Registration number:
Greystone Masonry Limited
for the Year Ended 31 March 2017
Chartered Accountants
The Counting House
9 High Street
Tring
Herts
HP23 5TE
Greystone Masonry Limited
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Greystone Masonry Limited
Company Information
Directors |
U Jafri MS Jafri SA Haider |
Registered office |
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Accountants |
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Page 1 |
Greystone Masonry Limited
(Registration number: 06967382)
Abridged Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Accruals and deferred income |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
Page 2 |
Greystone Masonry Limited
(Registration number: 06967382)
Abridged Balance Sheet as at 31 March 2017
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the Board on
MS Jafri
Director
Page 3 |
Greystone Masonry Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.There were no material departures from that standard.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
Although the company has net liabilities of £864,051 (2016:£612,372) the financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors have agreed to continue his support of the company so that it is able to continue its trading activities.
Page 4 |
Greystone Masonry Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Changes in accounting policy
New standards, interpretations and amendments effective
The following have been applied for the first time from 1 April 2016 and have had an effect on the financial statements:
Transition to FRS102
These financial statements are the first financial statements of the company that comply with FRS102 Section 1A Small Entities.
The transition has resulted in a small number of changes in accounting policies used previously, however there has been no material impact on the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and Fittings |
18% reducing balance |
Plant and Machinery |
18% reducing balance |
Motor Vehicles |
18% reducing balance |
Office Equipment |
18% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 5 |
Greystone Masonry Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 6 |
Greystone Masonry Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Stocks |
2017 |
2016 |
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Work in progress |
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Other inventories |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Related party transactions |
Other transactions with directors |
During the year U Jafri, a director of the company, advanced interest free loans to the company of £241.102 (2016: £220,659). At the balance sheet date the amount due to U Jafri was £1,280,614 (2016: £1,048,832).
Page 7 |
Greystone Masonry Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Transition to FRS 102 |
The company has determined that no adjustments to the comparative figures are required as a result of adopting FRS102.
Page 8 |