GEMSTAR_ASSOCIATES_LIMITE - Accounts

GEMSTAR ASSOCIATES LIMITED - Company Information

Print Friendly Version

Company Registration No. 04174272 (England and Wales)

GEMSTAR ASSOCIATES LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

GEMSTAR ASSOCIATES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

GEMSTAR ASSOCIATES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

205,941

208,241

Current assets

Stocks

8,300

Debtors

6,961

12,805

Cash at bank and in hand

3,307

2,106

18,568

23,211

Creditors: amounts falling due within one year

(664,044)

(630,705)

Net current liabilities

(645,476)

(607,494)

Total assets less current liabilities

(439,535)

(399,253)

Creditors: amounts falling due after more than one year

(81,604)

(86,327)

(521,139)

(485,580)

Capital and reserves

Called up share capital

100

Profit and loss account

(521,239)

(485,680)

Shareholders' funds

(521,139)

(485,580)

For the financial year ended 31 March 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 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 19 December 2016

Mr R B Moore

Director

Company Registration No. 04174272

GEMSTAR ASSOCIATES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

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).

The company meets its day to day working capital requirements through an overdraft facility which is repayable on demand and loans from the director.

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 other than freehold land 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 freehold

- not provided

Plant and machinery

- 15% on the reducing balance

Motor vehicles

- 25% on the reducing balance

1.5

Stock

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

Fixed assets

Tangible assets

Cost

At 1 April 2015 & at 31 March 2016

275,542

Depreciation

At 1 April 2015

67,301

Charge for the year

2,300

At 31 March 2016

69,601

Net book value

At 31 March 2016

205,941

At 31 March 2015

208,241

GEMSTAR ASSOCIATES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £13,853).

The bank overdraft is secured on the freehold of the properties and a debenture on the Company.

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £81,604 (2015 - £86,327).

The bank loans are secured on the freehold of the properties and a debenture on the Company.

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100