Granite_City_Plumbing_and - Accounts
Granite_City_Plumbing_and - Accounts
Company Registration No. SC316320 (Scotland)
Abbreviated financial statements
for the year ended 29 February 2016
Contents
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated financial statements
3 - 5
Granite City Plumbing And Heating Limited
Abbreviated balance sheet
as at 29 February 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
3
(471,755 )
(670,465 )
Net current liabilities
(60,111 )
(52,960 )
Total assets less current liabilities
Creditors: amounts falling due after more than one year
4
(24,693 )
(21,681 )
Provisions for liabilities
(19,025 )
(14,532 )
29,980
19,838
Capital and reserves
Called up share capital
5
Profit and loss account
Shareholders' funds
Granite City Plumbing And Heating Limited
Abbreviated balance sheet (continued)
as at 29 February 2016
- 2 -
Director's responsibilities:
-
-
Approved by the Board for issue on 29 November 2016
Director
Company Registration No. SC316320
Notes to the abbreviated financial statements
for the year ended 29 February 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements have been prepared on a going concern basis. The director has considered the company's current contracts and liabilities, and the future opportunities and risks that are likely to materialise over the next twelve months. Based on their review, the director feels that the going concern basis is appropriate for the preparation of these financial statements.
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
1.4
Tangible fixed assets and depreciation
Freehold property
Tenant's improvements
Plant and computer equipment
Computer equipment
Office equipment
Motor vehicles
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.6
Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
Notes to the abbreviated financial statements (continued)
for the year ended 29 February 2016
1
Accounting policies (continued)
- 4 -
1.8
Taxation
The tax expense represents the sum of the corporation tax and deferred tax charge for the year.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using the tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is measured on differences between the carrying amounts of assets and liabilities in the accounts and the corresponding tax bases, as used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all temporary timing differences that have not reversed by the balance sheet date and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available. Deferred tax is calculated at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the profit and loss accounts, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2
Fixed assets
Tangible assets
£
Cost
At 1 March 2015
168,932
Additions
71,514
Disposals
(16,950)
At 29 February 2016
223,496
Depreciation
At 1 March 2015
59,920
On disposals
(11,967)
Charge for the year
41,734
At 29 February 2016
89,687
Net book value
At 29 February 2016
133,809
At 28 February 2015
109,011
Notes to the abbreviated financial statements (continued)
for the year ended 29 February 2016
- 5 -
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £13,874).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £21,681).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid