Company Registration number 03382167
GLOBAL LUBRICANTS LIMITED
Abbreviated Accounts
For the year ended 30 June 2015
GLOBAL LUBRICANTS LIMITED
Financial statements for the year ended 30 June 2015
Contents
Pages
Balance sheet
1
Notes to the financial statements
2-3
GLOBAL LUBRICANTS LIMITED
Abbreviated balance sheet as at 30 June 2015
2015
2014
Notes
£
£
£
£
£
£
Fixed assets
Tangible assets
2,849
3,408
2
Current assets
Stock
29,750
24,502
Debtors
50,965
62,798
Cash at bank and in hand
93
5,361
80,808
92,661
Creditors:
amounts falling due within one year
(67,066)
(95,898)
Net current assets/(2014 liabilities)
13,742
(3,237)
Total assets less current liabilities
16,591
171
Creditors: amounts falling due after more than one
year
(16,256)
3
335
171
Capital and reserves
Called up share capital
1
1
4
Profit and loss account
334
170
Shareholder's funds
335
171
For the financial year ended 30 June 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
The member has 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the board of directors on 30 October 2015 and signed on its behalf.
__________________________ Mr T W Dicken - Director
Company Registration No: 03382167
The notes on pages 2 to 3 form part of these financial statements.
1
GLOBAL LUBRICANTS LIMITED
Notes to the abbreviated accounts for the year ended 30 June 2015
1
Accounting policies
a)
Basis of accounting
The financial statements are prepared on the historical cost basis of accounting and have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The company has taken advantage of the exemption, conferred by Financial Reporting Standard 1, from presenting a cash flow statement as it qualifies as a small company.
b)
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
c)
Depreciation of tangible fixed assets
Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:
Motor vehicles
20% on reducing balance
Equipment, fixtures and fittings
15% on reducing balance
Plant and machinery
15% on reducing balance
d)
Stocks
Stock and work in progress is valued at the lower of cost and estimated net realisable value. Cost of raw materials is determined on the first in first out basis. In the case of work in progress and finished goods, cost includes all direct expenditure and production overheads based on the normal level of activity. Net realisable value is the price at which the stock can be released in the normal course of business, less further costs to completion of sale.
2
Fixed assets
Tangible
fixed
assets
£
£
£
Cost:
At 1 July 2014
16,625
Depreciation:
At 1 July 2014
13,217
Provision for the year
559
At 30 June 2015
13,776
Net book value:
At 30 June 2015
2,849
At 30 June 2014
3,408
3
Creditors: amounts falling due after more than one year
2015
2014
£
£
£
£
£
£
Bank loans
16,256
-
2
GLOBAL LUBRICANTS LIMITED
Notes to the abbreviated accounts for the year ended 30 June 2015 (continued)
4
Called-up share capital
2015
2014
2015
2014
£
£
£
£
£
£
£
£
£
£
£
£
Allotted, called up and fully paid
Equity shares:
Ordinary shares of £1 each
1
1
3