Glen Office Supplies Limited - Period Ending 2015-12-31

GLEN OFFICE SUPPLIES LIMITED - Company Information

Registration number: 05388654

Glen Office Supplies Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015

J P Walters & Co
Chartered Accountants
67 Duke Street
Darlington
Co Durham
DL3 7SD

Glen Office Supplies Limited

Contents

Accountants' Report	1
Abbreviated Balance Sheet	2 to 3
Notes to the Abbreviated Accounts	4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Glen Office Supplies Limited
for the Year Ended 31 December 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Glen Office Supplies Limited for the year ended 31 December 2015 set out on pages XX from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Glen Office Supplies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Glen Office Supplies Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glen Office Supplies Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Glen Office Supplies Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Glen Office Supplies Limited. You consider that Glen Office Supplies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Glen Office Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

J P Walters & Co
Chartered Accountants
67 Duke Street
Darlington
Co Durham
DL3 7SD

22 September 2016

Page 1

Glen Office Supplies Limited

(Registration number: 05388654)
Abbreviated Balance Sheet as at 31 December 2015

	Note	2015 £	2014 £
Fixed assets
Tangible assets	2	12,111	17,621
Investments	2	1	1
		12,112	17,622
Current assets
Stocks		22,165	26,506
Debtors		132,174	152,312
Cash at bank and in hand		109,836	80,838
		264,175	259,656
Prepayments and accrued income		10,133	7,362
Creditors: Amounts falling due within one year		(125,930)	(135,059)
Net current assets		148,378	131,959
Total assets less current liabilities		160,490	149,581
Creditors: Amounts falling due after more than one year		(48,194)	(17,015)
Accruals and deferred income		(3,344)	(3,013)
Net assets		108,952	129,553
Capital and reserves
Called up share capital	3	3	3
Profit and loss account		108,949	129,550
Shareholders funds		108,952	129,553

For the year ending 31 December 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 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.

Approved by the Board on 22 September 2016 and signed on its behalf by:

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Glen Office Supplies Limited

(Registration number: 05388654)
Abbreviated Balance Sheet as at 31 December 2015

.........................................
Mr M Glen
Company secretary and director

.........................................
Mr J Glen
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Glen Office Supplies Limited

Notes to the Abbreviated Accounts

Accounting policies

Turnover

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

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

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
Commercial vehicles	25% on reducing balance
Fixtures & fittings	15% on reducing balance
Motor vehicles	25% on reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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.

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.

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.

Fixed assets

	Tangible assets £	Investments £	Total £
Cost
At 1 January 2015	68,515	1	68,516
Additions	1,179	-	1,179
Disposals	(21,075)	-	(21,075)
At 31 December 2015	48,619	1	48,620
Depreciation
At 1 January 2015	50,894	-	50,894
Charge for the year	2,844	-	2,844
Eliminated on disposals	(17,230)	-	(17,230)
At 31 December 2015	36,508	-	36,508
Net book value
At 31 December 2015	12,111	1	12,112
At 31 December 2014	17,621	1	17,622

Page 4

Glen Office Supplies Limited

Notes to the Abbreviated Accounts

	Tangible assets £	Investments £	Total £
Cost
At 1 January 2015	68,515	1	68,516
Additions	1,179	-	1,179
Disposals	(21,075)	-	(21,075)
At 31 December 2015	48,619	1	48,620
Depreciation
At 1 January 2015	50,894	-	50,894
Charge for the year	2,844	-	2,844
Eliminated on disposals	(17,230)	-	(17,230)
At 31 December 2015	36,508	-	36,508
Net book value
At 31 December 2015	12,111	1	12,112
At 31 December 2014	17,621	1	17,622

Share capital

Allotted, called up and fully paid shares

	2015		2014
	No.	£	No.	£
'A' Ordinary shares of £1 each	1	1	1	1
'B' Ordinary shares of £1 each	1	1	1	1
'C' Ordinary shares of £1 each	1	1	1	1
	3	3	3	3

Control

The directors are the controlling party by virtue of their controlling shareholding in the company.

Page 5