GATEVILLE_LIMITED - Accounts

GATEVILLE_LIMITED - Accounts

GATEVILLE LIMITED - Company Information

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Company Registration No. 07945413 (England and Wales)
GATEVILLE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2016
GATEVILLE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
GATEVILLE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
28 FEBRUARY 2016
28 February 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
90,903
87,237
Investments
2
2,000
-
92,903
87,237
Current assets
Stocks
63,000
164,651
Debtors
1,192,708
2,059,174
Cash at bank and in hand
839
101
1,256,547
2,223,926
Creditors: amounts falling due within one year
3
(1,186,461)
(1,396,341)
Net current assets
70,086
827,585
Total assets less current liabilities
162,989
914,822
Creditors: amounts falling due after more than one year
4
(36,437)
(55,694)
Provisions for liabilities
(19,223)
(17,447)
107,329
841,681
Capital and reserves
Called up share capital
5
100
100
Profit and loss account
107,229
841,581
Shareholders'  funds
107,329
841,681
GATEVILLE LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2016
28 February 2016
- 2 -
For the financial year ended 28 February 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 15 July 2016
Mr M B Catargiu
Mr I D Barbu
Director
Director
Company Registration No. 07945413
GATEVILLE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2016
- 3 -
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 goods and services provided 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:
Computer equipment
33.33% p.a. straight line basis
Fixtures, fittings & equipment
25% p.a. reducing balance basis
Motor vehicles
25% p.a. straight line 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 the shorter of the lease term and 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
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
1.8
Revenue recognition
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors.
1.9
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.
GATEVILLE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2016
- 4 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 March 2015
122,467
-
122,467
Additions
46,916
2,000
48,916
At 28 February 2016
169,383
2,000
171,383
Depreciation
At 1 March 2015
35,231
-
35,231
Charge for the year
43,249
-
43,249
At 28 February 2016
78,480
-
78,480
Net book value
At 28 February 2016
90,903
2,000
92,903
At 28 February 2015
87,237
-
87,237
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Gateville Asbestos Limited
England and Wales
Ordinary share
100.00
Gateville Electrical Limited
England and Wales
Ordinary share
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
Gateville Asbestos Limited
Asbestos removal services
848
(152)
Gateville Electrical Limited
Electrical installation
958
(42)
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £212,257 (2015 - £63,629).
The bank overdraft is secured by a fixed and floating charge over the assets of the company.
GATEVILLE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2016
- 5 -
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £36,437 (2015 - £55,694).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100
6
Related party relationships and transactions
Loans to directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Directors current account
4.00
465,992
-
10,633
477,183
(558)
465,992
-
10,633
477,183
(558)

 

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