Gorton Services Limited Small abridged accounts

Gorton Services Limited Small abridged accounts

GORTON SERVICES LTD - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Gorton Services Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 29 February 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 09417608
Gorton Services Limited
Unaudited Abridged Financial Statements
29 February 2016
NORMAN ELLIOTT & COMPANY
Chartered accountant
(DNTLA Ltd t/a Norman Elliott & Company)
18 Bachelors Walk
Lisburn
BT28 1XJ
Gorton Services Limited
Abridged Financial Statements
Period from 2 February 2015 to 29 February 2016
Contents
Page
Abridged statement of financial position
1
Statement of changes in equity
2
Notes to the abridged financial statements
3
Gorton Services Limited
Abridged Statement of Financial Position
29 February 2016
29 Feb 16
Note
£
Current assets
Cash at bank and in hand
495
Creditors: amounts falling due within one year
3,450
-------
Net current liabilities
2,955
-------
Total assets less current liabilities
( 2,955)
-------
Net liabilities
( 2,955)
-------
Capital and reserves
Called up share capital
2
Profit and loss account
( 2,957)
-------
Members deficit
( 2,955)
-------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the period ending 29 February 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 26 February 2017 , and are signed on behalf of the board by:
Mr J J C Jackson
Director
Company registration number: 09417608
Gorton Services Limited
Statement of Changes in Equity
Period from 2 February 2015 to 29 February 2016
Called up share capital
Profit and loss account
Total
£
£
£
At 2 February 2015
–
–
–
Loss for the period
( 2,957)
( 2,957)
----
-------
-------
Total comprehensive income for the period
–
( 2,957)
( 2,957)
Issue of shares
2
–
2
----
----
----
Total investments by and distributions to owners
2
–
2
----
-------
-------
At 29 February 2016
2
( 2,957)
( 2,955)
----
-------
-------
Gorton Services Limited
Notes to the Abridged Financial Statements
Period from 2 February 2015 to 29 February 2016
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Acheson Street, Manchester, M18 8LQ, United Kingdon.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. The July 2015 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the period, including the directors, amounted to Nil.