G B Flooring Contractors Limited - Period Ending 2014-11-30

Registration number: 05184921

G B Flooring Contractors Limited

Annual Report and Abbreviated Accounts

for the Year Ended 30 November 2014
 

S A Gillingham Accountancy Ltd
Chartered Certified Accountants
58 Kinson Road
Bournemouth
Dorset
BH10 4AN

G B Flooring Contractors Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

G B Flooring Contractors Limited
(Registration number: 05184921)
Abbreviated Balance Sheet at 30 November 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					-			6,000
Tangible fixed assets					23,783			29,691
					23,783			35,691
Current assets
Stocks					225			4,961
Debtors					3,399			20,488
Cash at bank and in hand					60,664			57,240
					64,288			82,689
Creditors: Amounts falling due within one year					(65,826)			(53,282)
Net current (liabilities)/assets					(1,538)			29,407
Total assets less current liabilities					22,245			65,098
Provisions for liabilities					(2,683)			(4,057)
Net assets					19,562			61,041
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					19,561			61,040
Shareholders' funds					19,562			61,041

For the year ending 30 November 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 director acknowledges his 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 .

Approved by the director on 23 August 2015

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

G B Flooring Contractors Limited
(Registration number: 05184921)
Abbreviated Balance Sheet at 30 November 2014
......... continued

.........................................
S A Bridges
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
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G B Flooring Contractors Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 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.

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.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	evenly over 10 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
Plant and machinery	25% on reducing balance
Fixtures and fittings	25% on reducing balance
Motor vehicles	25% on reducing balance
Computer equipment	33% on cost

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.

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G B Flooring Contractors Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2014
......... continued

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 December 2013		60,000			57,512			117,512
Additions		-			1,075			1,075
Disposals		-			(1,828)			(1,828)
At 30 November 2014		60,000			56,759			116,759
Depreciation
At 1 December 2013		54,000			27,821			81,821
Charge for the year		6,000			6,981			12,981
Eliminated on disposals		-			(1,826)			(1,826)
At 30 November 2014		60,000			32,976			92,976
Net book value
At 30 November 2014		-			23,783			23,783
At 30 November 2013		6,000			29,691			35,691

3	Share capital

Allotted, called up and fully paid shares

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

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