Graphskill Limited - Period Ending 2016-03-31

Registration number: 01249783

Graphskill Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Graphskill Limited
(Registration number: 01249783)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					24,753			19,163
Current assets
Stocks					116,252			98,727
Debtors					133,321			120,878
Cash at bank and in hand					86,160			131,109
					335,733			350,714
Creditors: Amounts falling due within one year					(225,457)			(263,814)
Net current assets					110,276			86,900
Total assets less current liabilities					135,029			106,063
Provisions for liabilities					(4,277)			(3,011)
Net assets					130,752			103,052
Capital and reserves
Called up share capital		3			12			12
Profit and loss account					130,740			103,040
Shareholders' funds					130,752			103,052

The notes on pages 3 to 4 form an integral part of these financial statements.
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Graphskill Limited
(Registration number: 01249783)
Abbreviated Balance Sheet at 31 March 2016
......... continued

For the year ending 31 March 2016 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the Board on 11 August 2016 and signed on its behalf by:

.........................................
Mr M T Statter
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
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Graphskill Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... 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 January 2015).

Turnover

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

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% straight line basis
Motor vehicles	10% straight line basis

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. Work in progress that is in relation to a contract has been valued using UITF 40 guidelines.

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.

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.

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Graphskill Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		171,514			171,514
Additions		19,465			19,465
At 31 March 2016		190,979			190,979
Depreciation
At 1 April 2015		152,351			152,351
Charge for the year		13,875			13,875
At 31 March 2016		166,226			166,226
Net book value
At 31 March 2016		24,753			24,753
At 31 March 2015		19,163			19,163

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		12			12			12			12

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