Company Registration No. 00482133 (England and Wales)
THORPES OF GOSFORTH LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
THORPES OF GOSFORTH LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
THORPES OF GOSFORTH LIMITED
ABBREVIATED BALANCE SHEET
AS AT
29 FEBRUARY 2016
29 February 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
18,021
22,675
Current assets
Stocks
48,889
50,514
Debtors
91,321
89,891
Cash at bank and in hand
44,150
44,775
184,360
185,180
Creditors: amounts falling due within one year
(57,714)
(58,737)
Net current assets
126,646
126,443
Total assets less current liabilities
144,667
149,118
Provisions for liabilities
(885)
(1,140)
143,782
147,978
Capital and reserves
Called up share capital
3
3,000
3,000
Profit and loss account
140,782
144,978
Shareholders' funds
143,782
147,978
For the financial year ended 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 financial statements for the year 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 financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 27 July 2016
Mr C Thorpe
Director
Company Registration No. 00482133
THORPES OF GOSFORTH LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
over 30 years straight line
Plant and machinery
25% on reducing balance
Computer equipment
20% on cost
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
20% on reducing balance
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
THORPES OF GOSFORTH LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 March 2015
99,778
Additions
544
Disposals
(5,914)
At 29 February 2016
94,408
Depreciation
At 1 March 2015
77,103
On disposals
(5,195)
Charge for the year
4,479
At 29 February 2016
76,387
Net book value
At 29 February 2016
18,021
At 28 February 2015
22,675
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1,250 Ordinary 'A' of £1 each
1,250
1,250
750 Ordinary 'B' of £1 each
750
750
750 Ordinary 'C' of £1 each
750
750
250 Ordinary 'D' of £1 each
250
250
3,000
3,000