Registered Number NI602991
GMAC LABELS LIMITED
Abbreviated Accounts
31 March 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Called up share capital not paid |
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Fixed assets | |||
Intangible assets |
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Tangible assets | 2 |
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Investments |
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Current assets | |||
Stocks |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: amounts falling due within one year |
( |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
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Provisions for liabilities |
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Accruals and deferred income |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Share premium account |
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Revaluation reserve |
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Other reserves |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
- Fixtures, fittings and equipment - 20% Straight line
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
Other accounting policies
Revalued investment properties are not depreciated or amortised. Where the valuation indicates a permanent diminution in the value of the property, the permanent diminution is charged to the profit and loss account. All other fluctuations in value are transferred to a revaluation reserve.
This treatment is a departure from the requirement of Company Law to provide depreciation on all fixed assets which have a limited useful life. However, these investment properties are not held for consumption but for investment and the director considers that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. If depreciation were to be provided it would be provided at a rate of 4% Straight line per annum on the revalued amount.
Stock
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Transactions, during the year, which are denominated in foreign currencies are translated at the rates of exchange ruling at the date of the transaction. The resulting exchange differences are dealt with in the profit and loss account.
£ | |
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Cost | |
At 1 April 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 March 2016 |
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Depreciation | |
At 1 April 2015 |
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Charge for the year |
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On disposals |
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At 31 March 2016 |
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Net book values | |
At 31 March 2016 | 72,317 |
At 31 March 2015 | 2,593 |