Giggi Limited - Period Ending 2016-04-30

Company registration number: 06565922

Giggi Limited
 
  Annual Report and Unaudited Abbreviated Accounts
 
  Year Ended 30 April 2016
 

Beresfords
  Chartered Accountants
  Castle House
  Castle Hill Avenue
  Folkestone
  Kent
  CT20 2TQ

Giggi Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Giggi Limited
(Company registration number: 06565922)
Abbreviated Balance Sheet
30 April 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					129,506			141,466
Current assets
Stocks					13,700			14,200
Debtors					49,912			25,665
Cash at bank and in hand					40,912			13,076
					104,524			52,941
Creditors: Amounts falling due within one year					(78,137)			(42,989)
Net current assets					26,387			9,952
Total assets less current liabilities					155,893			151,418
Creditors: Amounts falling due after more than one year					(110,735)			(132,110)
Provisions for liabilities					(7,670)			(11,229)
Net assets					37,488			8,079
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					36,488			7,079
Shareholders' funds					37,488			8,079

The notes on pages 3 to 5 form an integral part of these financial statements.
 
  Page 1

Giggi Limited
(Company registration number: 06565922)
Abbreviated Balance Sheet
30 April 2016......... continued

For the year ending 30 April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 31 January 2017 and signed on its behalf by:

......................................... Mr L Bray Director

......................................... Mr M Begley Director

The notes on pages 3 to 5 form an integral part of these financial statements.
 
  Page 2

Giggi Limited
Notes to the Abbreviated Accounts
Year Ended 30 April 2016......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	10% reducing balance
Motor vehicles	25% reducing balance
Office equipment	20% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

Giggi Limited
Notes to the Abbreviated Accounts
Year Ended 30 April 2016......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 May 2015		220,102			220,102
Additions		3,022			3,022
Disposals		(635)			(635)
At 30 April 2016		222,489			222,489
Depreciation
At 1 May 2015		78,636			78,636
Charge for the year		14,626			14,626
Eliminated on disposals		(279)			(279)
At 30 April 2016		92,983			92,983
Net book value
At 30 April 2016		129,506			129,506
At 30 April 2015		141,466			141,466

Page 4

Giggi Limited
Notes to the Abbreviated Accounts
Year Ended 30 April 2016......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

Page 5