Abbreviated Company Accounts - GM DRUMWORKS LIMITED

GM DRUMWORKS LIMITED - Company Information

05725016 GM DRUMWORKS LIMITED 2015-02-28 false 2014-03-01 2015-02-28 true 05725016 2014-03-01 2015-02-28 05725016 2015-02-28 05725016 2014-02-28 05725016 uk-gaap-cd-bus:Director1 2014-03-01 2015-02-28 05725016 uk-gaap-cd-bus:Director2 2014-03-01 2015-02-28 uk-gaap-cd-bus:Director3 2014-03-01 2015-02-28 uk-gaap-cd-bus:Director3 2015-02-28 uk-gaap-cd-bus:Director3 2014-02-28 uk-gaap-cd-bus:OrdinaryShareClass1 2014-03-01 2015-02-28 uk-gaap-cd-bus:OrdinaryShareClass1 2015-02-28 uk-gaap-cd-bus:OrdinaryShareClass1 2014-02-28 iso4217:GBP shares

Registered Number 05725016

GM DRUMWORKS LIMITED

Abbreviated Accounts

28 February 2015

GM DRUMWORKS LIMITED Registered Number 05725016

Abbreviated Balance Sheet as at 28 February 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	2	236,113	324,744
		236,113	324,744
Current assets
Stocks		79,268	65,579
Debtors		230,061	234,607
Cash at bank and in hand		5,702	-
		315,031	300,186
Creditors: amounts falling due within one year		(746,416)	(750,143)
Net current assets (liabilities)		(431,385)	(449,957)
Total assets less current liabilities		(195,272)	(125,213)
Creditors: amounts falling due after more than one year		(59,332)	(95,664)
Total net assets (liabilities)		(254,604)	(220,877)
Capital and reserves
Called up share capital	3	40,000	40,000
Profit and loss account		(294,604)	(260,877)
Shareholders' funds		(254,604)	(220,877)

For the year ending 28 February 2015 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.

Approved by the Board on 10 November 2015

And signed on their behalf by:
G McVittie, Director

GM DRUMWORKS LIMITED Registered Number 05725016

Notes to the Abbreviated Accounts for the period ended 28 February 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Income is recognised on an accruals basis according to delivery of the goods and services supplied.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 20% on reducing balance, 10% on cost and Straight line over 5 years
Fixtures and fittings - 15% on reducing balance
Computer equipment - 15% on reducing balance

Other accounting policies
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated at the balance sheet date and are likely to reverse in the future. Deferred tax assets are only recognised when recovery has been forecasted with reasonable certainty

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

2Tangible fixed assets

	£
Cost
At 1 March 2014	943,495
Additions	5,700
Disposals	-
Revaluations	-
Transfers	-
At 28 February 2015	949,195
Depreciation
At 1 March 2014	618,751
Charge for the year	94,331
On disposals	-
At 28 February 2015	713,082
Net book values
At 28 February 2015	236,113
At 28 February 2014	324,744

3Called Up Share Capital
Allotted, called up and fully paid:

	2015 £	2014 £
40,000 Ordinary shares of £1 each	40,000	40,000

4Transactions with directors

Name of director receiving advance or credit:	Z Muhammad
Description of the transaction:	Directors' advances, credits and guarantees
Balance at 1 March 2014:	£ 10,767
Advances or credits made:	£ 22,240
Advances or credits repaid:	£ 25,990
Balance at 28 February 2015:	£ 7,017

During the year the director was advanced £22,240 in varying amounts. The director repaid £25,990 during the year.

All advances are unsecured, interest free and contain no set repayment terms.