Gerald Scarfe Limited - Filleted accounts

Gerald Scarfe Limited - Filleted accounts


Registered number
00797495
Gerald Scarfe Limited
Unaudited Filleted Accounts
30 June 2017
Gerald Scarfe Limited
Registered number: 00797495
Balance Sheet
as at 30 June 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 279,777 291,152
Investments 3 90,000 90,000
369,777 381,152
Current assets
Debtors 5 178,379 436,097
Cash at bank and in hand 2,455,325 759,913
2,633,704 1,196,010
Creditors: amounts falling due within one year 6 (683,476) (295,266)
Net current assets 1,950,228 900,744
Total assets less current liabilities 2,320,005 1,281,896
Provisions for liabilities (695) (1,210)
Net assets 2,319,310 1,280,686
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,319,210 1,280,586
Shareholders' funds 2,319,310 1,280,686
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G. Scarfe
Director
Approved by the board on 26 March 2018
Gerald Scarfe Limited
Notes to the Accounts
for the year ended 30 June 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2.5% straight line
Plant and machinery 15% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2016 429,172 49,562 28,654 507,388
At 30 June 2017 429,172 49,562 28,654 507,388
Depreciation
At 1 July 2016 142,328 45,254 28,654 216,236
Charge for the year 10,729 646 - 11,375
At 30 June 2017 153,057 45,900 28,654 227,611
Net book value
At 30 June 2017 276,115 3,662 - 279,777
At 30 June 2016 286,844 4,308 - 291,152
3 Investments
Other
investments
£
Cost
At 1 July 2016 90,000
At 30 June 2017 90,000
4 Classification of items in the financial statements
Motor vehicle costing £90,000 (2016: £90,000) was reclassified from property, plant and equipment to other investment as it is part of the investment business of the company.
5 Debtors 2017 2016
£ £
Trade debtors 16,826 21,854
Directors loan account 28,442 98,714
Other debtors 133,111 315,529
178,379 436,097
6 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 2,152 21,064
Corporation tax 610,036 250,717
Other taxes and social security costs 61,288 2,668
Other creditors 10,000 20,817
683,476 295,266
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr G. Scarfe
Loan 49,357 124,611 (159,747) 14,221
Mrs J. Scarfe
Loan 49,357 124,611 (159,747) 14,221
98,714 249,222 (319,494) 28,442
The above loans bear interest at the rate of 6% per annum, are unsecured and repayable on demand.
8 Related party transactions
During the year, the directors received dividends in their capacity as shareholders of £276,000 (2016: £195,000).

During the year the company also charged interest of £5,220 (2016: £2,947) in respect of the loans to the directors and paid the directors £2,400 for the use of their home as office.

9 Other information
Gerald Scarfe Limited is a private company limited by shares and incorporated in England. Its registered office is:
95 South Worple Way
LONDON
SW14 8ND
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