SMITH_&_GILMOUR_LIMITED - Accounts

SMITH & GILMOUR LIMITED - Company Information

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Company Registration No. 03312641 (England and Wales)

SMITH & GILMOUR LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2014

SMITH & GILMOUR LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

SMITH & GILMOUR LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

577,901

297,175

Current assets

Debtors

78,050

191,330

Cash at bank and in hand

312

6,765

78,362

198,095

Creditors: amounts falling due within one year

(175,885)

(264,344)

Net current liabilities

(97,523)

(66,249)

Total assets less current liabilities

480,378

230,926

Creditors: amounts falling due after more than one year

(29,614)

(59,342)

Provisions for liabilities

(5,237)

(6,084)

445,527

165,500

Capital and reserves

Called up share capital

100

Revaluation reserve

396,836

111,836

Profit and loss account

48,591

53,564

Shareholders' funds

445,527

165,500

SMITH & GILMOUR LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2014

- 2 -

For the financial year ended 31 March 2014 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.

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 22 December 2014

Mr A N Smith

Mrs E J Smith

Director

Company Registration No. 03312641

SMITH & GILMOUR LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of leasehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Leasehold land and buildings

Nil

Plant and machinery

20% reducing balance

Fixtures, fittings and equipment

15% reducing balance

Leasehold properties are included in the balance sheet at their open market value. No depreciation is provided as they are maintained by regular refurbishment and maintenance which makes provision immaterial in the context of the accounts.

This accounting policy is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.4

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

No provision has been made for deferred tax on gains recognised on revaluing property to it's market value as the company does not intend to sell the revalued assets.

SMITH & GILMOUR LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 4 -

Fixed assets

Tangible assets

Cost or valuation

At 1 April 2013

307,082

Additions

931

Revaluation

285,000

At 31 March 2014

593,013

Depreciation

At 1 April 2013

9,907

Charge for the year

5,205

At 31 March 2014

15,112

Net book value

At 31 March 2014

577,901

At 31 March 2013

297,175

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £75,753 (2013 - £88,121).

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100