G R S Gadgets Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC368090 (Scotland)

Abbreviated Accounts

for the Year Ended 30 November 2015

for

G R S Gadgets Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Z Rasul

N Siddique

Mrs A A Javid

REGISTERED OFFICE:

Radleigh House

1 Golf Road

Clarktson

Glasgow

G76 7HU

REGISTERED NUMBER:

SC368090 (Scotland)

ACCOUNTANTS:

O'Haras Chartered Accountants

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Tangible assets

2

136,450

39,298

CURRENT ASSETS

Stocks

1,525,404

832,522

Debtors

297,126

387,858

Cash at bank and in hand

136,223

302,521

1,958,753

1,522,901

CREDITORS

Amounts falling due within one year

678,687

419,190

NET CURRENT ASSETS

1,280,066

1,103,711

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,416,516

1,143,009

CREDITORS

Amounts falling due after more than one
year

1,337,709

1,037,809

NET ASSETS

78,807

105,200

CAPITAL AND RESERVES

Called up share capital

3

35,000

Profit and loss account

43,807

70,200

SHAREHOLDERS' FUNDS

78,807

105,200

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 25 February 2016 and were signed on its behalf
by:

N Siddique - Director

Mrs A A Javid - Director

Z Rasul - 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 April 2008).

Turnover

Turnover represents the amounts derived from the provision of goods and services, excluding value added tax

and trade discounts.

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

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

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

moving items.

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods

different from those in which they are included in the company's accounts. Deferred tax is provided in full on

timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates

that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no

commitment to sell the asset.

Deferred tax assets and liabilities are not discounted.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2014

59,807

Additions

124,569

At 30 November 2015

184,376

DEPRECIATION

At 1 December 2014

20,509

Charge for year

27,417

At 30 November 2015

47,926

NET BOOK VALUE

At 30 November 2015

136,450

At 30 November 2014

39,298

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

35,000

Ordinary

£1

35,000

4.	ULTIMATE PARENT COMPANY

Killermont Maxwell Limited is regarded by the directors as being the company's ultimate parent company.

Total dividends of £413,875 (2014 - £750,000) were paid from G R S Gadgets Limited to Killermont Maxwell

Limited during the year.

At the year end £1,337,709 (2014 - £1,037,809) was owed from G R S Gadgets Limited to Killermont Maxwell

limited.