Abbreviated Company Accounts - MASTER TAILOR LIMITED

MASTER TAILOR LIMITED - Company Information

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Registered Number 02587407

MASTER TAILOR LIMITED

Abbreviated Accounts

31 December 2014

MASTER TAILOR LIMITED Registered Number 02587407

Abbreviated Balance Sheet as at 31 December 2014

	Notes	2014	2013
		£	£
Fixed assets
Tangible assets	2	2,696	3,690
		2,696	3,690
Current assets
Stocks		161	2,740
Debtors		11,966	14,559
Cash at bank and in hand		577	10,134
		12,704	27,433
Creditors: amounts falling due within one year		(17,549)	(25,840)
Net current assets (liabilities)		(4,845)	1,593
Total assets less current liabilities		(2,149)	5,283
Creditors: amounts falling due after more than one year		(1,900)	(4,253)
Total net assets (liabilities)		(4,049)	1,030
Capital and reserves
Called up share capital	3	1,000	1,000
Profit and loss account		(5,049)	30
Shareholders' funds		(4,049)	1,030

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 14 September 2015

And signed on their behalf by:
H L Rose, Director

MASTER TAILOR LIMITED Registered Number 02587407

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

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards.

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT.

Tangible assets depreciation policy
Depreciation of tangible fixed assets is provided on cost over their estimated useful lives. The annual rates and methods of depreciation are as follows:-
Fixtures, fittings & equipment - 20%-33.3% reducing balance basis

Other accounting policies
Going concern
The accounts have been prepared on a going concern basis which the director considers appropriate.

Cash flow statement
The company qualifies as a small company under the Companies Act 2006. The director has elected to take advantage of the exemption under FRS1 not to prepare a cash flow statement.

Stock
Stock is valued at the lower of cost and net realisable value.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date. Deferred tax is not recognised when assets are revalued unless, by the balance sheet date, the company has entered into a binding agreement to sell the assets and recognised the gains or losses expected to arise on sale.

2Tangible fixed assets

	£
Cost
At 1 January 2014	16,813
Additions	596
Disposals	(1,791)
Revaluations	-
Transfers	-
At 31 December 2014	15,618
Depreciation
At 1 January 2014	13,123
Charge for the year	1,142
On disposals	(1,343)
At 31 December 2014	12,922
Net book values
At 31 December 2014	2,696
At 31 December 2013	3,690

3Called Up Share Capital
Allotted, called up and fully paid:

	2014 £	2013 £
1,000 Ordinary shares of £1 each	1,000	1,000

4Transactions with directors

Name of director receiving advance or credit:	H L Rose
Description of the transaction:	Interest free loan
Balance at 1 January 2014:	£ 0
Advances or credits made:	£ 27,589
Advances or credits repaid:	£ 21,178
Balance at 31 December 2014:	£ 6,411