Monmouth Scientific Limited - Period Ending 2015-03-31

Registration number: 04716008

Monmouth Scientific Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Monmouth Scientific Limited
Contents

Page

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Monmouth Scientific Limited
(Registration number: 04716008)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					159,069			186,806
Current assets
Stocks					425,745			298,915
Debtors					322,713			304,561
Cash at bank and in hand					20,177			49,290
					768,635			652,766
Creditors: Amounts falling due within one year		3			(536,953)			(438,542)
Net current assets					231,682			214,224
Total assets less current liabilities					390,751			401,030
Creditors: Amounts falling due after more than one year					(15,333)			(4,188)
Provisions for liabilities					(30,221)			(27,791)
Net assets					345,197			369,051
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					345,097			368,951
Shareholders' funds					345,197			369,051

Page 1

Monmouth Scientific Limited
(Registration number: 04716008)
Abbreviated Balance Sheet at 31 March 2015

For the year ending 31 March 2015 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 2 October 2015 and signed on its behalf by:

D Pomeroy Director

L Pomeroy Director

Page 2

Monmouth Scientific Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 March 2015

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
Short leashold land and buildings	15% reducing balance
Plant and machinery	15% reducing balance
Fixtures and fittings	33% straight line and 25% reducing balance
Motor vehicles	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.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Page 3

Monmouth Scientific Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 March 2015

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.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation 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. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		385,766			385,766
Additions		93,326			93,326
Disposals		(102,500)			(102,500)
At 31 March 2015		376,592			376,592
Depreciation
At 1 April 2014		198,960			198,960
Charge for the year		61,401			61,401
Eliminated on disposals		(42,838)			(42,838)
At 31 March 2015		217,523			217,523
Net book value
At 31 March 2015		159,069			159,069
At 31 March 2014		186,806			186,806

Page 4

Monmouth Scientific Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 March 2015

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		33,313			18,376
Amounts falling due after more than one year		5,333			4,188
Total secured creditors		38,646			22,564

Included in the creditors are the following amounts due after more than five years:

		2015 £			2014 £
After more than five years not by instalments		10,000			-

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary Shares of £1 each		100			100			100			100

5	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
D Pomeroy
Directors loan account	-	-	3,089	4,341
L Pomeroy
Directors loan account	-	-	3,089	4,342

Page 5