Draft Financial Statements
Company Registration No. 07515313 (England and Wales)
GADGET EXPRESS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
Draft Financial Statements
GADGET EXPRESS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
Draft Financial Statements
GADGET EXPRESS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
29 FEBRUARY 2016
29 February 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
5,727
9,140
Current assets
Stocks
135,336
132,407
Debtors
4,529
3,948
Cash at bank and in hand
181,739
203,209
321,604
339,564
Creditors: amounts falling due within one year
(210,968)
(216,710)
Net current assets
110,636
122,854
Total assets less current liabilities
116,363
131,994
Provisions for liabilities
(1,145)
(1,828)
115,218
130,166
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
115,216
130,164
Shareholders' funds
115,218
130,166
Draft Financial Statements
GADGET EXPRESS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2016
29 February 2016
- 2 -
For the financial year ended 29 February 2016 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 30 November 2016
J S Slater
Director
Company Registration No. 07515313
Draft Financial Statements
GADGET EXPRESS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
- 3 -
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 January 2015).
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. Income is recognised on the despatch of goods to customers.
Income is recognised on the despatch of goods to customers.
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.
Draft Financial Statements
GADGET EXPRESS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 March 2015
26,917
Additions
2,325
At 29 February 2016
29,242
Depreciation
At 1 March 2015
17,777
Charge for the year
5,738
At 29 February 2016
23,515
Net book value
At 29 February 2016
5,727
At 28 February 2015
9,140
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
Draft Financial Statements
GADGET EXPRESS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2016
- 5 -
4
Related party relationships and transactions
Advances and credits to directors
Transactions in relation to loans to the directors during the year are aggregated in the table below:
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
J S Slater - Loan (to)/from director
-
298
186
-
298
186
298
186
-
298
186
The above loan is included within other debtors.