Registered Number 02791711
G.C.S. (SHROPSHIRE) LIMITED
Abbreviated Accounts
28 February 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Investments | 3 |
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Current assets | |||
Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 4 |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 4 |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 5 |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Tangible assets depreciation policy
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery : 15% straight line
Office equipment : 15% straight line
Motor vehicles : 15% straight line
Other accounting policies
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
Operating Lease Agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Investments
Fixed asset investments are stated at cost less any provision for permanent diminution in value.
£ | |
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Cost | |
At 1 March 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 28 February 2016 |
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Depreciation | |
At 1 March 2015 |
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Charge for the year |
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On disposals |
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At 28 February 2016 |
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Net book values | |
At 28 February 2016 | 62,478 |
At 28 February 2015 | 53,437 |
3
Fixed assets Investments
At 1st March 2015 631,165
Additions 10,232
Disposals (97,344)
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At 29th Feb 2016 544,053
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Net Book Value
At 29th Feb 2016 544,053
At 28th Feb 2015 631,165
At the balance sheet date the market value of the investments stood at £643,879 (2015 - £744,477).
2016
£ |
2015
£ |
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Secured Debts |
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6 Transactions with directors
Name of director receiving advance or credit: |
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Description of the transaction: |
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Balance at 1 March 2015: | £ |
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Advances or credits made: | £ |
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Advances or credits repaid: | £ |
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Balance at 28 February 2016: | £ |
Name of director receiving advance or credit: |
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Description of the transaction: |
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Balance at 1 March 2015: | £ |
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Advances or credits made: | £ |
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Advances or credits repaid: | £ |
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Balance at 28 February 2016: | £ |
During the year the company purchased a property from Miss E MacKenzie, a director, for £Nil (2015 - £125,626). The transaction was carried out at commercial arms length.
During the year the company received rental income of £2,250 (2015 - £750) from Miss E MacKenzie.
Included in sales £99,833 (2015 - £Nil) relates to work carried out for Miss E Mackenzie on a private residence. Included within trade debtors due within one year £99,833 (2015 - £Nil) was owed at the year end.