Gliderol Garage & Industrial Doors Ltd - Limited company - abbreviated - 11.6
Gliderol Garage & Industrial Doors Ltd - Limited company - abbreviated - 11.6
REGISTERED NUMBER: |
Abbreviated Unaudited Accounts |
for the Year Ended 30 June 2014 |
for |
Gliderol Garage & Industrial Doors |
Limited |
Gliderol Garage & Industrial Doors |
Limited (Registered number: 02076659) |
Contents of the Abbreviated Accounts |
for the year ended 30 June 2014 |
Page |
Company Information | 1 |
Abbreviated Balance Sheet | 2 |
Notes to the Abbreviated Accounts | 3 |
Gliderol Garage & Industrial Doors |
Limited |
Company Information |
for the year ended 30 June 2014 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
BANKERS: |
Gliderol Garage & Industrial Doors |
Limited (Registered number: 02076659) |
Abbreviated Balance Sheet |
30 June 2014 |
2014 | 2013 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
Tangible assets | 3 |
Investments | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Profit and loss account |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director on |
Gliderol Garage & Industrial Doors |
Limited (Registered number: 02076659) |
Notes to the Abbreviated Accounts |
for the year ended 30 June 2014 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis, which assume that the company will continue in |
operational existence for the foreseeable future, which the directors consider appropriate. |
Accounting convention |
The financial statements have been prepared under the historical cost convention and are in accordance with applicable |
accounting standards. |
Exemption from preparing a cash flow statement |
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small |
company. |
Turnover |
Turnover represents net sales of goods, excluding value added tax. |
Patents and licences |
Patents and licences are depreciated over their useful lives on a straight line basis over 10 years. |
Tangible fixed assets |
Leasehold property | - |
Plant & machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable |
value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or |
damaged stock where the net realisable value is less than cost. |
Deferred tax |
Deferred tax is provided in respect of the effect of all timing differences that have originated but not reversed at the balance |
sheet date. |
A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it |
can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the |
underlying timing differences can be deducted. |
Deferred tax is measured on a non-discounted basis at the average rates that are expected to apply in the periods in which the |
timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted at the |
balance sheet date. |
Gliderol Garage & Industrial Doors |
Limited (Registered number: 02076659) |
Notes to the Abbreviated Accounts - continued |
for the year ended 30 June 2014 |
1. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire |
purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over |
their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital |
element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the |
lease. |
Assets held under finance leases and the related lease obligations are included at the fair value of the lease assets at the |
inception of the lease. Depreciation on leased assets is calculated to write off this amount on a straight line basis over the |
shorter of the lease term and the useful life of the asset. |
Rentals are apportioned between the finance charge and a reduction of the outstanding obligation for future amounts payable |
so that the charge for each accounting period is a constant percentage of the remaining balance of the capital sum |
outstanding. |
Rentals payable under operating leases are charged to the profit and loss account as incurred. |
Foreign currencies |
Foreign currency transactions are treated and disclosed in accordance with SSAP 20 in that assets and liabilities in foreign |
currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. |
Transactions undertaken in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the |
transaction. Exchange differences are taken into account in arriving at the operating result. |
Investments |
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Investments held as |
current assets are stated at the lower of cost or net realisable value. |
Government grants |
Capital government grants are treated as deferred credits and credited to the profit and loss account over the estimated useful |
life of the relevant fixed assets. Government grants relating to employment are written off over the period of the project. |
2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 July 2013 |
and 30 June 2014 |
AMORTISATION |
At 1 July 2013 |
and 30 June 2014 |
NET BOOK VALUE |
At 30 June 2014 |
At 30 June 2013 |
Gliderol Garage & Industrial Doors |
Limited (Registered number: 02076659) |
Notes to the Abbreviated Accounts - continued |
for the year ended 30 June 2014 |
3. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 July 2013 |
Additions |
Disposals | ( |
) |
At 30 June 2014 |
DEPRECIATION |
At 1 July 2013 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 June 2014 |
NET BOOK VALUE |
At 30 June 2014 |
At 30 June 2013 |
4. | FIXED ASSET INVESTMENTS |
Investments |
other |
than |
loans |
£ |
COST |
At 1 July 2013 | 25,000 |
Disposals | (25,000 | ) |
At 30 June 2014 | - |
NET BOOK VALUE |
At 30 June 2014 |
At 30 June 2013 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Joint venture |
During the year the following transactions were made with the above company: |
2014 | 2013 |
£ | £ |
Sales | - | 34,421 |
Purchases | - | 5,156 |
Management charges receivable | 24,532 | 24,583 |
Rent receivable | 18,920 | 105,773 |
At the year end there were amounts owed to the company, by Janus International (UK) Limited (Formerly Gliderol Self |
Storage Solutions Limited) as follows: |
2014 | 2013 |
£ | £ |
Inter company balance (debtors) | - | 93,642 |
Loan account balance | - | 128,003 |
During the year, Gliderol Garage and Industrial Doors Limited sold it's joint venture interest to it's former partner - Janus |
International Corporation (USA). |
Gliderol Garage & Industrial Doors |
Limited (Registered number: 02076659) |
Notes to the Abbreviated Accounts - continued |
for the year ended 30 June 2014 |
5. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
The aggregate total of debtors falling due after more than one year is £ |
6. | CREDITORS |
Creditors include an amount of £ |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2014 | 2013 |
value: | £ | £ |
Ordinary | £1 |
8. | ULTIMATE PARENT COMPANY |
The immediate parent company is Glidco Pty Limited, a company incorporated in Australia. |
The Lumbers family have ultimate control over Glidco Pty Limited through its family trust Warjon Pty Limited. |
9. | RELATED PARTY DISCLOSURES |
Glidco Pty Limited |
Parent company |
Transactions with this company are set out below: |
2014 | 2013 |
£ | £ |
Purchases | - | 259,188 |
Expenses reclaimed | 13,439 | 5630 |
Contribution to management expenses | - | 120,000 |
2014 | 2013 |
£ | £ |
Amount due to related party at the balance sheet date |
Therm-a-Glide Limited |
Associated subsidiary of Gliderol PTY Limited |
Transactions with this company are set out below: |
2014 | 2013 |
£ | £ |
Rent paid to Therm-a-Glide Limited | 79,658 | - |
Transfer of long leasehold property | 1,285,000 | - |
During the period, Glidco Pty Limited funded the purchase of the long leasehold property by this subsidiary from Gliderol |
Garage and Industrial Doors Limited. |