Company Registration No. SC350815 (Scotland)
ABI GRIST LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2014
ABI GRIST LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABI GRIST LTD
ABBREVIATED BALANCE SHEET
- 1 -
2014
2012
Notes
£
£
£
£
Fixed assets
Tangible assets
2
42
363
Current assets
Debtors
5,466
11,774
Cash at bank and in hand
389
9,922
5,855
21,696
Creditors: amounts falling due within one year
(4,586)
(12,304)
Net current assets
1,269
9,392
Total assets less current liabilities
1,311
9,755
Capital and reserves
Called up share capital
3
50
50
Profit and loss account
1,261
9,705
Shareholders' funds
1,311
9,755
For the financial period ended 31 May 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
-
The director acknowledges his 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 11 December 2014
Miss Abigail Grist
Director
Company Registration No. SC350815
ABI GRIST LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 MAY 2014
- 2 -
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 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 25%
Straight Line
2
Fixed assets
Tangible assets
£
Cost
At 1 December 2012 & at 31 May 2014
1,118
Depreciation
At 1 December 2012
755
Charge for the period
321
At 31 May 2014
1,076
Net book value
At 31 May 2014
42
At 30 November 2012
363
3
Share capital
2014
2012
£
£
Allotted, called up and fully paid
50 Ordinary of £1 each
50
50
4
Related party relationships and transactions
ABI GRIST LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2014
4
Related party relationships and transactions
(Continued)
- 3 -
Loans to directors
During the year the company advanced an interest free loan to the Director as indicated in the table below.
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Loan to Director
-
1,300
3,630
-
-
4,930
1,300
3,630
-
-
4,930