Gliderol Garage & Industrial Doors Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 02076659 (England and Wales)

Abbreviated Unaudited Accounts

for the Period 1 July 2015 to 30 April 2016

for

Gliderol Garage & Industrial Doors

Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

D R Summerfield

S M Roberts

A D Dick

R W Sinclair

REGISTERED OFFICE:

Kitching Road

North West Industrial Estate

Peterlee

County Durham

SR8 2HP

REGISTERED NUMBER:

02076659 (England and Wales)

ACCOUNTANTS:

TTR Barnes

Chartered Accountants

3-5 Grange Terrace

Stockton Road

Sunderland

Tyne & Wear

SR2 7DG

BANKERS:

Barclays Bank plc

49 High Street

Stockton

Cleveland

TS18 1AH

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

727,958

801,252

727,958

801,252

CURRENT ASSETS

Stocks

366,665

327,720

Debtors

397,426

439,491

Cash at bank and in hand

106,738

83,548

870,829

850,759

CREDITORS

Amounts falling due within one year

4

698,058

632,369

NET CURRENT ASSETS

172,771

218,390

TOTAL ASSETS LESS CURRENT LIABILITIES

900,729

1,019,642

CREDITORS

Amounts falling due after more than one year

4

11,382

-

NET ASSETS

889,347

1,019,642

CAPITAL AND RESERVES

Called up share capital

5

1,098

1,098

Profit and loss account

888,249

1,018,544

SHAREHOLDERS' FUNDS

889,347

1,019,642

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 April 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 21 February 2017 and were signed on its behalf by:

S M Roberts - Director

D R Summerfield - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the going concern basis, which assume that the company will continue in

operational existence for the foreseeable future, which the directors consider to be appropriate.

Accounting convention

The financial statements have been prepared under the historical cost convention and are in accordance with applicable

accounting standards.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small

company.

Turnover

Turnover represents net sales of goods, excluding value added tax.

Patents and licences

Patents and licences are depreciated over their useful lives on a straight line basis over 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant & machinery

-

10% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

33% on cost and 25% on reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable

value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or

damaged stock where the net realisable value is less than cost.

Deferred tax

Deferred tax is provided in respect of the effect of all timing differences that have originated but not reversed at the balance

sheet date.

A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it

can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the

underlying timing differences can be deducted.

Deferred tax is measured on a non-discounted basis at the average rates that are expected to apply in the periods in which the

timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted at the

balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the

lease.

Assets held under finance leases and the related lease obligations are included at the fair value of the lease assets at the

inception of the lease. Depreciation on leased assets is calculated to write off this amount on a straight line basis over the

shorter of the lease term and the useful life of the asset.

Rentals are apportioned between the finance charge and a reduction of the outstanding obligation for future amounts payable

so that the charge for each accounting period is a constant percentage of the remaining balance of the capital sum

outstanding.

Rentals payable under operating leases are charged to the profit and loss account as incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to the profit and loss account in the period to which they relate.

Foreign currencies

Foreign currency transactions are treated and disclosed in accordance with SSAP 20 in that assets and liabilities in foreign

currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.

Transactions undertaken in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the

transaction. Exchange differences are taken into account in arriving at the operating result.

Government grants

Capital government grants are treated as deferred credits and credited to the profit and loss account over the estimated useful

life of the relevant fixed assets. Government grants relating to employment are written off over the period of the project.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

and 30 April 2016

3,454

AMORTISATION

At 1 July 2015

and 30 April 2016

3,454

NET BOOK VALUE

At 30 April 2016

-

At 30 June 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

1,907,485

Additions

21,371

Disposals

(5,994

)

At 30 April 2016

1,922,862

DEPRECIATION

At 1 July 2015

1,106,233

Charge for period

94,665

Eliminated on disposal

(5,994

)

At 30 April 2016

1,194,904

NET BOOK VALUE

At 30 April 2016

727,958

At 30 June 2015

801,252

4.

CREDITORS

Creditors include an amount of £ 320,640 (2015 - £ 253,544 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1,098

Ordinary

£1

1,098

1,098

6.	ULTIMATE PARENT COMPANY

Panacea Standa Holdings Limited, registered in the UK is regarded by the directors as being the company's ultimate parent

company.

The intermediate holding company is Gliderol Development Capital Limited.

7.	RELATED PARTY DISCLOSURES

Panacea Standa Holdings Limited

A company with common directors.

A loan of £35,000 was received form Panacea Standa Holding Limited during the year of which £8,783 was repaid.

2016

2015

£

£

Amount due to related party at the balance sheet date

26,217

-

Panacea Property Ventures No. 3 Limited

A company with common directors

Management fees of £7,319 were charged by Gliderol Garage & Industrial Doors Limited to this company during the period.

Gliderol Development Capital Limited

Intermediate holding company

On 14th October 2015, Gliderol Development Capital Limited purchased the entire share capital of Gliderol Garage &

Industrial Doors Limited from Glidco PTY Limited.