GMG_FINANCE_LIMITED - Accounts

GMG FINANCE LIMITED - Company Information

Print Friendly Version

GMG FINANCE LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2015

Company Registration No. 06466661 (England and Wales)

GMG FINANCE LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

GMG FINANCE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

28 FEBRUARY 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

2,829

4,022

Current assets

Debtors

181,257

175,924

Cash at bank and in hand

12,222

6,247

193,479

182,171

Creditors: amounts falling due within one year

(47,505)

(46,710)

Net current assets

145,974

135,461

Total assets less current liabilities

148,803

139,483

Provisions for liabilities

(566)

(804)

148,237

138,679

Capital and reserves

Called up share capital

100

Profit and loss account

148,137

138,579

Shareholders' funds

148,237

138,679

For the financial year ended 28 February 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board and authorised for issue on 27 November 2015

J P McVeigh

Director

Company Registration No. 06466661

GMG FINANCE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts. Revenue is recognised as services are provided.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

15% reducing balance

1.6

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 March 2014

30,000

8,658

38,658

Disposals

(816)

At 28 February 2015

30,000

7,842

37,842

Depreciation

At 1 March 2014

30,000

4,636

34,636

On disposals

(122)

Charge for the year

499

At 28 February 2015

30,000

5,013

35,013

Net book value

At 28 February 2015

2,829

At 28 February 2014

4,022

GMG FINANCE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2015

- 3 -

Share capital

2015

2014

Allotted, called up and fully paid

100 Ordinary share of £1 each

100