Glasson Metalworks Limited - Limited company - abbreviated - 11.6

GLASSON METALWORKS LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

6

DIRECTOR:

A J Glasson

SECRETARY:

REGISTERED OFFICE:

REGISTERED NUMBER:

04913155 (England and Wales)

ACCOUNTANTS:

RS Partnership Ltd.

Riverside House

14 Prospect Place

Welwyn

Hertfordshire

AL6 9EN

FIXED ASSETS

Intangible assets

2

-

3,994

Tangible assets

3

6,447

28,254

6,447

32,248

CURRENT ASSETS

Stocks

2,000

2,000

Debtors

126,551

184,378

Cash in hand

688

61

129,239

186,439

CREDITORS

Amounts falling due within one year

124,552

183,085

NET CURRENT ASSETS

4,687

3,354

TOTAL ASSETS LESS CURRENT LIABILITIES

11,134

35,602

CREDITORS

Amounts falling due after more than one year

-

(18,506

)

PROVISIONS FOR LIABILITIES

(830

)

(5,091

)

NET ASSETS

10,304

12,005

CAPITAL AND RESERVES

Called up share capital

4

400

400

Profit and loss account

9,904

11,605

10,304

12,005

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 30 January 2015 and were signed by:

A J Glasson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

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.

Improvements to property

-

25% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2013

and 30 April 2014

60,750

AMORTISATION

At 1 May 2013

56,756

Amortisation for year

3,994

At 30 April 2014

60,750

NET BOOK VALUE

At 30 April 2014

-

At 30 April 2013

3,994

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2013

62,153

Disposals

(27,848

)

At 30 April 2014

34,305

DEPRECIATION

At 1 May 2013

33,899

Charge for year

921

Eliminated on disposal

(6,962

)

At 30 April 2014

27,858

NET BOOK VALUE

At 30 April 2014

6,447

At 30 April 2013

28,254

4.	CALLED UP SHARE CAPITAL

**	POSTING HAS BEEN MADE TO SHARE CAPITAL 1 ACCOUNT ON TRIAL BALANCE BUT NO CORRESPONDING ENTRY HAS BEEN MADE ON CLIENT SCREEN FOR SHARE CAPITAL 1

THIS NOTE WILL THEREFORE NOT AGREE TO AMOUNT SHOWN ON

BALANCE SHEET

**	POSTING HAS BEEN MADE TO SHARE CAPITAL 2 ACCOUNT ON TRIAL BALANCE BUT NO CORRESPONDING ENTRY HAS BEEN MADE ON CLIENT SCREEN FOR SHARE CAPITAL 2

THIS NOTE WILL THEREFORE NOT AGREE TO AMOUNT SHOWN ON

BALANCE SHEET

5.	RELATED PARTY DISCLOSURES

The company supplies goods on an arms length basis to the directors, Mr A J Glasson and Mrs J L Glasson, who

have a partnership supplying trollies. Sales to the partnership during the year were £15,000 [ 2013 £14,835]

Within other debtors is an amount owed to the company of £15,000 (2013:£22,024) from this partnership.