REGISTERED NUMBER: 00975956 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

A & J GOUGH LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

K Barnett

SECRETARY:

Mrs S Barnett

REGISTERED OFFICE:

Suite 7, Mason Yard

177 Westbourne Street

Hove

East Sussex

BN3 5FB

REGISTERED NUMBER:

00975956 (England and Wales)

ACCOUNTANTS:

Haines & Co

Chartered Accountants

Carlton House

28/29 Carlton Terrace

Portslade

East Sussex

BN41 1UR

SOLICITORS:

Deibel & Allen

10 Franklin Road

Portslade

East Sussex

FIXED ASSETS

Tangible assets

4

21,860

4,267

CURRENT ASSETS

Stocks

5

22,963

19,571

Debtors

6

18,888

25,039

Cash at bank

3,945

18,247

45,796

62,857

CREDITORS

Amounts falling due within one year

7

77,186

60,723

NET CURRENT (LIABILITIES)/ASSETS

(31,390

)

2,134

TOTAL ASSETS LESS CURRENT LIABILITIES

(9,530

)

6,401

CREDITORS

Amounts falling due after more than one year

8

26,070

27,348

NET LIABILITIES

(35,600

)

(20,947

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(35,700

)

(21,047

)

SHAREHOLDERS' FUNDS

(35,600

)

(20,947

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 7 December 2017 and were signed by:

K Barnett - Director

1.	STATUTORY INFORMATION

A & J Gough Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Changes in accounting policies

The entity transitioned from previously extant UK GAAP to FRS 102 as at 1 April 2016. Details of how FRS

102 has affected the reported financial position and financial performance is given in note 10.

Turnover

Turnover, which is stated net of value added tax, represents amounts invoiced to third parties, except for contracts

in progress over the year end where turnover represents the value of work done in the year including estimates in

respect of amounts not invoiced.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

33% on cost and 20% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2016

8,650

74,477

2,135

85,262

Additions

-

24,245

-

24,245

At 31 March 2017

8,650

98,722

2,135

109,507

DEPRECIATION

At 1 April 2016

8,650

70,335

2,010

80,995

Charge for year

-

6,603

49

6,652

At 31 March 2017

8,650

76,938

2,059

87,647

NET BOOK VALUE

At 31 March 2017

-

21,784

76

21,860

At 31 March 2016

-

4,142

125

4,267

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2016

30,880

Additions

13,995

At 31 March 2017

44,875

DEPRECIATION

At 1 April 2016

30,880

Charge for year

2,914

At 31 March 2017

33,794

NET BOOK VALUE

At 31 March 2017

11,081

At 31 March 2016

-

5.

STOCKS

2017

2016

£

£

Finished goods & raw materials

13,612

14,053

Work-in-progress

9,351

5,518

22,963

19,571

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

18,888

25,039

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

2,956

2,956

Hire purchase contracts

2,286

-

Trade creditors

13,832

17,006

Taxation and social security

6,789

5,360

Other creditors

51,323

35,401

77,186

60,723

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

22,070

27,348

Hire purchase contracts

4,000

-

26,070

27,348

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

11,070

16,348

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

25,026

30,304

Hire purchase contracts

6,286

-

31,312

30,304

The bank overdraft of the company is secured by a fixed and floating charge on the assets of the company .

The bank loan bears interest at 8.75%, is repayable in monthly instalments of £646 and is secured by an all

monies guarantee of Mr & Mrs K Barnett.

10.	FIRST YEAR ADOPTION

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2016. There are no

adjustments arising from this transition to the total equity previously reported by the Company under UK GAAP

as at 1 April 2016 or 31 March 2017, and no adjustment to the income or costs reported for the year ended 31

March 2017. Accordingly no reconciliations have been disclosed.