GIBSON_INDEX_LIMITED - Accounts
GIBSON_INDEX_LIMITED - Accounts
Company Registration number 04760413
Abbreviated Accounts
For the year ended 31 May 2015
Financial statements for the year ended 31 May 2015
Contents
Pages
Balance sheet
1
Notes to the financial statements
2-3
Abbreviated balance sheet as at 31 May 2015
2015
2014
Notes
£
£
£
£
£
£
Fixed assets
Intangible assets
-
Tangible assets
2
2
Current assets
Debtors
Cash at bank and in hand
Creditors:
amounts falling due within one year
(60,178 )
(53,120 )
Net current liabilities
(48,250 )
(37,305 )
Current liabilities less total assets
(47,402 )
(33,960 )
Capital and reserves
Called up share capital
3
Deficit on profit and loss account
(47,502 )
(34,060 )
Shareholders' funds
(47,402 )
(33,960 )
Director's responsibilities:
Approved by the board of directors on 25 February 2016 and signed on its behalf.
Company Registration No: 04760413
The notes on pages 2 to 3 form part of these financial statements.
1
Notes to the abbreviated accounts for the year ended 31 May 2015
1
Accounting policies
a)
Going concern
The financial statements have been prepared on a going concern basis despite the company having net liabilities of £47,402, as the director has indicated his willingness to continue to support the company over the next twelve months.
b)
Basis of accounting
The company has taken advantage of the exemption, conferred by Financial Reporting Standard 1, from presenting a cash flow statement as it qualifies as a small company.
c)
Turnover
d)
Depreciation of tangible fixed assets
Equipment, fixtures and fittings
e)
Goodwill
f)
Deferred taxation
Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date.
A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on a nondiscounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on a nondiscounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
2
Notes to the abbreviated accounts for the year ended 31 May 2015 (continued)
2
Fixed assets
Intangible
Tangible
fixed
fixed
assets
assets
Total
£
£
£
£
£
£
£
£
£
Cost:
At 1 June 2014
22,850
5,933
28,783
Depreciation:
At 1 June 2014
4,873
25,438
Provision for the year
2,285
212
2,497
At 31 May 2015
22,850
5,085
27,935
Net book value:
At 31 May 2015
-
At 31 May 2014
1,060
3,345
3
Called-up share capital
2015
2014
2015
2014
£
£
£
£
£
£
£
£
£
£
£
£
Allotted, called up and fully paid
Equity shares:
4
Controlling party
The company is controlled by the director M Gibson by virtue of his shareholding.
3