Abbreviated Company Accounts - GP WOLFFE LTD

SC156081 GP WOLFFE LTD 2016-06-30 false 2015-07-01 2016-06-30 true SC156081 2015-07-01 2016-06-30 SC156081 2016-06-30 SC156081 2015-06-30 SC156081 uk-gaap-cd-bus:Director1 2015-07-01 2016-06-30 SC156081 uk-gaap-cd-bus:Director2 2015-07-01 2016-06-30 uk-gaap-cd-bus:Director3 2015-07-01 2016-06-30 uk-gaap-cd-bus:Director3 2016-06-30 uk-gaap-cd-bus:Director3 2015-06-30 uk-gaap-cd-bus:OrdinaryShareClass1 2015-07-01 2016-06-30 uk-gaap-cd-bus:OrdinaryShareClass1 2016-06-30 uk-gaap-cd-bus:OrdinaryShareClass1 2015-06-30 iso4217:GBP shares

Registered Number SC156081

GP WOLFFE LTD

Abbreviated Accounts

30 June 2016

GP WOLFFE LTD Registered Number SC156081

Abbreviated Balance Sheet as at 30 June 2016

	Notes	2016	2015
		£	£
Fixed assets
Tangible assets	2	20,243	2,868
		20,243	2,868
Current assets
Debtors		145,371	126,343
Cash at bank and in hand		15,220	10,213
		160,591	136,556
Creditors: amounts falling due within one year		(154,321)	(117,611)
Net current assets (liabilities)		6,270	18,945
Total assets less current liabilities		26,513	21,813
Creditors: amounts falling due after more than one year		(13,652)	-
Total net assets (liabilities)		12,861	21,813
Capital and reserves
Called up share capital	3	3	3
Profit and loss account		12,858	21,810
Shareholders' funds		12,861	21,813

For the year ending 30 June 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 31 March 2017

And signed on their behalf by:
A Wolffe, Director

GP WOLFFE LTD Registered Number SC156081

Notes to the Abbreviated Accounts for the period ended 30 June 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective January 2015.

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT. The total turnover of the company for the year has been derived from its principal activities.

Tangible assets depreciation policy
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures and fittings: 33.33% on straight line basis
Motor vehicles: 25% on a reducing balance

Other accounting policies
Stocks
Stocks are stated at the lower of cost and net realisable value. In determining the cost of raw materials, consumables and goods purchased for resale, the weighted average purchase price is used. For work in progress and finished goods cost is taken as production cost, which includes an appropriate proportion of attributable overheads.

Foreign currencies
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction (or, if hedged forward, at the rate of exchange under the related forward currency contract). Monetary assets and liabilities denominated in foreign currencies are translated using the contracted rate or the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

Taxation
The charge for taxation is based on the profit for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes.
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by FRS 19.

2Tangible fixed assets

	£
Cost
At 1 July 2015	14,538
Additions	23,357
Disposals	(4,368)
Revaluations	-
Transfers	-
At 30 June 2016	33,527
Depreciation
At 1 July 2015	11,670
Charge for the year	5,982
On disposals	(4,368)
At 30 June 2016	13,284
Net book values
At 30 June 2016	20,243
At 30 June 2015	2,868

3Called Up Share Capital
Allotted, called up and fully paid:

	2016 £	2015 £
3 Ordinary shares of £1 each	3	3

4Transactions with directors

Name of director receiving advance or credit:	A Wolffe
Description of the transaction:	DLA
Balance at 1 July 2015:	£ 44,168
Advances or credits made:	-
Advances or credits repaid:	£ 4,218
Balance at 30 June 2016:	£ 39,950

There was no interest charged on this balance and there was no term for repayment.