Abbreviated Company Accounts - SOVEREIGN GEARS LIMITED

SOVEREIGN GEARS LIMITED - Company Information

Registered Number 03369489

SOVEREIGN GEARS LIMITED

Abbreviated Accounts

31 December 2013

SOVEREIGN GEARS LIMITED Registered Number 03369489

Abbreviated Balance Sheet as at 31 December 2013

	Notes	2013	2012
		£	£
Fixed assets
Tangible assets	2	359,896	361,816
Investments	3	400,000	400,000
		759,896	761,816
Current assets
Stocks		615,968	569,410
Debtors		332,582	287,422
Cash at bank and in hand		67,127	122,980
		1,015,677	979,812
Creditors: amounts falling due within one year		(144,227)	(178,564)
Net current assets (liabilities)		871,450	801,248
Total assets less current liabilities		1,631,346	1,563,064
Creditors: amounts falling due after more than one year		0	(14,100)
Total net assets (liabilities)		1,631,346	1,548,964
Capital and reserves
Called up share capital		100	100
Profit and loss account		1,631,246	1,548,864
Shareholders' funds		1,631,346	1,548,964

For the year ending 31 December 2013 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 22 August 2014

And signed on their behalf by:
Mr SP Spring, Director

SOVEREIGN GEARS LIMITED Registered Number 03369489

Notes to the Abbreviated Accounts for the period ended 31 December 2013

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
Turnover represents the value, net of value added tax and discounts, of goods and services provided to customers

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lifes
Plant & Machinery 10% Reducing Balance
Fixtures & Fittings 10% Reducing Balance
Motor Vehicles 10% Reducing Balance

2Tangible fixed assets

	£
Cost
At 1 January 2013	617,952
Additions	43,529
Disposals	-
Revaluations	-
Transfers	-
At 31 December 2013	661,481
Depreciation
At 1 January 2013	256,136
Charge for the year	45,449
On disposals	-
At 31 December 2013	301,585
Net book values
At 31 December 2013	359,896
At 31 December 2012	361,816

3Fixed assets Investments
203/204 Canada Business Tower, Dubai