Gentlemen of Salvage Ltd - Period Ending 2014-08-31
Gentlemen of Salvage Ltd - Period Ending 2014-08-31
Registration number:
Unaudited Abbreviated Accounts
for the Year Ended
Gentlemen of Salvage Ltd
Contents
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The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gentlemen of Salvage Ltd
for the Year Ended 31 August 2014
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gentlemen of Salvage Ltd for the year ended 31 August 2014 set out on pages from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Financial Accountants, we are subject to its ethical and other professional requirements .
This report is made solely to the Board of Directors of Gentlemen of Salvage Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Gentlemen of Salvage Ltd and state those matters that we have agreed to state to them, as a body in this report . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gentlemen of Salvage Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Gentlemen of Salvage Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gentlemen of Salvage Ltd. You consider that Gentlemen of Salvage Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Gentlemen of Salvage Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
CRW Accountants Limited
The Mews
Queen Street
Colyton
Devon
EX24 6JU
Gentlemen of Salvage Ltd
(Registration number: 8162550)
Abbreviated Balance Sheet at 31 August 2014
Note |
2014
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2013
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Fixed assets |
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Intangible fixed assets |
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Tangible fixed assets |
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Current assets |
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Stocks |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
2
Gentlemen of Salvage Ltd
(Registration number: 8162550)
Abbreviated Balance Sheet at 31 August 2014
......... continued
Mr James Cockram
Director
Mr Justin Werb
Director
3
Gentlemen of Salvage Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued
Accounting policies |
Basis of preparation
Turnover
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
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 |
Vehicles, plant and machinery |
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Fixtures and fittings |
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Stock
Fixed assets |
Intangible assets
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Tangible assets
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Total
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Cost |
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At 1 September 2013 |
21,000 |
7,585 |
28,585 |
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Additions |
- |
556 |
556 |
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Disposals |
- |
(4,500) |
(4,500) |
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At 31 August 2014 |
21,000 |
3,641 |
24,641 |
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Depreciation |
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At 1 September 2013 |
- |
1,894 |
1,894 |
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Charge for the year |
- |
1,512 |
1,512 |
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Eliminated on disposals |
- |
(1,969) |
(1,969) |
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At 31 August 2014 |
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1,437 |
1,437 |
Gentlemen of Salvage Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued
Net book value |
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At 31 August 2014 |
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At 31 August 2013 |
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Share capital |
Allotted, called up and fully paid shares
2014 |
2013 |
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No. |
£ |
No. |
£ |
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