Company Registration No. 04587429 (England and Wales)
GEORGE GERCS WHOLESALE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
GEORGE GERCS WHOLESALE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
GEORGE GERCS WHOLESALE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
3,903
4,878
Current assets
Stocks
21,726
33,447
Debtors
3,112
569
Cash at bank and in hand
25,640
11,658
50,478
45,674
Creditors: amounts falling due within one year
(50,098)
(49,956)
Net current assets/(liabilities)
380
(4,282)
Total assets less current liabilities
4,283
596
Provisions for liabilities
(780)
(975)
3,503
(379)
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
3,501
(381)
Shareholders' funds
3,503
(379)
For the financial year ended 31 December 2014 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 26 June 2015
Mrs Amanda Gercs
Mr George Gercs
Director
Director
Company Registration No. 04587429
GEORGE GERCS WHOLESALE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- 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 April 2008).
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 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:
Computer equipment
20% reducing balance
Motor vehicles
20% reducing balance
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Deferred taxation
Deferred tax is provided on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
GEORGE GERCS WHOLESALE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2014 & at 31 December 2014
14,460
Depreciation
At 1 January 2014
9,582
Charge for the year
975
At 31 December 2014
10,557
Net book value
At 31 December 2014
3,903
At 31 December 2013
4,878
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
2 Ordinary Shares of £1 each
2
2