Abbreviated Company Accounts - MG GRANITE LTD

Registered Number 07335052

MG GRANITE LTD

Abbreviated Accounts

31 August 2014

MG GRANITE LTD Registered Number 07335052

Abbreviated Balance Sheet as at 31 August 2014

	Notes	2014	2013
		£	£
Fixed assets
Tangible assets	2	18,228	30,978
		18,228	30,978
Current assets
Stocks		32,308	25,500
Debtors		218	213
Cash at bank and in hand		37,647	11,011
		70,173	36,724
Creditors: amounts falling due within one year		(79,160)	(55,285)
Net current assets (liabilities)		(8,987)	(18,561)
Total assets less current liabilities		9,241	12,417
Total net assets (liabilities)		9,241	12,417
Capital and reserves
Called up share capital		100	100
Profit and loss account		9,141	12,317
Shareholders' funds		9,241	12,417

For the year ending 31 August 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 8 April 2015

And signed on their behalf by:
Pawel Bogdanowicz, Director

MG GRANITE LTD Registered Number 07335052

Notes to the Abbreviated Accounts for the period ended 31 August 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the
Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
Turnover represents the value, net of value added tax and discounts, of goods provided to
customers and work carried out in respect of services provided to customers.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their
estimated useful lives.
Plant and machinery 20% straight line
Motor vehicles 20% straight line

Other accounting policies
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the
recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred
taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the
periods when the timing differences will reverse.

Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of
exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where
substantially all the risks and rewards of ownership of the asset have passed to the company, are
capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease
or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to the profit and loss account over the
period of the lease and represents a constant proportion of the balance of capital repayments
outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

2Tangible fixed assets

	£
Cost
At 1 September 2013	66,631
Additions	720
Disposals	-
Revaluations	-
Transfers	-
At 31 August 2014	67,351
Depreciation
At 1 September 2013	35,653
Charge for the year	13,470
On disposals	-
At 31 August 2014	49,123
Net book values
At 31 August 2014	18,228
At 31 August 2013	30,978