Eric Gillie Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC056801 (Scotland)

Eric Gillie Limited

Abbreviated Accounts

for the Year Ended 31st December 2015

Page

Company information

1

Abbreviated balance sheet

2

to

3

Notes to the abbreviated accounts

4

to

5

Directors:

E T Gillie

Mrs J L Gillie

M Gillie

Miss P Gillie

Secretary:

Mrs J L Gillie

Registered office:

Potsclose

Kelso

Roxburghshire

TD5 8BN

Registered number:

SC056801 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Tangible assets

2

716,059

618,457

Current assets

Debtors

30,643

17,440

Cash at bank and in hand

9,975

791

40,618

18,231

Creditors

Amounts falling due within one year

238,871

176,482

Net current liabilities

(198,253

)

(158,251

)

Total assets less current liabilities

517,806

460,206

Creditors

Amounts falling due after more than one
year

(334,419

)

(259,539

)

Provisions for liabilities

(127,389

)

(105,503

)

Net assets

55,998

95,164

Capital and reserves

Called up share capital

3

100

Profit and loss account

55,898

95,064

Shareholders' funds

55,998

95,164

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2015 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 8th July 2016 and were signed on its
behalf by:

E T Gillie - 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, excluding value added tax, of sales made during the year, or the

fair value of services provided for amounts not invoiced at the year end. Turnover arising from the

provision of services is recognised as contract activity progresses and the right to consideration is

earned.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated

to write off the cost less residual value of each asset over its expected useful life, as follows:

Property - Straight line over 25 years

Plant and machinery - 25% Reducing balance

Motor vehicles - 16.67% Reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date where transactions or events have occurred at that date that will result in an

obligation to pay more, or a right to pay less or to receive more tax.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the

periods in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets

and depreciated over the shorter of the lease term and their useful lives. Obligations under such

agreements are included in creditors net of the finance charge allocated to future periods. The finance

element of the rental payment is charged to the profit and loss account so as to produce constant

periodic rates of charge on the net obligations outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the

lease term.

Pensions

The pension costs charged in the financial statements represent the contribution payable by the

company during the year.

2.	Tangible fixed assets

Total

£

Cost

At 1st January 2015

1,118,405

Additions

257,470

Disposals

(33,777

)

At 31st December 2015

1,342,098

Depreciation

At 1st January 2015

499,948

Charge for year

134,746

Eliminated on disposal

(8,655

)

At 31st December 2015

626,039

Net book value

At 31st December 2015

716,059

At 31st December 2014

618,457

3.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

100

Ordinary

£1

100