G & H Pirie Limited - Period Ending 2015-05-31

Registration number: SC283210

G & H Pirie Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2015
 

Lime Blue Accountancy Ltd
8 Albert Street
Aberdeen
AB25 1XQ

G & H Pirie Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

G & H Pirie Limited
(Registration number: SC283210)
Abbreviated Balance Sheet at 31 May 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					532,998			412,649
Current assets
Stocks					37,635			30,292
Debtors					1,450			225
Cash at bank and in hand					30,659			36,112
					69,744			66,629
Creditors: Amounts falling due within one year					(68,677)			(83,242)
Net current assets/(liabilities)					1,067			(16,613)
Total assets less current liabilities					534,065			396,036
Provisions for liabilities					-			(715)
Net assets					534,065			395,321
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					533,965			395,221
Shareholders' funds					534,065			395,321

For the year ending 31 May 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 24 February 2016 and signed on its behalf by:

.........................................
H Pirie
Director

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

G & H Pirie Limited
(Registration number: SC283210)
Abbreviated Balance Sheet at 31 May 2015
......... continued

.........................................
GR Pirie
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

G & H Pirie Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... 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 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	20% straight line

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
Property	2% on cost
Office equipment	40% reducing balance
Fixtures and fittings	20% 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.

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.

Page 3

G & H Pirie Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued

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 June 2014		73,000			480,437			553,437
Additions		-			127,543			127,543
At 31 May 2015		73,000			607,980			680,980
Depreciation
At 1 June 2014		73,000			67,788			140,788
Charge for the year		-			7,194			7,194
At 31 May 2015		73,000			74,982			147,982
Net book value
At 31 May 2015		-			532,998			532,998
At 31 May 2014		-			412,649			412,649

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 4