GAMI_LIMITED - Accounts

GAMI LIMITED - Company Information

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Company Registration No. 8078277 (England and Wales)

GAMI LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2016

GAMI LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

GAMI LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

906

1,246

Current assets

Debtors

29,307

27,811

Cash at bank and in hand

1,179,389

1,066,852

1,208,696

1,094,663

Creditors: amounts falling due within one year

(75,580)

(99,822)

Net current assets

1,133,116

994,841

Total assets less current liabilities

1,134,022

996,087

Capital and reserves

Called up share capital

Profit and loss account

1,134,020

996,085

Shareholders' funds

1,134,022

996,087

For the financial year ended 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 20 February 2017

Mr G Magnoni

Director

Company Registration No. 8078277

GAMI LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 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).

1.2

Turnover

Turnover represents amounts of fees receivable for services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets 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:

Fixtures, fittings & equipment

25% Straight Line

1.4

Revenue recognition

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

Fixed assets

Tangible assets

Cost

At 1 June 2015 & at 31 May 2016

1,359

Depreciation

At 1 June 2015

113

Charge for the year

340

At 31 May 2016

453

Net book value

At 31 May 2016

906

At 31 May 2015

1,246

GAMI LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2016

- 3 -

Share capital

2016

2015

Allotted, called up and fully paid

2 Ordinary shares of £1 each

Related party relationships and transactions

At the balance sheet date, the company was owed £10,450 (2015 - £10,370) by G Magnoni and also owed £183 (2015 - £Nil) by M Magnoni, the directors of the company. This was cleared by way of dividends within 9 months of the year end.