Glendale Elect Eng (Glasgow) Ltd - Limited company - abbreviated - 11.9

REGISTERED NUMBER: SC063739 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

FOR

GLENDALE ELECTRICAL ENGINEERS

(GLASGOW) LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs E M Robertson

W Paterson

M J Robertson

SECRETARY:

Mrs E M Robertson

REGISTERED OFFICE:

1014 Cumbernauld Road,

Glasgow

G33 2QR

REGISTERED NUMBER:

SC063739 (Scotland)

ACCOUNTANTS:

Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

SOLICITORS:

Clark Boyle & Co.

FIXED ASSETS

60,650

Tangible assets

2

28,568

CURRENT ASSETS

483,333

Stocks

508,333

743,344

Debtors

655,456

1,390

Cash at bank and in hand

876

1,228,067

1,164,665

CREDITORS

827,897

Amounts falling due within one year

744,659

400,170

NET CURRENT ASSETS

420,006

460,820

TOTAL ASSETS LESS CURRENT LIABILITIES

448,574

CREDITORS

77,186

Amounts falling due after more than one year

69,605

383,634

NET ASSETS

378,969

CAPITAL AND RESERVES

2,200

Called up share capital

3

2,200

381,434

Profit and loss account

376,769

383,634

SHAREHOLDERS' FUNDS

378,969

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 December 2015 and were signed on its behalf by:

M J Robertson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax, except in respect of service

contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost, 25% on reducing balance, 20% on cost, 15% on cost and 10% on cost

Stocks

Stocks and work in progress 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 expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

300,718

Additions

267

Disposals

(159,659

)

At 31 March 2015

141,326

DEPRECIATION

At 1 April 2014

240,068

Charge for year

15,477

Eliminated on disposal

(142,787

)

At 31 March 2015

112,758

NET BOOK VALUE

At 31 March 2015

28,568

At 31 March 2014

60,650

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

2,200

Ordinary

£1

2,200

2,200

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Mrs E Robertson and M Robertson, the trustees of Glendale Electrical (Glasgow) Limited directors retirement

plan, have previously advanced the sum of £200,000 to the company of which £101,533 (2014 - £101,533) was

outstanding at the year end. The loan is repayable over 5 years by monthly instalments of £2,800. Interest will be

paid to the retirement plan at an annual rate of 3.50% over base.