Goodwin Roofing Limited - Period Ending 2016-08-31

Registration number: 04750842

Goodwin Roofing Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

Goodwin Roofing Limited
(Registration number: 04750842)
Abbreviated Balance Sheet at 31 August 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			31,977			37,900
Current assets
Stocks					47,020			27,237
Debtors					75,461			134,314
Cash at bank and in hand					21,214			175
					143,695			161,726
Creditors: Amounts falling due within one year		3			(85,242)			(96,619)
Net current assets					58,453			65,107
Total assets less current liabilities					90,430			103,007
Creditors: Amounts falling due after more than one year		3			-			(3,444)
Provisions for liabilities					(5,001)			(6,069)
Net assets					85,429			93,494
Capital and reserves
Called up share capital		4			5,000			5,000
Profit and loss account					80,429			88,494
Shareholders' funds					85,429			93,494

The notes on pages 3 to 5 form an integral part of these financial statements.
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Goodwin Roofing Limited
(Registration number: 04750842)
Abbreviated Balance Sheet at 31 August 2016
......... continued

For the year ending 31 August 2016 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

Approved by the Board on 12 February 2017 and signed on its behalf by:

.........................................
Mr J A Goodwin
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
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Goodwin Roofing Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 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
Improvements to leasehold property	20% straight line basis
Plant and machinery	25% reducing balance basis
Motor vehicles	25% reducing balance basis

Stock and work in progress

Stock and work in progress are 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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.

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Goodwin Roofing Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

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.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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 September 2015		268,625			268,625
Additions		5,596			5,596
Disposals		(14,385)			(14,385)
At 31 August 2016		259,836			259,836
Depreciation
At 1 September 2015		230,725			230,725
Charge for the year		10,879			10,879
Eliminated on disposals		(13,745)			(13,745)
At 31 August 2016		227,859			227,859
Net book value
At 31 August 2016		31,977			31,977
At 31 August 2015		37,900			37,900

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Goodwin Roofing Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		4,171			19,187
Amounts falling due after more than one year		-			3,444
Total secured creditors		4,171			22,631

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		5,000			5,000			5,000			5,000

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