Gentlemen of Salvage Ltd - Period Ending 2016-08-31

Registration number: 8162550

Gentlemen of Salvage Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

CRW Accountants Limited
The Mews
Queen Street
Colyton
Devon
EX24 6JU

Gentlemen of Salvage Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gentlemen of Salvage Ltd
for the Year Ended 31 August 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gentlemen of Salvage Ltd for the year ended 31 August 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of International Accountants, we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Gentlemen of Salvage Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Gentlemen of Salvage Ltd and state those matters that we have agreed to state to them, as a body in this report . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gentlemen of Salvage Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gentlemen of Salvage Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gentlemen of Salvage Ltd. You consider that Gentlemen of Salvage Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Gentlemen of Salvage Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

CRW Accountants Limited
The Mews
Queen Street
Colyton
Devon
EX24 6JU

Page 1

Gentlemen of Salvage Ltd
(Registration number: 8162550)
Abbreviated Balance Sheet at 31 August 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					21,000			21,000
Tangible fixed assets					39,989			1,654
					60,989			22,654
Current assets
Stocks					26,250			35,000
Debtors					13,354			-
Cash at bank and in hand					41,508			7,377
					81,112			42,377
Creditors: Amounts falling due within one year					(49,730)			(36,003)
Net current assets					31,382			6,374
Total assets less current liabilities					92,371			29,028
Creditors: Amounts falling due after more than one year					(58,980)			1,749
Net assets					33,391			30,777
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					33,291			30,677
Shareholders' funds					33,391			30,777

For the year ending 31 August 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the Board on 31 May 2017 and signed on its behalf by:

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Gentlemen of Salvage Ltd
(Registration number: 8162550)
Abbreviated Balance Sheet at 31 August 2016
......... continued

Mr Justin Werb
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Gentlemen of Salvage Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 August 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 April 2008).

Turnover

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

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

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
Vehicles, plant and machinery	25 % reducing balance
Fixtures and fittings	25% reducing balance

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 September 2015		21,000			3,641			24,641
Additions		-			51,663			51,663
At 31 August 2016		21,000			55,304			76,304
Depreciation
At 1 September 2015		-			1,987			1,987
Charge for the year		-			13,328			13,328
At 31 August 2016		-			15,315			15,315

Page 4

Gentlemen of Salvage Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

Net book value
At 31 August 2016		21,000			39,989			60,989
At 31 August 2015		21,000			1,654			22,654

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 5