GC_COVERT_SECURITY_LIMITE - Accounts

GC COVERT SECURITY LIMITED - Company Information

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Company Registration No. 03858257 (England and Wales)

GC COVERT SECURITY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 OCTOBER 2016

26-32 Oxford Road

Bournemouth

United Kingdom

BH8 8EZ

GC COVERT SECURITY LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

GC COVERT SECURITY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

43,987

49,751

Tangible assets

5,721

8,577

49,708

58,328

Current assets

Debtors

390,417

335,718

Cash at bank and in hand

7,174

1,162

397,591

336,880

Creditors: amounts falling due within one year

(392,475)

(319,386)

Net current assets

5,116

17,494

Total assets less current liabilities

54,824

75,822

Creditors: amounts falling due after more than one year

(34,523)

20,301

75,822

Capital and reserves

Called up share capital

Profit and loss account

20,299

75,820

Shareholders' funds

20,301

75,822

GC COVERT SECURITY LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 OCTOBER 2016

- 2 -

For the financial year ended 31 October 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 23 February 2017

Mr. V Statovci

Director

Company Registration No. 03858257

GC COVERT SECURITY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

- 3 -

Accounting policies

1.1

Basis of accounting

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

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 the value, net of value added tax and discounts, of work carried out in respect of services provided to customers.

1.4

Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the director are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over that useful economic life of that asset as follows:

Software development

10% straight line

1.5

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:

Plant and machinery

20% straight line

Fixtures, fittings & equipment

20% straight line

1.6

Pensions

The company operated a defined contribution scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

GC COVERT SECURITY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2016

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 November 2015 & at 31 October 2016

57,638

21,407

79,045

Depreciation

At 1 November 2015

7,887

12,830

20,717

Charge for the year

5,764

2,856

8,620

At 31 October 2016

13,651

15,686

29,337

Net book value

At 31 October 2016

43,987

5,721

49,708

At 31 October 2015

49,751

8,577

58,328

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £16,899 (2015 - £46,890).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £34,523 (2015 - £nil).

Share capital

2016

2015

Allotted, called up and fully paid

2 Ordinary shares of £1 each