M B Clarke & Sons Limited - Period Ending 2014-10-31

Registration number: 06697176

M B Clarke & Sons Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2014
 

C V Ross & Co Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

M B Clarke & Sons Limited
(Registration number: 06697176)
Abbreviated Balance Sheet at 31 October 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					8,291			5,253
Current assets
Stock and work in progress					16,516			1,994
Debtors					16,874			13,945
Cash at bank and in hand					4,395			6,016
					37,785			21,955
Creditors: Amounts falling due within one year					(44,100)			(25,628)
Net current liabilities					(6,315)			(3,673)
Total assets less current liabilities					1,976			1,580
Provisions for liabilities					(1,658)			-
Net assets					318			1,580
Capital and reserves
Called up share capital					100			100
Profit and loss account					218			1,480
Shareholders' funds					318			1,580

The notes on pages 3 to 4 form an integral part of these financial statements.
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M B Clarke & Sons Limited
(Registration number: 06697176)
Abbreviated Balance Sheet at 31 October 2014
......... continued

For the year ending 31 October 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 28 June 2015 and signed on its behalf by:

.........................................
Mr I Clarke
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
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M B Clarke & Sons Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 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% reducing balance
Plant and machinery	25% reducing balance

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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.

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.

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M B Clarke & Sons Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2013		9,494			9,494
Additions		5,867			5,867
At 31 October 2014		15,361			15,361
Depreciation
At 1 November 2013		4,241			4,241
Charge for the year		2,829			2,829
At 31 October 2014		7,070			7,070
Net book value
At 31 October 2014		8,291			8,291
At 31 October 2013		5,253			5,253

3	Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

Mr M Clarke (Director and 50% shareholder) Rent of £560 was paid to the director in the period (2013 - £560) . At the balance sheet date the amount due to Mr M Clarke was £nil (2013 - £nil).

Mr I Clarke (Director and 50% shareholder) Rent of £560 was paid to the director in the period (2013 - £560) . At the balance sheet date the amount due to Mr I Clarke was £nil (2013 - £nil).

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