Abbreviated Company Accounts - GORMLEYS AUCTIONS LTD

Abbreviated Company Accounts - GORMLEYS AUCTIONS LTD

GORMLEYS AUCTIONS LTD - Company Information

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Registered Number NI608644

GORMLEYS AUCTIONS LTD

Abbreviated Accounts

31 January 2014

GORMLEYS AUCTIONS LTD Registered Number NI608644

Abbreviated Balance Sheet as at 31 January 2014

Notes 31/01/2014 31/08/2012
£ £
Called up share capital not paid - -
Fixed assets
Intangible assets - -
Tangible assets 2 4,780 -
Investments - -
4,780 -
Current assets
Stocks 41,925 -
Debtors 6,744 -
Investments - -
Cash at bank and in hand 226 100
48,895 100
Prepayments and accrued income - -
Creditors: amounts falling due within one year (82,080) 0
Net current assets (liabilities) (33,185) 100
Total assets less current liabilities (28,405) 100
Creditors: amounts falling due after more than one year 0 0
Provisions for liabilities 0 0
Accruals and deferred income 0 0
Total net assets (liabilities) (28,405) 100
Capital and reserves
Called up share capital 100 100
Share premium account 0 0
Revaluation reserve 0 0
Other reserves 0 0
Profit and loss account (28,505) 0
Shareholders' funds (28,405) 100
  • For the year ending 31 January 2014 the company was entitled to exemption 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 29 October 2014

And signed on their behalf by:
Gerard Gormley, Director

GORMLEYS AUCTIONS LTD Registered Number NI608644

Notes to the Abbreviated Accounts for the period ended 31 January 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts are prepared under the historical cost convention and comply with the financial reporting standards of the Accounting Standards Board.
The company has taken advantage of the exemption in FRS 1 from the requirement to produce a cashflow statement because it is a small company.

Turnover policy
Turnover is recognised upon delivery of goods to the customer.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life as follows:
Fixtures, fittings and equipment - 20% reducing balance

Valuation information and policy
Stock is valued at the lower of cost and net realisable value. Costs in respect of finished goods represents direct materials, direct labour and a proportion of appropriate overheads. Net realisable value is the price at which stock can be realised in the normal course of business. Provision is made where necessary for obsolete,slow moving and defective stock.

2Tangible fixed assets
£
Cost
At 1 September 2012 0
Additions 5,975
Disposals 0
Revaluations 0
Transfers 0
At 31 January 2014 5,975
Depreciation
At 1 September 2012 0
Charge for the year 1,195
On disposals 0
At 31 January 2014 1,195
Net book values
At 31 January 2014 4,780
At 31 August 2012 0