Company Registration No. 07515313 (England and Wales)
GADGET EXPRESS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2015
GADGET EXPRESS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
GADGET EXPRESS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
28 FEBRUARY 2015
28 February 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
9,140
11,980
Current assets
Stocks
132,407
111,577
Debtors
3,948
33,848
Cash at bank and in hand
203,209
74,254
339,564
219,679
Creditors: amounts falling due within one year
(216,710)
(118,398)
Net current assets
122,854
101,281
Total assets less current liabilities
131,994
113,261
Provisions for liabilities
(1,828)
(811)
130,166
112,450
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
130,164
112,448
Shareholders' funds
130,166
112,450
GADGET EXPRESS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2015
28 February 2015
- 2 -
For the financial year ended 28 February 2015 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 27 November 2015
J S Slater
Director
Company Registration No. 07515313
GADGET EXPRESS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2015
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
33% straight line basis
Fixtures, fittings & equipment
25% straight line basis
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
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.
1.7
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.
GADGET EXPRESS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2015
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 March 2014
24,204
Additions
2,713
At 28 February 2015
26,917
Depreciation
At 1 March 2014
12,224
Charge for the year
5,553
At 28 February 2015
17,777
Net book value
At 28 February 2015
9,140
At 28 February 2014
11,980
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
4
Related party relationships and transactions
Directors loans
Transactions in relation to loans (to)/from directors during the year are aggregated in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
J S Slater - Loan (to)/from director
-
(298)
-
-
-
(298)
(298)
-
-
-
(298)
The above loan is included within other debtors.