery
20% per annum reducing balance basis
Computer equipment
33% per annum straight line basis
Motor vehicles
25% per annum reducing balance basis
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
GS UPHOLSTERY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
31,164
Additions
1,866
At 31 March 2016
33,030
Depreciation
At 1 April 2015
17,786
Charge for the year
3,579
At 31 March 2016
21,365
Net book value
At 31 March 2016
11,665
At 31 March 2015
13,378
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £5,296 (2015 - £4,878).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £5,773 (2015 - £11,069).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1 A Ordinary share of £1
1
1
1 B Ordinary share of £1
1
1
1 C Ordinary share of £1
1
1
1 D Ordinary share of £1
1
1
4
4