George's Industrial Services Limited Company Accounts

GEORGE'S INDUSTRIAL SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01036475

George's Industrial Services Limited

Filleted Unaudited Financial Statements

31 March 2017

George's Industrial Services Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

George's Industrial Services Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		552,426	576,596

Current assets

Stocks		52,781	102,057
Debtors	6	34,588	39,682
Cash at bank and in hand		69,149	64,186
		---------	---------
		156,518	205,925

Creditors: amounts falling due within one year	7	109,806		164,823
		---------		---------
Net current assets			46,712	41,102
			---------	---------
Total assets less current liabilities			599,138	617,698

Creditors: amounts falling due after more than one year	8		321,141	329,738

Provisions

Taxation including deferred tax	7,679	–
	---------	---------
Net assets	270,318	287,960
	---------	---------

Capital and reserves

Called up share capital	40,000	40,000
Profit and loss account	230,318	247,960
	---------	---------
Shareholders funds	270,318	287,960
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 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 .

George's Industrial Services Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 18 December 2017 , and are signed on behalf of the board by:

Mr N Karania

Director

Company registration number: 01036475

George's Industrial Services Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 26, The I O Centre, Hearle Way, Hatfield, Herts, AL10 9EW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property	-	50 years
Plant and machinery	-	20% on Reducing balance basis
Fixtures & fittings	-	20% on Reducing balance basis
Motor vans	-	20% on Reducing balance basis
Office equipment	-	20% on Reducing balance basis

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2016: 10 ).

5. Tangible assets

	Leasehold property	Plant and machinery	Fixtures and fittings	Motor vans	Office equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2016	504,405	616,269	36,517	61,472	20,588	1,239,251
Additions	–	–	–	–	445	445
	---------	---------	--------	--------	--------	------------
At 31 Mar 2017	504,405	616,269	36,517	61,472	21,033	1,239,696
	---------	---------	--------	--------	--------	------------
Depreciation
At 1 Apr 2016	–	593,828	29,076	19,818	19,933	662,655
Charge for the year	10,088	4,488	1,488	8,331	220	24,615
	---------	---------	--------	--------	--------	------------
At 31 Mar 2017	10,088	598,316	30,564	28,149	20,153	687,270
	---------	---------	--------	--------	--------	------------
Carrying amount
At 31 Mar 2017	494,317	17,953	5,953	33,323	880	552,426
	---------	---------	--------	--------	--------	------------
At 31 Mar 2016	504,405	22,441	7,441	41,654	655	576,596
	---------	---------	--------	--------	--------	------------

6. Debtors

	2017	2016
	£	£
Trade debtors	34,588	27,304
Other debtors	–	12,378
	--------	--------
	34,588	39,682
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	24,511	25,057
Trade creditors	65,070	28,821
Corporation tax	154	32
Social security and other taxes	12,271	2,902
Other creditors	7,800	108,011
	---------	---------
	109,806	164,823
	---------	---------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	316,941	329,738
Other creditors	4,200	–
	---------	---------
	321,141	329,738
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £226,815 (2016: £264,209) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loan is secured by a legal charge over the leasehold property.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.