GD Woodworking Limited,Ltd - Accounts

GD Woodworking Limited,Ltd - Accounts

G. D. WOODWORKING LIMITED - Company Information

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2014-01-01 true false Private Limited Company 02168053 2014-12-31 02168053 2014-01-01 2014-12-31 02168053 2013-12-31 02168053 2013-01-01 2013-12-31 02168053 uk-bus:Director1 2014-01-01 2014-12-31 02168053 uk-gaap:Land 2014-01-01 2014-12-31 02168053 uk-gaap:ToolsEquipment 2014-01-01 2014-12-31 02168053 uk-gaap:CommercialMotorVehicles 2014-01-01 2014-12-31 02168053 uk-gaap:FixturesFittings 2014-01-01 2014-12-31 iso4217:GBP
GD Woodworking Limited
For the year ended 31 December 2014
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 02168053
2
Contents Page
GD Woodworking Limited
For the year ended 31 December 2014
1
Accountants' Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
3
GD Woodworking Limited
Accountants' Report
For the year ended 31 December 2014
As described on the balance sheet you are responsible for the preparation of the financial statements for the year
ended 31 December 2014 and you consider that the company is exempt from an audit under the Companies Act
2006.
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you
to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.
Graeme Hinchliffe Associates Ltd
6-8 Manvers Road
Swallownest
Sheffield
S26 4UD
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4
Abbreviated Balance Sheet
GD Woodworking Limited
As at 31 December 2014
02168053
Registered Number :
£
£
2014
Notes
2013
Fixed assets
Tangible assets
2
1,296,703
1,292,253
1,296,703
1,292,253
Current assets
Stocks
90,347
127,771
Debtors
842,991
1,062,532
Cash at bank and in hand
79,637
21,004
1,269,940
954,342
Creditors: amounts falling due within one year
(979,144)
(760,152)
(24,802)
509,788
Net current assets
Total assets less current liabilities
1,806,491
1,267,451
(82,179)
-
Provisions for liabilities
1,724,312
Net assets
1,267,451
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss account
1,719,312
1,262,451
1,724,312
1,267,451
Shareholders funds
For the year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
2) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
The accounts have been prepared in accordance with the micro-entity provisions. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Date approved by the board: 25 August 2015
GM Ducker Director
Signed on behalf of the board of directors
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5
Notes to the Abbreviated Financial Statements
GD Woodworking Limited
For the year ended 31 December 2014
1 Accounting Policies
Going Concern
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the directors who have undertaken to provide such support for the foreseeable future. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Pension Costs
The company operates a defined contribution pension scheme for the benefit of its directors/and employees.
Contributions payable are charged to the profit and loss account in the period in which they are payable.
Deferred taxation
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.
Dividends
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved
by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings
2% Straight line
Plant and Machinery
15% Reducing balance
Motor Vehicles
25% Reducing balance
Fixtures and Fittings
15% Reducing balance
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6
Notes to the Abbreviated Financial Statements
GD Woodworking Limited
For the year ended 31 December 2014
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2 Tangible fixed assets
Tangible fixed
assets
Cost or valuation
£
1,972,774
At 01 January 2014
162,786
Additions
(49,000)
Disposals
At 31 December 2014
2,086,560
Depreciation
680,521
At 01 January 2014
(30,577)
Disposals
139,913
Charge for year
789,857
At 31 December 2014
Net book values
At 31 December 2014
1,296,703
1,292,253
At 31 December 2013
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