Company Registration No. 04999256 (England and Wales)
G MACDONALD & SON LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
G MACDONALD & SON LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
G MACDONALD & SON LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
5,721
6,733
Current assets
Debtors
55,886
49,445
Cash at bank and in hand
665
3,005
56,551
52,450
Creditors: amounts falling due within one year
(69,213)
(56,540)
Net current liabilities
(12,662)
(4,090)
Total assets less current liabilities
(6,941)
2,643
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
(6,942)
2,642
Shareholders' funds
(6,941)
2,643
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.
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 21 December 2015
Mr G MacDonald
Director
Company Registration No. 04999256
G MACDONALD & SON 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 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:
Computer equipment
20% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
15% reducing balance
1.5
The accounts have been drawn up on a going concern basis, as the director has now returned to full health and based on forecasts for 2015, expects profits to be achieved again going forward.
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2014 & at 31 December 2014
8,942
Depreciation
At 1 January 2014
2,209
Charge for the year
1,012
At 31 December 2014
3,221
Net book value
At 31 December 2014
5,721
At 31 December 2013
6,733
G MACDONALD & SON LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 3 -
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
1 Ordinary share of £1 each
1
1
4
Transactions with directors
The following directors had loans during the year. The movement on these loans are as follows:
Amount outstanding
Maximum
2014
2013
in year
£
£
£
Director's current account - Mr Graham MacDonald
44,312
38,260
44,312
Interest of £1,320 (2013: £2,535) has been charged at the official rate of 3.25%