GILBERT_ASSOCIATES_LIMITE - Accounts
GILBERT_ASSOCIATES_LIMITE - Accounts
Company Registration No. SC165610 (Scotland)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
3
(432,276 )
(259,855 )
Net current liabilities/(assets)
(109,345 )
Total assets less current liabilities
(103,254 )
Creditors: amounts falling due after more than one year
4
-
(153,000 )
(103,254 )
(116,584 )
Capital and reserves
Called up share capital
5
Share premium account
Profit and loss account
(165,440 )
(178,770 )
Shareholders' funds
(103,254 )
(116,584 )
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2015
- 2 -
Directors' responsibilities:
-
-
Approved by the Board and authorised for issue on 29 March 2016
Director
Company Registration No. SC165610
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The company has returned to profitability in the year, however the balance sheet remains negative at the year end. The directors consider that the company has bank facilities to finance its operations. With the continued support from the directors and the bank, the directors consider that the company will continue in operational existence for the foreseeable future and they therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
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
1.4
Tangible fixed assets and 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
Fixtures, fittings & equipment
Motor vehicles
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock and work in progress
Work in progress is valued at the lower of cost and net realisable value.
The cost of work in progress comprises direct costs and labour costs.
The cost of work in progress comprises direct costs and labour costs.
1.7
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.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 July 2014 & at 30 June 2015
141,537
Depreciation
At 1 July 2014
133,415
Charge for the year
2,031
At 30 June 2015
135,446
Net book value
At 30 June 2015
6,091
At 30 June 2014
8,122
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £153,000 (2014 - £0).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £0 (2014 - £153,000).
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid