G S G PROPERTY DEVELOPMENTS LIMITED - Abbreviated accounts 16.1

REGISTERED NUMBER: SC282020 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2016

for

G S G PROPERTY DEVELOPMENTS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

G Scott

SECRETARY:

Mrs S Scott

REGISTERED OFFICE:

12 Westbank Holdings

Ravenstruther

Lanark

Lanarkshire

ML11 8NL

REGISTERED NUMBER:

SC282020 (Scotland)

ACCOUNTANTS:

Thomson Currie Accountancy Limited

Chartered Accountants

PO Box 9186

7 Pickering House

Netherton Road

Wishaw

ML2 0YP

FIXED ASSETS

Tangible assets

2

1,106

12,811

CURRENT ASSETS

Stocks

124,885

52,799

Debtors

1,822

508

Cash at bank and in hand

12,547

22,395

139,254

75,702

CREDITORS

Amounts falling due within one year

3

134,469

86,460

NET CURRENT ASSETS/(LIABILITIES)

4,785

(10,758

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,891

2,053

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

5,791

1,953

SHAREHOLDERS' FUNDS

5,891

2,053

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 12 July 2016 and were signed by:

G Scott - 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 January 2015).

Turnover

Turnover represents the total value of sales of goods for the year, excluding value added tax.

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

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

19,680

Disposals

(17,275

)

At 31 March 2016

2,405

DEPRECIATION

At 1 April 2015

6,869

Charge for year

1,786

Eliminated on disposal

(7,356

)

At 31 March 2016

1,299

NET BOOK VALUE

At 31 March 2016

1,106

At 31 March 2015

12,811

3.

CREDITORS

Creditors include an amount of £ 0 (31.3.15 - £ 780 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

100

Ordinary

£1

100

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Creditors falling due within one year includes a directors loan account. The loan account was not overdrawn

during the year.