Gainsborough Sales Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 03822495 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2016

FOR

GAINSBOROUGH SALES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

Mrs Billay Manvinder Suharan

REGISTERED OFFICE:

Unit 8

Southdown Industrial Estate

Southdown Road

Harpenden

Hertfordshire

AL5 1PW

REGISTERED NUMBER:

03822495 (England and Wales)

ACCOUNTANTS:

Acuity Professional Partnership LLP

Chartered Accountants & Tax Advisers

Fifth Floor

11 Leadenhall Street

London

EC3V 1LP

FIXED ASSETS

Tangible assets

2

2,964

3,997

CURRENT ASSETS

Stocks

139,442

103,300

Debtors

13,864

5,275

Cash at bank and in hand

307

2,000

153,613

110,575

CREDITORS

Amounts falling due within one year

160,224

130,615

NET CURRENT LIABILITIES

(6,611

)

(20,040

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,647

)

(16,043

)

CAPITAL AND RESERVES

Called up share capital

3

2

Profit and loss account

(3,649

)

(16,045

)

SHAREHOLDERS' FUNDS

(3,647

)

(16,043

)

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

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

The director acknowledges her 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 30 May 2017 and were signed by:

Mrs Billay Manvinder Suharan - 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.

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Stocks

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

items.

Deferred tax

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

Going concern

The company's balance sheet shows a net deficit shareholders fund position. However, the directors have received

confirmation from the shareholders of their continued financial support for the foreseeable future and for at least twelve

months from the date of signature of these accounts.

2.	TANGIBLE FIXED ASSETS

Total

£

Cost

At 1 September 2015

31,021

Additions

113

At 31 August 2016

31,134

Depreciation

At 1 September 2015

27,024

Charge for year

1,146

At 31 August 2016

28,170

Net book value

At 31 August 2016

2,964

At 31 August 2015

3,997

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2

Ordinary

£1

2