Formula Goss International Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 07626463 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31ST DECEMBER 2015

FOR

FORMULA GOSS INTERNATIONAL LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr Mark D Mercer

Mr Nicholas Gorrod

Mr Ian Logan

SECRETARY:

Mr Neil Mercer

REGISTERED OFFICE:

Unit 3 Manton Centre

Manton Lane

Manton Industrial Estate

Bedford

Bedfordshire

MK41 7PX

REGISTERED NUMBER:

07626463 (England and Wales)

ACCOUNTANTS:

White Rose Partnership LLP

Holly Barn

Carlton Miniott

Thirsk

North Yorkshire

YO7 4NJ

FIXED ASSETS

Intangible assets

2

1,800,000

Tangible assets

3

43,320

52,898

1,843,320

1,852,898

CURRENT ASSETS

Debtors

1,068,230

1,158,547

Cash at bank

310,088

208,822

1,378,318

1,367,369

CREDITORS

Amounts falling due within one year

1,460,385

1,611,386

NET CURRENT LIABILITIES

(82,067

)

(244,017

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,761,253

1,608,881

CREDITORS

Amounts falling due after more than one
year

640,707

755,707

NET ASSETS

1,120,546

853,174

CAPITAL AND RESERVES

Called up share capital

4

300

Profit and loss account

1,120,246

852,874

SHAREHOLDERS' FUNDS

1,120,546

853,174

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 23rd May 2016 and were signed on its behalf by:

Mr Mark D Mercer - Director

Mr Ian Logan - Director

Mr Nicholas Gorrod - 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 goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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 reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1st January 2015

and 31st December 2015

1,800,000

NET BOOK VALUE

At 31st December 2015

1,800,000

At 31st December 2014

1,800,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st January 2015

106,686

Additions

4,498

At 31st December 2015

111,184

DEPRECIATION

At 1st January 2015

53,788

Charge for year

14,076

At 31st December 2015

67,864

NET BOOK VALUE

At 31st December 2015

43,320

At 31st December 2014

52,898

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

300

Ordinary

1

300