Mathews and Co Limited - Period Ending 2014-05-31

Registration number: 07649598

Mathews and Co Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2014
 

Leslie Dark & Co
Chartered Accountants
43 Old Street
CLEVEDON
North Somerset
BS21 6DA

Mathews and Co Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Mathews and Co Limited
for the Year Ended 31 May 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mathews and Co Limited for the year ended 31 May 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Mathews and Co Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mathews and Co Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mathews and Co Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mathews and Co Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mathews and Co Limited. You consider that Mathews and Co Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Mathews and Co Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Leslie Dark & Co
Chartered Accountants
43 Old Street
CLEVEDON
North Somerset
BS21 6DA

25 February 2015

Page 1

Mathews and Co Limited
(Registration number: 07649598)
Abbreviated Balance Sheet at 31 May 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					4,063			5,315
Current assets
Debtors					28,720			1,653
Cash at bank and in hand					98,984			19,923
					127,704			21,576
Creditors: Amounts falling due within one year					(52,976)			(7,474)
Net current assets					74,728			14,102
Total assets less current liabilities					78,791			19,417
Provisions for liabilities					(812)			(1,063)
Net assets					77,979			18,354
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					77,978			18,353
Shareholders' funds					77,979			18,354

For the year ending 31 May 2014 the company was entitled to exemption 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 25 February 2015

.........................................
D J Mathews
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Mathews and Co Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% straight line
Office equipment	25% straight line

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Mathews and Co Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2013		6,895			6,895
Additions		630			630
At 31 May 2014		7,525			7,525
Depreciation
At 1 June 2013		1,580			1,580
Charge for the year		1,882			1,882
At 31 May 2014		3,462			3,462
Net book value
At 31 May 2014		4,063			4,063
At 31 May 2013		5,315			5,315

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		1			1			1			1

4	Related party transactions

Director's advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
D J Mathews
During the year the director received dividends of	10,674	-	42,160	-

Page 4