GTW Developments Group Limited - Period Ending 2016-06-30

Registration number: 03392707

GTW Developments Group Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016
 

GTW Developments Group Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

GTW Developments Group Limited
(Registration number: 03392707)
Abbreviated Balance Sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					54,885			42,662
Tangible fixed assets					17,321			14,782
					72,206			57,444
Current assets
Stocks					146,567			128,965
Debtors					78,559			95,118
Cash at bank and in hand					10,141			-
					235,267			224,083
Creditors: Amounts falling due within one year					(133,403)			(174,417)
Net current assets					101,864			49,666
Total assets less current liabilities					174,070			107,110
Creditors: Amounts falling due after more than one year					(154,705)			(94,856)
Net assets					19,365			12,254
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					18,365			11,254
Shareholders' funds					19,365			12,254

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 director acknowledges his 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 director on 30 March 2017

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

GTW Developments Group Limited
(Registration number: 03392707)
Abbreviated Balance Sheet at 30 June 2016
......... continued

.........................................
Mr G T Waters
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

GTW Developments Group Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Amortisation

Amortisation is provided on intangible assets, that is, development costs in line with expected future sales

Asset class	Amortisation method and rate
Development costs	In line with future sales

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Land and buildings Leasehold	20% Straight Line
Plant and machinery	15% Reducing Balance
Fixtures, fittings & equipment	20% Reducing Balance

Research and development

Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

GTW Developments Group Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 July 2015		42,662			63,999			106,661
Additions		12,337			5,889			18,226
At 30 June 2016		54,999			69,888			124,887
Depreciation
At 1 July 2015		-			49,217			49,217
Charge for the year		114			3,350			3,464
At 30 June 2016		114			52,567			52,681
Net book value
At 30 June 2016		54,885			17,321			72,206
At 30 June 2015		42,662			14,782			57,444

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary Shares of £1 each		1,000			1,000			1,000			1,000

Page 4