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COMPANY REGISTRATION NUMBER: SC530451
Gardiner Waters Limited
Filleted Unaudited Financial Statements
For the period ended
31 March 2017
Gardiner Waters Limited
Financial Statements
Period from 23 March 2016 to 31 March 2017
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Gardiner Waters Limited
Officers and Professional Advisers
The board of directors
Mr A S Waters
Mr C Gardiner
Registered office
12 Ingleston Avenue
Thornliebank
Glasgow
Scotland
G46 7ES
Accountants
Stranville John
Chartered Certified Accountants
First Floor
80 High Street
Johnstone
Renfrewshire
PA5 8SP
Bankers
Santander
Customer Service Centre
Bootle
Merseyside
L30 4GB
Gardiner Waters Limited
Statement of Financial Position
31 March 2017
31 Mar 17
Note
£
£
Fixed assets
Intangible assets
5
1,050
Tangible assets
6
1,459
-------
2,509
Current assets
Debtors
7
1,650
Cash at bank and in hand
116,258
---------
117,908
Creditors: amounts falling due within one year
8
119,529
---------
Net current liabilities
1,621
-------
Total assets less current liabilities
888
----
Net assets
888
----
Capital and reserves
Called up share capital
9
100
Profit and loss account
788
----
Members funds
888
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 March 2017 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 period 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 .
Gardiner Waters Limited
Statement of Financial Position (continued)
31 March 2017
These financial statements were approved by the board of directors and authorised for issue on 8 August 2017 , and are signed on behalf of the board by:
Mr C Gardiner
Director
Company registration number: SC530451
Gardiner Waters Limited
Notes to the Financial Statements
Period from 23 March 2016 to 31 March 2017
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 12 Ingleston Avenue, Thornliebank, Glasgow, G46 7ES, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on a going concern basis, under the historical cost basis, as modified by the revaluation of certain financial assets and liabilities, measured at fair value through profit or loss. The financial statements have been prepared on a going concern basis, under the historical cost basis, as modified by the revaluation of certain financial assets and liabilities, measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the directors, the company has adequate resources to continue in operational existence for the foreseeable future with their support and that of short term creditors.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions which affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events, which are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax, which is recognised on taxable profit for the current and past period, is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured, on an undiscounted basis, using the tax rates and laws that have been enacted or substantively enacted by the reporting date which are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its residual value, over the estimated useful economic life of that asset as follows:
Computer software
-
25 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the estimated useful economic life of that asset as follows:
Fixtures and equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 .
5. Intangible assets
Computer software
£
Cost
Additions
1,200
-------
At 31 March 2017
1,200
-------
Amortisation
Charge for the period
150
-------
At 31 March 2017
150
-------
Carrying amount
At 31 March 2017
1,050
-------
6. Tangible assets
Fixtures and equipment
Total
£
£
Cost
Additions
1,605
1,605
-------
-------
At 31 March 2017
1,605
1,605
-------
-------
Depreciation
Charge for the period
146
146
-------
-------
At 31 March 2017
146
146
-------
-------
Carrying amount
At 31 March 2017
1,459
1,459
-------
-------
7. Debtors
31 Mar 17
£
Trade debtors
1,650
-------
8. Creditors: amounts falling due within one year
31 Mar 17
£
Trade creditors
355
Corporation tax
10,264
Social security and other taxes
117
Other creditors
108,793
---------
119,529
---------
Included within other creditors is £89,013 which is secured over the deposits held with Safe Deposits Scotland and My Deposits Scotland.
9. Called up share capital
Issued, called up and fully paid
31 Mar 17
No.
£
Ordinary shares of £ 1 each
100
100
----
----
Share movements
No.
£
Ordinary
At 23 March 2016
Issue of shares
100
100
----
----
At 31 March 2017
100
100
----
----
10. Directors' advances, credits and guarantees
As at 31 March 2017, the directors had advanced the total sum of £327 to the company. No interest is charged on this unsecured loan which is repayable on demand.
11. Related party transactions
During the period, dividends of £20,990 were paid to the director, Mr C Gardiner . During the period, dividends of £20,167 were paid to the director, Mr A Waters.