Mullacott Caravan and Marine Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 00371064 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

FOR

MULLACOTT CARAVAN AND MARINE LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

R E Donovan

Mrs J P Donovan

B G Donovan

T A Donovan

SECRETARY:

R E Donovan

REGISTERED OFFICE:

The Custom House

The Strand

Barnstaple

Devon

EX31 1EU

REGISTERED NUMBER:

00371064 (England and Wales)

ACCOUNTANTS:

Perrins Limited

Chartered Accountants

The Custom House

The Strand

Barnstaple

Devon

EX31 1EU

FIXED ASSETS

Intangible assets

2

-

1,000

Tangible assets

3

306,205

320,247

306,205

321,247

CURRENT ASSETS

Stocks

221,244

206,469

Debtors

4

121,206

154,928

Cash at bank and in hand

63,239

13,615

405,689

375,012

CREDITORS

Amounts falling due within one year

5

501,306

519,964

NET CURRENT LIABILITIES

(95,617

)

(144,952

)

TOTAL ASSETS LESS CURRENT LIABILITIES

210,588

176,295

CREDITORS

Amounts falling due after more than one year

5

121,847

142,582

NET ASSETS

88,741

33,713

CAPITAL AND RESERVES

Called up share capital

6

2,360

2,360

Capital redemption reserve

1,292

1,292

Profit and loss account

85,089

30,061

SHAREHOLDERS' FUNDS

88,741

33,713

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved and authorised for issue by the Board of Directors on 20 July 2015 and were signed on its behalf by:

B G Donovan - Director

T A Donovan - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods and services, excluding value added tax.

Intangible fixed assets

Intangible fixed assets are amortised evenly over a period of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Short leasehold

-

2% on cost

Plant and machinery

-

10% on cost

Motor vehicles

-

20% on reducing balance

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items. Cost includes all direct expenditure.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date. Deferred tax is calculated on an undiscounted basis.

The deferred tax asset is recognised as it is considered by the directors that the company will have suitable

taxable profits in the future from which the future reversal of the underlying timing difference can be deducted.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

Going concern

The directors have considered the financial position of the company for the twelve months from the date of

approving these accounts. They have been prepared on the going concern basis.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

and 31 December 2014

3,000

AMORTISATION

At 1 January 2014

2,000

Amortisation for year

1,000

At 31 December 2014

3,000

NET BOOK VALUE

At 31 December 2014

-

At 31 December 2013

1,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

448,697

Additions

2,906

Disposals

(421

)

At 31 December 2014

451,182

DEPRECIATION

At 1 January 2014

128,450

Charge for year

16,527

At 31 December 2014

144,977

NET BOOK VALUE

At 31 December 2014

306,205

At 31 December 2013

320,247

Included in the above figures are assets held on finance leases amounting to £14,334 (2013 £18,339).

4.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 86,812 (2013 - £ 120,952 )

5.

CREDITORS

Creditors include an amount of £ 129,060 (2013 - £ 145,740 ) for which security has been given.

They also include the following debts falling due in more than five years:

2014

2013

£

£

Repayable by instalments

29,060

45,740

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

610

Ordinary

£1

610

610

1,750

Preference

£1

1,750

1,750

2,360

2,360

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £54,900 (2013 - £54,900) were paid to the directors .

R E Donovan

At the balance sheet date the company owed the director £3,198 (2013 £3,048).

Mrs J P Donovan

At the balance sheet date the company owed the director £11,501 (2013 £9,351).

T A Donovan

At the balance sheet date the company owed the director £146,530 (2013 £147,055)

B G Donovan

At the balance sheet date the company owed the director £82,783 (2013 £89,733)

8.	PENSION SCHEME

During the year the company paid pension contributions of £8,584 ( 2013 - £8,442) to defined contribution

schemes for the benefit of the directors. No amounts were owing or prepaid at the balance sheet date (2013 -£nil)

in respect of these contributions.

9.	GOING CONCERN

The financial statements have been prepared on the basis that the company is a going concern and that it will be

in a position to continue to trade and to meet its obligations for a period of at least twelve months from the date

of directors' approval of the financial statements.

The directors have reviewed the results of the company during the period since the balance sheet date and

consider that there have been no additional material post balance sheet events that would have affected the

results at the balance sheet date.

The directors, being suitably knowledgeable and experienced, consider that the company will be able to continue

in its operations for a period of at least twelve months from the date of their approval of the financial statements.

In arriving at this opinion, the directors have considered the current economic climate, specific conditions

affecting the industry and the availability of future bank funding facilities. The directors consider that the going

concern basis is appropriate for the preparation of the financial statements.