SHEARGOLD_PIANOS_LIMITED - Accounts

SHEARGOLD PIANOS LIMITED - Company Information

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Company Registration No. 01371294 (England and Wales)

SHEARGOLD PIANOS LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

SHEARGOLD PIANOS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

SHEARGOLD PIANOS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

28,505

41,886

Current assets

Stocks

249,897

201,707

Debtors

49,614

91,033

Cash at bank and in hand

882

300,393

293,622

Creditors: amounts falling due within one year

(306,816)

(278,845)

Net current liabilities/(assets)

(6,423)

14,777

Total assets less current liabilities

22,082

56,663

Creditors: amounts falling due after more than one year

(20,702)

(31,045)

Provisions for liabilities

(2,200)

(4,482)

(820)

21,136

Capital and reserves

Called up share capital

2,450

Other reserves

2,550

Profit and loss account

(5,820)

16,136

Shareholder's funds

(820)

21,136

SHEARGOLD PIANOS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 APRIL 2016

- 2 -

For the financial year ended 30 April 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 18 November 2016

Mr A W Sheargold

Director

Company Registration No. 01371294

SHEARGOLD PIANOS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold

Straight line over the life of the lease

Plant and machinery

33% reducing balance

Fixtures, fittings & equipment

20% reducing balance

Motor vehicles

25% reducing balance

1.5

Stock

Stock is valued at the lower of cost and net realisable value.

Fixed assets

Tangible assets

Cost

At 1 May 2015

277,330

Disposals

(9,418)

At 30 April 2016

267,912

Depreciation

At 1 May 2015

235,444

On disposals

(5,445)

Charge for the year

9,408

At 30 April 2016

239,407

Net book value

At 30 April 2016

28,505

At 30 April 2015

41,886

SHEARGOLD PIANOS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2016

- 4 -

Share capital

2016

2015

Allotted, called up and fully paid

2,450 Ordinary shares of £1 each

2,450

Transactions with directors

The following directors had interest free loans during the year. The movement on these loans are as follows:

Amount outstanding

Maximum

2016

2015

in year

Mr A W Sheargold - Director's current account

31,098

During the year Mr A W Sheargold received dividends from the company totalling £7,500 (2015: £40,000). Dividends drawn are in excess of distributable reserves. Mr A W Sheargold, company director, is sole shareholder.

Included in other creditors is the £2,567 (2015: £239) balance on the current account of Mr A W Sheargold, company director.

Included in other interest receivable and similar income is £197 (2015: £0) charged to the debit balance in the year on the current account of Mr A W Sheargold, company director.