COMPANY REGISTRATION NUMBER
05876746
S & G BUYERS AND ESTIMATORS LTD
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED
31 August 2016
HILL ECKERSLEY & CO. LTD
Chartered Accountants
62 Chorley New Road
Bolton
Lancashire
BL1 4BY
S & G BUYERS AND ESTIMATORS LTD
ABBREVIATED BALANCE SHEET
31 August 2016
|
2016
|
2015
|
Note
|
£
|
£
|
£
|
FIXED ASSETS
|
2
|
|
|
|
Tangible assets
|
|
4,333
|
4,723
|
|
|
-------
|
-------
|
|
|
|
|
|
CURRENT ASSETS
Debtors
|
31,632
|
|
23,335
|
Cash at bank and in hand
|
4,029
|
|
11,269
|
|
--------
|
|
--------
|
|
35,661
|
|
34,604
|
CREDITORS: Amounts falling due within one year
|
35,071
|
|
38,321
|
|
--------
|
|
--------
|
NET CURRENT ASSETS/(LIABILITIES)
|
|
590
|
(
3,717)
|
|
|
-------
|
-------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
4,923
|
1,006
|
|
|
|
|
PROVISIONS FOR LIABILITIES
|
|
867
|
944
|
|
|
-------
|
-------
|
|
|
4,056
|
62
|
|
|
-------
|
-------
|
|
|
|
|
CAPITAL AND RESERVES
Called up equity share capital
|
4
|
|
20
|
20
|
Profit and loss account
|
|
4,036
|
42
|
|
|
-------
|
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|
SHAREHOLDERS' FUNDS
|
|
4,056
|
62
|
|
|
-------
|
----
|
|
|
|
|
|
For the year ended 31 August 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 accounts for the year in question in accordance with section 476; and
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved and signed by the director and authorised for issue on
11 January 2017
.
Mr J S Jones
Director
Company Registration Number:
05876746
S & G BUYERS AND ESTIMATORS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 31 AUGUST 2016
1.
ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. 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.
Fixed assets
All fixed assets are initially recorded at cost.
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:
Fixtures & Fittings-15% reducing balance
Equipment-15% reducing balance
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability.
The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument.
The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
2.
FIXED ASSETS
COST
At 1 September 2015
|
10,663
|
Additions
|
375
|
|
--------
|
At 31 August 2016
|
11,038
|
|
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|
|
|
DEPRECIATION
At 1 September 2015
|
5,940
|
Charge for year
|
765
|
|
-------
|
At 31 August 2016
|
6,705
|
|
-------
|
|
|
NET BOOK VALUE
At 31 August 2016
|
4,333
|
|
-------
|
|
|
At 31 August 2015
|
4,723
|
|
-------
|
|
|
3.
RELATED PARTY TRANSACTIONS
The company was under the control Mr J.S. Jones throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for smaller entities.
4.
SHARE CAPITAL
Allotted, called up and fully paid:
|
2016
|
2015
|
|
No.
|
£
|
No.
|
£
|
|
Ordinary shares of £ 1 each
|
20
|
20
|
20
|
20
|
|
|
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