H.J.Gough & Co Ltd Small abbreviated accounts

H.J.Gough & Co Ltd Small abbreviated accounts

H.J.GOUGH & CO LTD - Company Information

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COMPANY REGISTRATION NUMBER 6357778
H.J.GOUGH & CO LTD
ABBREVIATED ACCOUNTS
30 September 2016
EVANS & CO ACCOUNTANTS & TAX CONSULTANTS LTD
Chartered Accountants
Tawstock House
Tawstock
Barnstaple
Devon
EX31 3HX
H.J.GOUGH & CO LTD
ABBREVIATED BALANCE SHEET
30 September 2016
2016
2015
Note
£
£
£
FIXED ASSETS
2
Tangible assets
25,351
25,444
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CURRENT ASSETS
Stocks
988
-
Debtors
18,570
15,330
Cash at bank and in hand
2,424
3,354
---------
---------
21,982
18,684
CREDITORS: Amounts falling due within one year
3,150
4,582
---------
---------
NET CURRENT ASSETS
18,832
14,102
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
44,183
39,546
CREDITORS: Amounts falling due after more than one year
19,690
18,415
---------
---------
24,493
21,131
---------
---------
CAPITAL AND RESERVES
Called up equity share capital
3
100
100
Other reserves
13,309
13,309
Profit and loss account
11,084
7,722
---------
---------
SHAREHOLDERS' FUNDS
24,493
21,131
---------
---------
For the year ended 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved and signed by the director and authorised for issue on 2 November 2016 .
Ms H Gough Director
Company Registration Number: 6357778
H.J.GOUGH & CO LTD
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 30 SEPTEMBER 2016
1. ACCOUNTING POLICIES
Basis of accounting
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
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. ***Enter additional text in reportpad TurnoverUITF which will appear after the main turnover policy.***
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant & Machinery-(530 - 539)
Fixtures & Fittings-(540 - 549)
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Compound instruments
Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability.
The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument.
The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
2. FIXED ASSETS
Tangible Assets
£
COST
At 1 October 2015 and 30 September 2016
27,719
---------
DEPRECIATION
At 1 October 2015
2,275
Charge for year
93
---------
At 30 September 2016
2,368
---------
NET BOOK VALUE
At 30 September 2016
25,351
---------
At 30 September 2015
25,444
---------
3. SHARE CAPITAL
Allotted, called up and fully paid:
2016
2015
No
£
No
£
Ordinary A shares of £ 1 each
90
90
90
90
Ordinary Class B shares of £ 1 each
10
10
10
10
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100
100
100
100
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