MCJ Fabrications Limited - Period Ending 2014-12-31

Registration number: 08546385

MCJ Fabrications Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Fox Jennings Cullen
Accountants & Business Advisers
Tarn House
77 High Street
Yeadon
Leeds
West Yorkshire
LS19 7SP

MCJ Fabrications Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

MCJ Fabrications Limited
(Registration number: 08546385)
Abbreviated Balance Sheet at 31 December 2014

		Note			31 December 2014 £			31 December 2013 £
Fixed assets
Intangible fixed assets					71,288			90,488
Tangible fixed assets					45,731			16,000
					117,019			106,488
Current assets
Stocks					4,485			23,775
Debtors					694,444			516,739
Cash at bank and in hand					114,526			33,742
					813,455			574,256
Creditors: Amounts falling due within one year					(770,500)			(601,090)
Net current assets/(liabilities)					42,955			(26,834)
Total assets less current liabilities					159,974			79,654
Creditors: Amounts falling due after more than one year					(13,461)			(33,652)
Provisions for liabilities					(5,936)			(3,200)
Net assets					140,577			42,802
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					140,477			42,702
Shareholders' funds					140,577			42,802

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

MCJ Fabrications Limited
(Registration number: 08546385)
Abbreviated Balance Sheet at 31 December 2014
......... continued

For the year ending 31 December 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 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 in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 30 March 2015 and signed on its behalf by:

.........................................
M K Fortune
Director

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

MCJ Fabrications Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 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.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	Over 5 years

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
Plant and machinery	20% reducing balance
Office equipment	20% reducing balance
Motor vehicles	25% reducing balance

Long term contracts

Revenue from long term contracts is recognised by stage of completion. Stage of completion is measured by reference to costs incurred to date as a percentage of total estimated costs for each contract. Where the contract outcome cannot be measured reliably, revenue is measured only to the extent of the expenses recognised that are recoverable. Full provision is made for losses on all contracts in the year in which they are first foreseen.

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.

Page 3

MCJ Fabrications Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2014		96,951			20,100			117,051
Additions		-			35,126			35,126
At 31 December 2014		96,951			55,226			152,177
Depreciation
At 1 January 2014		6,463			4,100			10,563
Charge for the year		19,200			5,395			24,595
At 31 December 2014		25,663			9,495			35,158
Net book value
At 31 December 2014		71,288			45,731			117,019
At 31 December 2013		90,488			16,000			106,488

3	Share capital

Allotted, called up and fully paid shares

	31 December 2014						31 December 2013
		No.			£			No.			£
Ordinary shares of £1 each		-			-			100			100
'A' ordinary shares of £1 each		60			60			-			-
'B' ordinary shares of £1 each		20			20			-			-
'C' ordinary shares of £1 each		20			20			-			-
		100			100			100			100

Page 4