Galaford Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 03226273 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 JULY 2016

FOR

GALAFORD LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

J E Tungatt

REGISTERED OFFICE:

Churchill House

120 Bunns Lane

Mill Hill

London

NW7 2AS

REGISTERED NUMBER:

03226273 (England and Wales)

ACCOUNTANTS:

J.D. Bregman & Co Limited

Churchill House

120 Bunns Lane

Mill Hill

NW7 2AS

FIXED ASSETS

Tangible assets

2

16,741

4,522

CURRENT ASSETS

Stocks

272,669

244,637

Debtors

294,458

338,351

Cash at bank

1,194,772

704,075

1,761,899

1,287,063

CREDITORS

Amounts falling due within one year

572,205

411,692

NET CURRENT ASSETS

1,189,694

875,371

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,206,435

879,893

CAPITAL AND RESERVES

Called up share capital

3

2

Profit and loss account

1,206,433

879,891

SHAREHOLDERS' FUNDS

1,206,435

879,893

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 7 March 2017 and were signed by:

J E Tungatt - 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 net invoiced sales of goods, excluding value added tax.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

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

Operating lease 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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2015

50,527

Additions

13,903

At 31 July 2016

64,430

DEPRECIATION

At 1 August 2015

46,005

Charge for year

1,684

At 31 July 2016

47,689

NET BOOK VALUE

At 31 July 2016

16,741

At 31 July 2015

4,522

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.16

31.7.15

value:

£

2

Ordinary

£1

2

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2016 and

31 July 2015:

31.7.16

31.7.15

£

J E Tungatt

Balance outstanding at start of year

13,300

(6,552

)

Amounts advanced

9,317

43,015

Amounts repaid

(24,474

)

(23,163

)

Balance outstanding at end of year

(1,857

)

13,300

The director has provided a personal guarantee of £60,000 on the debt factoring.