George W B Costie Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: SC468909 (Scotland)

Abbreviated Unaudited Accounts

for the Period

3 February 2014 to 28 February 2015

for

George W B Costie Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

H A B Costie

Miss K E Costie

REGISTERED OFFICE:

Lindisfarne

Westray

Orkney

KW17 2DH

REGISTERED NUMBER:

SC468909 (Scotland)

ACCOUNTANTS:

Orcadia

Chartered Accountants

1 - 3 East Road

Kirkwall

Orkney

KW15 1HZ

FIXED ASSETS

Tangible assets

2

30,723

CURRENT ASSETS

Stocks

869

Debtors

64,198

Cash at bank

64,312

129,379

CREDITORS

Amounts falling due within one year

90,489

NET CURRENT ASSETS

38,890

TOTAL ASSETS LESS CURRENT LIABILITIES

69,613

PROVISIONS FOR LIABILITIES

6,145

NET ASSETS

63,468

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

63,368

SHAREHOLDERS' FUNDS

63,468

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 February 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 February 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 3 November 2015 and were signed on its behalf by:

H A B Costie - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from all timing differences

between the recognition of gains and losses in the financial statements and recognition in the tax

computation.

A net deferred tax asset is recognised only if 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 assets and liabilities are calculated at the tax rates expected to be effective at the time the

timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

Additions

40,392

Disposals

(7,720

)

At 28 February 2015

32,672

DEPRECIATION

Charge for period

3,599

Eliminated on disposal

(1,650

)

At 28 February 2015

1,949

NET BOOK VALUE

At 28 February 2015

30,723

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

1

100

100 Ordinary shares of 1 each were allotted and fully paid for cash at par during the period.