Norrie Gibson & co. Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 05042200 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Norrie Gibson & co. Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A.B. Rowland F.C.A.

SECRETARY:

REGISTERED OFFICE:

100-102, Bevereley Road

Hull

East Yorkshire

HU3 1YA

REGISTERED NUMBER:

05042200 (England and Wales)

ACCOUNTANTS:

Norrie Gibson & Co Limited

Grosvenor House

100-102 Beverley Road

HULL

East Yorkshire

HU3 1YA

FIXED ASSETS

Intangible assets

4

430,000

430,000

Tangible assets

5

1

1

430,001

430,001

CURRENT ASSETS

Stocks

12,042

17,065

Debtors

6

66,015

97,559

Cash at bank and in hand

118,757

99,553

196,814

214,177

CREDITORS

Amounts falling due within one year

7

32,189

41,461

NET CURRENT ASSETS

164,625

172,716

TOTAL ASSETS LESS CURRENT LIABILITIES

594,626

602,717

CAPITAL AND RESERVES

Called up share capital

125

125

Retained earnings

594,501

602,592

SHAREHOLDERS' FUNDS

594,626

602,717

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 8 November 2017 and were signed by:

A.B. Rowland F.C.A. - Director

1.	STATUTORY INFORMATION

Norrie Gibson & co. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

The Directors are of the opinion that goodwill purchased from related parties who remain actively involved in

the business, should not be amortised as it should not reduce in value.It should be reviewed on an annual basis

and if appropriate written down to reflect any loss.For this reason it has been decided to reverse the depreciation

charges made over the last number of years back to reserves.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment---25% straight line.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

430,000

NET BOOK VALUE

At 31 March 2017

430,000

At 31 March 2016

430,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

and 31 March 2017

16,555

DEPRECIATION

At 1 April 2016

and 31 March 2017

16,554

NET BOOK VALUE

At 31 March 2017

1

At 31 March 2016

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

38,754

79,671

Other debtors

27,261

17,888

66,015

97,559

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

1

-

Taxation and social security

25,903

35,196

Other creditors

6,285

6,265

32,189

41,461

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

A.B. Rowland F.C.A.

Balance outstanding at start of year

1,222

16,222

Amounts advanced

10,000

-

Amounts repaid

(1,222

)

(15,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

10,000

1,222

9.	ULTIMATE CONTROLLING PARTY

The controlling party is A.B. Rowland F.C.A..