Karl Grace Design Limited - Accounts to registrar - small 16.3

Karl Grace Design Limited - Accounts to registrar - small 16.3

KARL GRACE DESIGN LIMITED - Company Information

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REGISTERED NUMBER: 06129159 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

FOR

KARL GRACE DESIGN LIMITED

KARL GRACE DESIGN LIMITED (REGISTERED NUMBER: 06129159)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


KARL GRACE DESIGN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2016







DIRECTOR: Mr K Grace





SECRETARY: Mrs A E Grace





REGISTERED OFFICE: The Woodlands Design Studio
20 Lichfield Road
Sandhills
Walsall
West Midlands
WS9 9PE





REGISTERED NUMBER: 06129159 (England and Wales)





ACCOUNTANTS: Brookes Stephens
New Media House
Davidson Road
Lichfield
Staffordshire
WS14 9DZ
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KARL GRACE DESIGN LIMITED (REGISTERED NUMBER: 06129159)

ABRIDGED BALANCE SHEET
31 MARCH 2016

2016 2015
Notes £    £    £    £   
Fixed assets
Intangible assets 4 8,000 12,000
Tangible assets 5 3,692 4,285
11,692 16,285

Current assets
Stocks 480 -
Debtors 2,620 1,515
Prepayments and accrued income 1,792 1,692
Cash at bank 10,541 8,633
15,433 11,840
Creditors
Amounts falling due within one year 19,851 21,280
Net current liabilities (4,418 ) (9,440 )
Total assets less current liabilities 7,274 6,845

Provisions for liabilities 793 682
Net assets 6,481 6,163

Capital and reserves
Called up share capital 100 100
Retained earnings 6,381 6,063
Shareholders' funds 6,481 6,163

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 notes form part of these financial statements

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KARL GRACE DESIGN LIMITED (REGISTERED NUMBER: 06129159)

ABRIDGED BALANCE SHEET - continued
31 MARCH 2016


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2016 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 9 December 2016 and were signed by:





Mr K Grace - Director


The notes form part of these financial statements

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KARL GRACE DESIGN LIMITED (REGISTERED NUMBER: 06129159)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016


1. STATUTORY INFORMATION

Karl Grace Design Limited is a private company, limited by shares , registered in England and Wales. The company's
registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the amount receivable for the provision of services to clients, excluding value added tax. It is
recognised when services provided to the client have been completed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten 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 and 15% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

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KARL GRACE DESIGN LIMITED (REGISTERED NUMBER: 06129159)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2016


4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2015
and 31 March 2016 40,000
AMORTISATION
At 1 April 2015 28,000
Amortisation for year 4,000
At 31 March 2016 32,000
NET BOOK VALUE

At 31 March 2016 8,000
At 31 March 2015 12,000

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2015 11,955
Additions 405
At 31 March 2016 12,360
DEPRECIATION
At 1 April 2015 7,670
Charge for year 998
At 31 March 2016 8,668
NET BOOK VALUE
At 31 March 2016 3,692
At 31 March 2015 4,285

6. RELATED PARTY DISCLOSURES

During the year, total dividends of £16,500 (2015 - £11,000) were paid to the director .

At the year end, the director was owed £12,666 (2015: £13,646). This loan is interest free and repayable on demand.

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