Gisleham Industries Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04437790 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2017

for

Gisleham Industries Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P Wright

Mr P S Wright

SECRETARY:

Mrs J W Woods

REGISTERED OFFICE:

38 Pinbush Road

South Lowestoft Industrial Estate

Lowestoft

Suffolk

NR33 7NL

REGISTERED NUMBER:

04437790 (England and Wales)

ACCOUNTANTS:

CUNNINGHAMS

Number Sixty One

Alexandra Road

Lowestoft

Suffolk

NR32 1PL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

97,314

63,569

97,314

63,569

CURRENT ASSETS

Stocks

15,091

30,479

Debtors

6

312,315

129,946

Cash at bank

7,001

13,534

334,407

173,959

CREDITORS

Amounts falling due within one year

7

285,515

135,309

NET CURRENT ASSETS

48,892

38,650

TOTAL ASSETS LESS CURRENT LIABILITIES

146,206

102,219

CREDITORS

Amounts falling due after more than one year

8

(30,171

)

-

PROVISIONS FOR LIABILITIES

(18,489

)

(12,713

)

NET ASSETS

97,546

89,506

CAPITAL AND RESERVES

Called up share capital

902

902

Retained earnings

96,644

88,604

SHAREHOLDERS' FUNDS

97,546

89,506

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 20 March 2018 and were signed on its behalf by:

Mr P Wright - Director

1.	STATUTORY INFORMATION

Gisleham Industries 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Stocks

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

moving items.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 20 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2016

and 30 June 2017

22,000

AMORTISATION

At 1 July 2016

and 30 June 2017

22,000

NET BOOK VALUE

At 30 June 2017

-

At 30 June 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2016

149,738

Additions

44,797

At 30 June 2017

194,535

DEPRECIATION

At 1 July 2016

86,169

Charge for year

11,052

At 30 June 2017

97,221

NET BOOK VALUE

At 30 June 2017

97,314

At 30 June 2016

63,569

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 July 2016

6,500

Additions

38,488

Transfer to ownership

(6,500

)

At 30 June 2017

38,488

DEPRECIATION

At 1 July 2016

3,616

Charge for year

475

Transfer to ownership

(3,616

)

At 30 June 2017

475

NET BOOK VALUE

At 30 June 2017

38,013

At 30 June 2016

2,884

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade debtors

304,297

122,771

Prepayments

8,018

7,175

312,315

129,946

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Hire purchase contracts

6,393

-

Trade creditors

106,110

100,161

Tax

1,160

7,947

Social security and other taxes

11,068

19,046

VAT

32,179

-

Other creditors

123,252

-

Directors' current accounts

2,690

5,744

Accrued expenses

2,663

2,411

285,515

135,309

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.17

30.6.16

£

£

Hire purchase contracts

30,171

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.17

30.6.16

£

£

Hire purchase contracts

36,564

-

The hire purchase liabilities are secured on the underlying assets.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES