J W Gray Lightning Protection Limited - Period Ending 2014-12-31

Registration number: 04423038

J W Gray Lightning Protection Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Lambert Chapman LLP
Chartered Accountants
Heybridge Business Centre
110 The Causeway
Maldon
Essex
CM9 4ND

J W Gray Lightning Protection Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Registration number: 04423038

J W Gray Lightning Protection Limited
Balance Sheet as at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			499,110			478,653
Current assets
Stocks					19,613			10,432
Debtors					289,416			280,335
Cash at bank and in hand					1,280			1,462
					310,309			292,229
Creditors: Amounts falling due within one year		3			(304,647)			(403,594)
Net current assets/(liabilities)					5,662			(111,365)
Total assets less current liabilities					504,772			367,288
Creditors: Amounts falling due after more than one year		3			(131,532)			(136,829)
Provisions for liabilities					(2,435)			(3,210)
Net assets					370,805			227,249
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					370,705			227,149
Shareholders' funds					370,805			227,249

For the year ending 31 December 2014 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the Board on 22 June 2015 and signed on its behalf by:

Mr C Bateman
Director

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

J W Gray Lightning Protection Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers and is recognised when it obtains the right for consideration through its perfomance.

Goodwill

Goodwill is the amount paid in connection with the acquisition of a business in 2003 and has been amortised equally over its estimated useful life of three years.

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
Freehold property	Not provided
Plant and machinery	3 years straight line
Fixtures and fittings	3 or 5 years straight line
Motor vehicles	3 years straight line

Stock

Stock 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.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

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J W Gray Lightning Protection Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2014		1,700			628,686			630,386
Additions		-			77,675			77,675
Disposals		-			(51,707)			(51,707)
At 31 December 2014		1,700			654,654			656,354
Depreciation
At 1 January 2014		1,700			150,033			151,733
Charge for the year		-			55,247			55,247
Eliminated on disposals		-			(49,736)			(49,736)
At 31 December 2014		1,700			155,544			157,244
Net book value
At 31 December 2014		-			499,110			499,110
At 31 December 2013		-			478,653			478,653

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		57,378			67,663
Amounts falling due after more than one year		133,305			136,829
Total secured creditors		190,683			204,492

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

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