Grid Tools Limited - Abbreviated accounts

GRID TOOLS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2015

































Company Registration Number: 05280144

GRID TOOLS LIMITED

ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2015


CONTENTS									PAGES



Company information									1

Balance sheet									2 to 3

Notes to the abbreviated financial statements									4 to 6

GRID TOOLS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2015


DIRECTORS

P G Blundell
D H Price


SECRETARY

P G Blundell


REGISTERED OFFICE

11 Oasis Park
Stanton Harcourt Road
Eynsham
Witney
Oxfordshire
OX29 4TP


COMPANY REGISTRATION NUMBER

05280144 England and Wales

GRID TOOLS LIMITED

BALANCE SHEET
AS AT 28 February 2015


	Notes	2015			2014
		£			£

FIXED ASSETS
Tangible assets	2			39,569		36,322
Investments	3			647		597


				40,216		36,919

CURRENT ASSETS
Debtors		577,721			405,317
Cash at bank and in hand		712,965			498,943


		1,290,686			904,260

CREDITORS: Amounts falling due		1,208,305			836,618
within one year


NET CURRENT ASSETS				82,381		67,642


TOTAL ASSETS LESS CURRENT LIABILITIES				122,597		104,561

Provisions for liabilities and charges				7,873		7,771


NET ASSETS				114,724		96,790



CAPITAL AND RESERVES
Called up share capital	4			1,169		1,169
Capital redemption reserve				501		501
Profit and loss account				113,054		95,120


SHAREHOLDERS' FUNDS				114,724		96,790



These abbreviated accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

For the financial year ended 28 February 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

Members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Signed on behalf of the board of directors


P G Blundell			D H Price
Director			Director

Date approved by the board: 19 May 2015

GRID TOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2015


1	STATEMENT OF ACCOUNTING POLICIES

	Accounting convention

	The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and are based on accounts prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

	Turnover

	Turnover represents the amounts receivable for services rendered during the period, stated net of trade discounts and value added tax.

	Tangible fixed assets

	Fixed assets are stated at cost, except for investments which has been included at a valuation, less accumulated depreciation.

	Depreciation has been provided at the following rates so as to write off the cost less residual value of the assets over their estimated useful lives.

	Computer equipment	Straight line basis over three years
	Office equipment	Straight line basis over three years

	Investments

	Fixed asset investments are shown at cost less provision for permanent diminution in value.

	Financial instruments

	Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

	Deferred taxation

	Deferred taxation is the taxation attributable to timing differences between profits computed for taxation purposes and profits as stated in the financial statements and is fully provided for, except in circumstances where losses are deemed irrecoverable, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

	Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.


	Pensions

	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
1	STATEMENT OF ACCOUNTING POLICIES (continued…)

	Foreign currencies

	Transactions in foreign currencies are translated at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Exchange differences are taken into account in arriving at the operating profit or loss.

	Consolidation

	The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has therefore taken advantage of the option provided by section 398 of the Companies Act 2006 not to prepare group accounts.

2	TANGIBLE ASSETS
						Tangible assets
						£
	Cost
	At 1 March 2014					101,988

	Additions					24,187

	Disposals					(45,948)


	At 28 February 2015					80,227


	Accumulated depreciation
	At 1 March 2014					65,666

	Charge for year					20,940

	Disposals					(45,948)


	At 28 February 2015					40,658


	Net book value
	At 1 March 2014					36,322


	At 28 February 2015					39,569


3	FIXED ASSET INVESTMENTS
					Investments
						£
	Cost
	At 1 March 2014					597

	Revaluation					50


	At 28 February 2015					647


	Net book value
	At 1 March 2014					597


	At 28 February 2015					647


	Capital and reserves of Grid Tools Inc			2015		2014
				£		£
	Called up share capital			647		597
	Profit and loss account			65,209		53,142


	Shareholder's funds			65,856		53,739


	Profit / (loss) for the financial year			7,571		(43,379)
	Exchange difference on opening reserves			4,546		(10,084)


				12,117		(53,463)


	The capital and reserves of Grid Tools Inc are based on draft accounts for the year ended 28 February 2015. These have been converted using the exchange rate at the balance sheet date.

4	SHARE CAPITAL
		Nominal value	Number	2015		2014
		£		£		£
	Allotted, called up and fully paid:
	Ordinary shares	0.001	1,169,000	1,169		1,169