Registered number
04677898
Trevor Gaskell & Son Limited
Unaudited Filleted Accounts
For the Year Ended
30 April 2018
Trevor Gaskell & Son Limited
Registered number: 04677898
Balance Sheet
as at 30 April 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 3 11,250 13,500
Tangible assets 4 20,691 11,634
31,941 25,134
Current assets
Stocks 5,100 5,100
Debtors 5 11,629 644
Cash at bank and in hand 22,270 5,559
38,999 11,303
Creditors: amounts falling due within one year 6 (35,036) (31,762)
Net current assets/(liabilities) 3,963 (20,459)
Total assets less current liabilities 35,904 4,675
Creditors: amounts falling due after more than one year 7 (19,167) -
Provisions for liabilities (2,371) (2,210)
Net assets 14,366 2,465
Capital and reserves
Called up share capital 4 4
Profit and loss account 14,362 2,461
Shareholders' funds 14,366 2,465
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T Gaskell
Director
Approved by the board on 31 October 2018
Trevor Gaskell & Son Limited
Notes to the Accounts
for the year ended 30 April 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers over 3 years
Plant and machinery 10% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2017 45,000
At 30 April 2018 45,000
Amortisation
At 1 May 2017 31,500
Provided during the year 2,250
At 30 April 2018 33,750
Net book value
At 30 April 2018 11,250
At 30 April 2017 13,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2017 17,861 3,250 21,111
Additions 1,443 11,017 12,460
Disposals - (2,500) (2,500)
At 30 April 2018 19,304 11,767 31,071
Depreciation
At 1 May 2017 7,852 1,625 9,477
Charge for the year 1,481 614 2,095
On disposals - (1,192) (1,192)
At 30 April 2018 9,333 1,047 10,380
Net book value
At 30 April 2018 9,971 10,720 20,691
At 30 April 2017 10,009 1,625 11,634
5 Debtors 2018 2017
£ £
Trade debtors 11,054 -
Other debtors 575 644
11,629 644
6 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 5,000 -
Trade creditors 14,740 9,322
Corporation tax 9,850 6,361
Other taxes and social security costs 4,399 1,411
Other creditors 1,047 14,668
35,036 31,762
7 Creditors: amounts falling due after one year 2018 2017
£ £
Bank loans 19,167 -
8 Other information
Trevor Gaskell & Son Limited is a private company limited by shares and incorporated in England. Its registered office is:
3 Collin Road
Kendal
Cumbria
LA9 5HN
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