Company Registration No. SC315853 (Scotland)
Gorman & Smith Ltd
Unaudited accounts
for the year ended 30 April 2018
Gorman & Smith Ltd
Unaudited accounts
Contents
Gorman & Smith Ltd
Company Information
for the year ended 30 April 2018
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 2018
Intangible assets
17,780
17,780
Tangible assets
7,181
4,527
Cash at bank and in hand
9,684
42,320
Creditors: amounts falling due within one year
(26,122)
(69,855)
Net current liabilities
(7,349)
(22,207)
Called up share capital
100
100
Profit and loss account
17,512
-
Shareholders' funds
17,612
100
For the year ending 30 April 2018 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. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 15 June 2018.
Claire Smith
Director
Company Registration No. SC315853
Gorman & Smith Ltd
Notes to the Accounts
for the year ended 30 April 2018
Gorman & Smith Ltd is a private company, limited by shares, registered in Scotland, registration number SC315853. The registered office is C/O Scottish Tax Bureau, 94 Hope Street, Glasgow, G2 6PH, UK.
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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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.
4
Intangible fixed assets
Other
Gorman & Smith Ltd
Notes to the Accounts
for the year ended 30 April 2018
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 May 2017
12,707
13,293
26,000
At 30 April 2018
17,155
13,293
30,448
At 1 May 2017
9,607
11,866
21,473
Charge for the year
1,509
285
1,794
At 30 April 2018
11,116
12,151
23,267
At 30 April 2018
6,039
1,142
7,181
At 30 April 2017
3,100
1,427
4,527
Finished goods
9,089
5,328
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Creditors: amounts falling due within one year
2018
2017
Trade creditors
2,664
7,619
Taxes and social security
11,558
8,180
Loans from directors
11,900
54,056
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Average number of employees
During the year the average number of employees was 11 (2017: 10).