Glass Fit Services Limited - Period Ending 2016-08-31

Registration number: 05509981

Glass Fit Services Limited

trading as Glass Fit Services Ltd

Unaudited Abbreviated Accounts
 
for the Year Ended 31 August 2016

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishop's Stortford
Herts
CM23 3AR

Glass Fit Services Limited

trading as Glass Fit Services Ltd

Contents

Abbreviated Balance Sheet	1
Notes to the Abbreviated Accounts	2 to 3

Glass Fit Services Limited

trading as Glass Fit Services Ltd

(Registration number: 05509981)
Abbreviated Balance Sheet as at 31 August 2016

	Note	2016  £	2015  £
Fixed assets
Tangible assets	2	14,594	19,459
Current assets
Stocks		19,602	19,602
Debtors		185,476	151,621
Cash at bank and in hand		(77,092)	(66,853)
		127,986	104,370
Creditors: Amounts falling due within one year		(118,619)	(107,235)
Net current assets/(liabilities)		9,367	(2,865)
Total assets less current liabilities		23,961	16,594
Accruals and deferred income		(2,300)	(2,150)
Net assets		21,661	14,444
Capital and reserves
Called up share capital	3	100	100
Profit and loss account		21,561	14,344
Shareholders funds		21,661	14,444

For the year ending 31 August 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the director on 31 May 2017

.........................................
MS O'Connor
Company secretary and director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Glass Fit Services Limited

trading as Glass Fit Services Ltd

Notes to the Abbreviated Accounts

1

Accounting policies

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Equipment	25% on the reducing balance basis
Vehicles	25% on the reducing balance basis

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2

Fixed assets

	Tangible assets £	Total £
Cost
At 1 September 2015	78,647	78,647
At 31 August 2016	78,647	78,647
Depreciation
At 1 September 2015	59,188	59,188
Charge for the year	4,865	4,865
At 31 August 2016	64,053	64,053
Net book value
At 31 August 2016	14,594	14,594
At 31 August 2015	19,459	19,459

Page 2

Glass Fit Services Limited

trading as Glass Fit Services Ltd

Notes to the Abbreviated Accounts

3

Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary Shares of £1 each	100	100	100	100

Page 3