G.Ford & Son Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC104331 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2016

FOR

G.FORD & SON LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

D Ford

R Ford

REGISTERED OFFICE:

6th Floor, Gordon Chambers

90 Mitchell Street

Glasgow

G1 3NQ

REGISTERED NUMBER:

SC104331 (Scotland)

ACCOUNTANTS:

Henderson Loggie

90 Mitchell Street

Glasgow

Lanarkshire

G1 3NQ

BANKERS:

Clydesdale Bank plc

110 Cowgate

Kirkintilloch

G66 1JU

FIXED ASSETS

Tangible assets

2

35,189

42,859

CURRENT ASSETS

Stocks

1,260

1,610

Debtors

39,150

37,547

Cash at bank and in hand

64,097

27,967

104,507

67,124

CREDITORS

Amounts falling due within one year

72,168

39,950

NET CURRENT ASSETS

32,339

27,174

TOTAL ASSETS LESS CURRENT
LIABILITIES

67,528

70,033

CREDITORS

Amounts falling due after more than one
year

(333

)

(7,833

)

PROVISIONS FOR LIABILITIES

(7,038

)

(8,572

)

NET ASSETS

60,157

53,628

CAPITAL AND RESERVES

Called up share capital

3

63

Capital redemption reserve

40

Profit and loss account

60,054

53,525

SHAREHOLDERS' FUNDS

60,157

53,628

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 27 February 2017 and were signed on its behalf
by:

D Ford - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 the amounts derived from the provision of services which fall within the company's ordinary

activities and is stated net of Value Added Tax. Revenue is recognised on the provision of services.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on a reducing balance basis

Motor vehicles

-

25% on a reducing balance basis

Computer equipment

-

33% on a straight line basis

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

The tax expense represents the sum of the corporation tax and deferred tax charge for the year.

The tax currently payable is based on taxable profit for the year. The company's liability for current tax is

calculated using the tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is measured on differences between the carrying amounts of assets and liabilities in the accounts

and the corresponding tax bases, as used in the computation of taxable profit. Deferred tax liabilities are

generally recognised for all temporary timing differences that have originated but not reversed by the balance

sheet date and are not recognised as permanent differences. Deferred tax assets are recognised to the extent that

it is probable that taxable profits will be available in the future. Deferred tax is calculated at the average tax

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 by the balance sheet date. Deferred tax is

charged or credited in the profit and loss account, except when it relates to items charged or credited directly to

equity, in which case the deferred tax is also dealt with in equity.

Hire purchase and leasing commitments

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

period of the lease.

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

161,259

Additions

3,353

At 31 May 2016

164,612

DEPRECIATION

At 1 June 2015

118,400

Charge for year

11,023

At 31 May 2016

129,423

NET BOOK VALUE

At 31 May 2016

35,189

At 31 May 2015

42,859

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

60

Ordinary

£1.00

60

3

A to J Ordinary

£1

3

63