Company Registration No. 07901375 (England and Wales)
GSIT LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2016
GSIT LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
GSIT LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JANUARY 2016
31 January 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
4,000
8,000
Tangible assets
2
11,149
11,655
15,149
19,655
Current assets
Debtors
39,008
18,230
Cash at bank and in hand
203
4,921
39,211
23,151
Creditors: amounts falling due within one year
(50,994)
(22,492)
Net current liabilities/(assets)
(11,783)
659
Total assets less current liabilities
3,366
20,314
Provisions for liabilities
(2,230)
(2,331)
1,136
17,983
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
1,135
17,982
Shareholders' funds
1,136
17,983
For the financial year ended 31 January 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 December 2016
Mr David Gibson
Director
Company Registration No. 07901375
GSIT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
- 2 -
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 net of VAT.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
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
25% reducing balance
Fixtures, fittings & equipment
15% reducing balance
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 February 2015
20,000
15,276
35,276
Additions
-
2,411
2,411
At 31 January 2016
20,000
17,687
37,687
Depreciation
At 1 February 2015
12,000
3,621
15,621
Charge for the year
4,000
2,917
6,917
At 31 January 2016
16,000
6,538
22,538
Net book value
At 31 January 2016
4,000
11,149
15,149
At 31 January 2015
8,000
11,655
19,655
GSIT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1 Ordinary shares of £1 each
1
1
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