George W B Costie Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC468909 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 29 February 2016

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

30,723

Tangible assets

2

23,042

CURRENT ASSETS

869

Stocks

1,545

64,198

Debtors

46,837

64,312

Cash at bank

58,075

129,379

106,457

CREDITORS

90,489

Amounts falling due within one year

59,845

38,890

NET CURRENT ASSETS

46,612

69,613

TOTAL ASSETS LESS CURRENT
LIABILITIES

69,654

6,145

PROVISIONS FOR LIABILITIES

4,608

63,468

NET ASSETS

65,046

CAPITAL AND RESERVES

100

Called up share capital

3

100

63,368

Profit and loss account

64,946

63,468

SHAREHOLDERS' FUNDS

65,046

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2016 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 30 November 2016 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 January 2015).

Turnover

Turnover represents invoiced sales of shellfish and gear, invoiced at time of despatch to the customer,

net of VAT.

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

At 1 March 2015

and 29 February 2016

32,672

DEPRECIATION

At 1 March 2015

1,949

Charge for year

7,681

At 29 February 2016

9,630

NET BOOK VALUE

At 29 February 2016

23,042

At 28 February 2015

30,723

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

1

100