Company Registration No. 02618892 (England and Wales)
GREAT CIRCLE DESIGN LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2016
GREAT CIRCLE DESIGN LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2016
31 July 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
57,681
62,170
Current assets
Stocks
8,500
8,500
Debtors
44,901
17,816
Cash at bank and in hand
7,689
12,035
61,090
38,351
Creditors: amounts falling due within one year
(28,492)
(23,786)
Net current assets
32,598
14,565
Total assets less current liabilities
90,279
76,735
Provisions for liabilities
(7,936)
(8,410)
82,343
68,325
Capital and reserves
Called up share capital
3
125
125
Profit and loss account
82,218
68,200
Shareholders' funds
82,343
68,325
For the financial year ended 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 19 April 2017
Mr N R W Long
Director
Company Registration No. 02618892
GREAT CIRCLE DESIGN LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 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 20 years life of lease
Plant and machinery
15% reducing balance
Computer equipment
25% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
15% reducing balance
1.5
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
1.6
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.
1.7
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
GREAT CIRCLE DESIGN LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 August 2015
164,203
Additions
4,825
At 31 July 2016
169,028
Depreciation
At 1 August 2015
102,034
Charge for the year
9,313
At 31 July 2016
111,347
Net book value
At 31 July 2016
57,681
At 31 July 2015
62,170
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary A shares of £1 each
100
100
25 Ordinary B shares of £1 each
25
25
125
125
4
Transactions with directors
During the year the company advanced loans to the director totalling £19,081 (2015 - £Nil). The loans were repaid in full within 9 months of the year end.