JAMES A GIBSON & CO (COWGROVE) LTD
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016
Company Registration No. SC032597 (Scotland)
JAMES A GIBSON & CO (COWGROVE) LTD
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
JAMES A GIBSON & CO (COWGROVE) LTD
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2016
31 October 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,872,575
1,879,221
Current assets
Stocks
243,167
220,455
Debtors
36,698
47,111
Cash at bank and in hand
312,756
372,566
592,621
640,132
Creditors: amounts falling due within one year
3
(563,836)
(540,350)
Net current assets
28,785
99,782
Total assets less current liabilities
1,901,360
1,979,003
Creditors: amounts falling due after more than one year
4
(493,625)
(624,387)
Provisions for liabilities
(29,429)
(31,595)
1,378,306
1,323,021
Capital and reserves
Called up share capital
5
7,500
7,500
Profit and loss account
1,370,806
1,315,521
Shareholders' funds
1,378,306
1,323,021
JAMES A GIBSON & CO (COWGROVE) LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2016
31 October 2016
- 2 -
For the financial year ended 31 October 2016 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 21 March 2017
Mr James Gibson
Director
Company Registration No. SC032597
JAMES A GIBSON & CO (COWGROVE) LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016
- 3 -
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 January 2015).
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
Quota
Quota has been fully amortised to reflect the current market value.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land 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:
Land and buildings Freehold
Nil
Land and buildings Leasehold
10% reducing balance
Plant and machinery
15% straight line
Computer equipment
33% reducing balance
Motor vehicles
25% reducing balance
Other assets
1.6
Stock
Mature livestock maintained for production purposes are valued on the "herd basis" in accordance with an election under Schedule 5, Paragraph 2(2) of the Income and Corporation Taxes Act 1988. Immature livestock is valued according to age on a basis which approximates to the cost of rearing the animals to their respective stage of development. All other stocks are valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
JAMES A GIBSON & CO (COWGROVE) LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 November 2015
2,426,630
Additions
74,220
Disposals
(60,450)
At 31 October 2016
2,440,400
Depreciation
At 1 November 2015
547,410
On disposals
(17,575)
Charge for the year
37,990
At 31 October 2016
567,825
Net book value
At 31 October 2016
1,872,575
At 31 October 2015
1,879,221
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £31,350 (2015 - £31,421).
4
Creditors: amounts falling due after more than one year
2016
2015
£
£
Analysis of loans repayable in more than five years
Total amounts repayable by instalments which are due in more than five years
336,875
467,282
The aggregate amount of creditors for which security has been given amounted to £493,625 (2015 - £624,387).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
7,500 Ordinary shares of £1 each
7,500
7,500