G B Flooring Contractors Limited - Period Ending 2016-11-30

Registration number: 05184921

G B Flooring Contractors Limited

Annual Report and Abbreviated Accounts

for the Year Ended 30 November 2015
 

S A Gillingham Accountancy Ltd
Chartered Certified Accountants
58 Kinson Road
Bournemouth
Dorset
BH10 4AN

G B Flooring Contractors Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

G B Flooring Contractors Limited
(Registration number: 05184921)
Abbreviated Balance Sheet at 30 November 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					18,258			23,784
Current assets
Stocks					350			225
Debtors					7,336			3,398
Cash at bank and in hand					57,051			60,665
					64,737			64,288
Creditors: Amounts falling due within one year					(78,043)			(65,822)
Net current liabilities					(13,306)			(1,534)
Total assets less current liabilities					4,952			22,250
Provisions for liabilities					(2,287)			(2,683)
Net assets					2,665			19,567
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					2,664			19,566
Shareholders' funds					2,665			19,567

For the year ending 30 November 2015 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 director acknowledges his 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 director on 31 July 2016

.........................................
S A Bridges
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

G B Flooring Contractors Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation has been provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	evenly over 10 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% on reducing balance
Fixtures and fittings	25% on reducing balance
Motor vehicles	25% on reducing balance
Computer equipment	33% on cost

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 2

G B Flooring Contractors Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2015
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 December 2014		60,000			56,760			116,760
At 30 November 2015		60,000			56,760			116,760
Depreciation
At 1 December 2014		60,000			32,976			92,976
Charge for the year		-			5,526			5,526
At 30 November 2015		60,000			38,502			98,502
Net book value
At 30 November 2015		-			18,258			18,258
At 30 November 2014		-			23,784			23,784

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		1			1			1			1

Page 3