Goldsmith & Young Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 01624658 (England and Wales)

Abbreviated Accounts

for the Year Ended

31 December 2015

for

Goldsmith & Young Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

J O Goldsmith

REGISTERED OFFICE:

Unit 2c

Quarryfields Industrial Estate

Mere

Wiltshire

BA12 6LA

REGISTERED NUMBER:

01624658 (England and Wales)

ACCOUNTANTS:

Godfrey Mansell & Co

Hales Court

Stourbridge Road

Halesowen

West Midlands

B63 3TT

FIXED ASSETS

Tangible assets

2

19,306

19,025

CURRENT ASSETS

Stocks

550,000

525,000

Debtors

72,254

70,917

Cash at bank and in hand

538

2,369

622,792

598,286

CREDITORS

Amounts falling due within one year

608,242

815,222

NET CURRENT ASSETS/(LIABILITIES)

14,550

(216,936

)

TOTAL ASSETS LESS CURRENT LIABILITIES

33,856

(197,911

)

CAPITAL AND RESERVES

Called up share capital

3

400,000

160,000

Profit and loss account

(366,144

)

(357,911

)

SHAREHOLDERS' FUNDS

33,856

(197,911

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 21 September 2016 and were signed by:

J O Goldsmith - 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 net invoiced sales of services, excluding value added tax.

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 etc

-

25% on cost, 25% on reducing balance and 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.

Going concern

The accounts have been prepared on a going concern basis, the validity of which is dependent upon the company

continuing to receive the support of its director, bankers, creditors and maintains a profitable level of trading and

that the company sells its finished goods at the values which they are included in the accounts. The accounts do

not include any adjustment that would result from this not being achieved.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

136,057

Additions

6,385

At 31 December 2015

142,442

DEPRECIATION

At 1 January 2015

117,032

Charge for year

6,104

At 31 December 2015

123,136

NET BOOK VALUE

At 31 December 2015

19,306

At 31 December 2014

19,025

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

160,000

Ordinary

£1

400,000

160,000

4.	RELATED PARTY DISCLOSURES