The Gigrig Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 05731704

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

FOR

THE GIGRIG LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

D Mapleston

D E Steinhardt

REGISTERED OFFICE:

85 Basepoint Business Centre

Rivermead Drive

Westlea

Swindon

Wiltshire

SN5 7EX

REGISTERED NUMBER:

05731704

ACCOUNTANTS:

S D Knee

Chartered Accountants

10 Bath Road

Old Town

Swindon

Wiltshire

SN1 4BA

FIXED ASSETS

Tangible assets

2

2,333

25

CURRENT ASSETS

Stocks

32,086

17,346

Debtors

43,258

70,857

Cash at bank and in hand

25,440

14,870

100,784

103,073

CREDITORS

Amounts falling due within one year

102,623

99,853

NET CURRENT (LIABILITIES)/ASSETS

(1,839

)

3,220

TOTAL ASSETS LESS CURRENT
LIABILITIES

494

3,245

CREDITORS

Amounts falling due after more than one
year

363

3,097

NET ASSETS

131

148

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

31

48

SHAREHOLDERS' FUNDS

131

148

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 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 8 July 2016 and were signed on its behalf by:

D Mapleston - Director

D E Steinhardt - 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 net invoiced sales of pedals and other devices for the music industry, 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.

Plant and machinery etc

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

4,385

Additions

3,481

Disposals

(1,125

)

At 31 March 2016

6,741

DEPRECIATION

At 1 April 2015

4,360

Charge for year

1,162

Eliminated on disposal

(1,114

)

At 31 March 2016

4,408

NET BOOK VALUE

At 31 March 2016

2,333

At 31 March 2015

25

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

100

Ordinary

£1

100

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2016 and

31 March 2015:

31.3.16

31.3.15

£

D E Steinhardt

Balance outstanding at start of year

44,297

47,436

Amounts advanced

5,335

6,586

Amounts repaid

(26,119

)

(9,725

)

Balance outstanding at end of year

23,513

44,297

5.	RELATED PARTY DISCLOSURES

During the year, total dividends of £41,500 were paid to the directors .

As at 31.03.16, included within other creditors is a balance of £78,052 (2015: £58,007) which is owed to D Mapleston , a director of the company.

6.	ULTIMATE CONTROLLING PARTY

The company is controlled equally by the directors Mr D Mapleston and Mr D Steinhardt, both individuals each

hold a 50% interest in the company. There is no one ultimate controlling party.