David Garston Limited - Accounts to registrar - small 17.1

DAVID GARSTON LIMITED - Company Information

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REGISTERED NUMBER: 00960543 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

FOR

DAVID GARSTON LIMITED

Page

Company Information

Abridged Balance Sheet

Notes to the Financial Statements

DIRECTOR:

J M Garston

SECRETARY:

J M Garston

REGISTERED OFFICE:

246 London Road

Hadleigh

Benfleet

Essex

SS7 2DE

REGISTERED NUMBER:

00960543 (England and Wales)

ACCOUNTANTS:

Goldwyns Limited

Chartered Accountants

Rutland House

90-92 Baxter Avenue

Southend on Sea

Essex

SS2 6HZ

FIXED ASSETS

Tangible assets

832

1,266

CURRENT ASSETS

Stocks

88,744

86,074

Debtors

59,147

69,153

Cash at bank and in hand

225,128

200,576

373,019

355,803

CREDITORS

Amounts falling due within one year

93,750

37,496

NET CURRENT ASSETS

279,269

318,307

TOTAL ASSETS LESS CURRENT
LIABILITIES

280,101

319,573

CREDITORS

Amounts falling due after more than one
year

58,000

NET ASSETS

280,101

261,573

CAPITAL AND RESERVES

Called up share capital

490

Retained earnings

279,611

261,083

SHAREHOLDERS' FUNDS

280,101

261,573

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 19 April 2017 and were signed by:

J M Garston - Director

1.	STATUTORY INFORMATION

David Garston Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents 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.

Short leasehold

over remaining period of lease

Fixtures and fittings

10% on reducing balance

Computer equipment

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted

or substantively enacted by the balance sheet date.

Deferred tax

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

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme or contributes to the employee's personal

pension plan where preferred. Contributions payable for the year are charged in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2016 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Totals

COST

At 1 February 2016

11,077

Disposals

(449

)

At 31 January 2017

10,628

DEPRECIATION

At 1 February 2016

9,811

Charge for year

209

Eliminated on disposal

(224

)

At 31 January 2017

9,796

NET BOOK VALUE

At 31 January 2017

832

At 31 January 2016

1,266

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

Other creditors

58,000

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

490

Ordinary

£1

490

RESERVES

Retained

earnings

At 1 February 2016

261,083

Profit for the year

33,528

Dividends

(15,000

)

At 31 January 2017

279,611

8.	RELATED PARTY DISCLOSURES

During the year, total compensation paid to key management personnel was £19,115. At the balance sheet date
the company owed key management personnel £77 (2016 - £916).

At the balance sheet date, close family members of key management personnel were owed £65,765 (2016 -
£58,653).

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by J M Garston who is a director of the company.

10.	FIRST YEAR ADOPTION

The year ended 31 January 2017 represents the first year in which the company has reported under FRS 102.

In order to adopt the requirements of the new reporting standards, the comparative results have therefore been

restated in accordance with FRS 102. The company's effective date of transition is therefore 1 February 2015.

Although the directors have retrospectively reviewed the company's reported figures since transition, there were

no adjustments required under the new accounting standards. All of the company's existing accounting policies

and estimates were in line with the requirements of the new standards so no further revisions were necessary.

Accordingly the company has not presented a reconciliation of changes in equity or profit and loss, as there are

none.

In all other respects, the company's reported financial statements adopt the new reporting standards in full.