Company Registration No. SC315853 (Scotland)
Gorman & Smith Ltd
Unaudited accounts
for the period from 1 April 2016 to 30 April 2017
Gorman & Smith Ltd
Unaudited accounts
Contents
Gorman & Smith Ltd
Company Information
for the period from 1 April 2016 to 30 April 2017
Directors
Mr Arthur Wallace
Mrs Marian Wallace
Claire Smith
Amanda Gorman
Company Number
SC315853 (Scotland)
Registered Office
C/O Scottish Tax Bureau
94 Hope Street
Glasgow
G2 6PH
UK
Accountants
Scottish Tax Bureau
94 Hope Street
Glasgow
G2 6PH
Gorman & Smith Ltd
Statement of financial position
as at 30 April 2017
Intangible assets
17,780
17,780
Tangible assets
4,527
5,659
Cash at bank and in hand
42,320
46,434
Creditors: amounts falling due within one year
(69,855)
(59,298)
Net current liabilities
(22,207)
(4,972)
Called up share capital
100
100
Profit and loss account
-
18,367
Shareholders' funds
100
18,467
For the period ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities.
Approved by the Board on 15 June 2017.
Mrs Marian Wallace
Director
Company Registration No. SC315853
Gorman & Smith Ltd
Notes to the Accounts
for the period from 1 April 2016 to 30 April 2017
Gorman & Smith Ltd is a private company, limited by shares, registered in Scotland, registration number SC315853. The principal place of business is 21-23 Hairst Street, Renfrew, PA4 8QU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the period from 1 April 2016 to 30 April 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing Balance
Fixtures & fittings
20% reducing Balance
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Gorman & Smith Ltd
Notes to the Accounts
for the period from 1 April 2016 to 30 April 2017
4
Intangible fixed assets
Other
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 April 2016
12,707
13,293
26,000
At 30 April 2017
12,707
13,293
26,000
At 1 April 2016
8,832
11,509
20,341
Charge for the period
775
357
1,132
At 30 April 2017
9,607
11,866
21,473
At 30 April 2017
3,100
1,427
4,527
At 31 March 2016
3,875
1,784
5,659
Finished goods
5,328
7,892
7
Creditors: amounts falling due within one year
2017
2016
Trade creditors
7,619
5,564
Corporation tax
3,798
7,525
Other taxes and social security costs
4,382
4,561
Loans from directors
54,056
41,648
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Gorman & Smith Ltd
Notes to the Accounts
for the period from 1 April 2016 to 30 April 2017
9
Average number of employees
During the period the average number of employees was 10 (2016: 10).