J.W. Grieve Border Gas Limited - Period Ending 2014-07-31

Registration number: SC234387

J.W. Grieve Border Gas Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2014
 

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
1 Melgund Place
Hawick
Borders
TD9 9HY

J.W. Grieve Border Gas Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

J.W. Grieve Border Gas Limited
(Registration number: SC234387)
at 31 July 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					10,000			11,250
Tangible fixed assets					43,960			39,309
					53,960			50,559
Current assets
Stocks					20,753			24,326
Debtors					609,051			561,505
Cash at bank and in hand					2,558			4,349
					632,362			590,180
Creditors: Amounts falling due within one year					(305,557)			(268,041)
Net current assets					326,805			322,139
Total assets less current liabilities					380,765			372,698
Provisions for liabilities					(4,171)			(3,244)
Net assets					376,594			369,454
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					376,592			369,452
Shareholders' funds					376,594			369,454

For the year ending 31 July 2014 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 10 November 2014 and signed on its behalf by:

.........................................
Mr JW Grieve
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
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J.W. Grieve Border Gas Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2014

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. Some of the company's turnover represents services provided under contracts common to the construction industry. Such contracts provide for regular valuations during the contract period from which interim payments are calculated and agreed between the company and the client. such valuations inherently include a proportion of profit on the contract depending on the stage of completion. At the year end the directors value work completed but not invoiced on a similar basis utilising any such agreed valuations prepared at or near to the year end less certain provisions e.g. remedial work, uncollectable retentions and timing of valuation issues. This figure is included in Turnover on the Profit and Loss Account and within Debtors on the Balance Sheet.

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.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	20 years straight line

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
Plant and machinery	25% reducing balance
Office equipment	25% reducing balance
Motor vehicles	25% reducing balance

Stock and work in progress

Stock is valued at the lower of cost and net realisable value.

Deferred tax

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 required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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.

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J.W. Grieve Border Gas Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2014

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 August 2013		25,000			170,662			195,662
Additions		-			18,184			18,184
Disposals		-			(31,600)			(31,600)
At 31 July 2014		25,000			157,246			182,246
Depreciation
At 1 August 2013		13,750			131,353			145,103
Charge for the year		1,250			10,230			11,480
Eliminated on disposals		-			(28,297)			(28,297)
At 31 July 2014		15,000			113,286			128,286
Net book value
At 31 July 2014		10,000			43,960			53,960
At 31 July 2013		11,250			39,309			50,559

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		89,915			146,258

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary Shares of £1 each		2			2			2			2

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J.W. Grieve Border Gas Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2014

5	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mr JW Grieve
Overdrawn loan accounts are subject to interest at 4.0% flat.	176,039	-	168,985	-

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