MAST_INTERIORS_LIMITED - Accounts

MAST_INTERIORS_LIMITED - Accounts

MAST INTERIORS LIMITED - Company Information

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Company Registration No. 08509690 (England and Wales)
MAST INTERIORS LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
MAST INTERIORS LIMITED
COMPANY INFORMATION
Directors
Mr M  Russell
Mr S  Russell
Company number
08509690
Registered office
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Accountants
Bryden Johnson
Kings Parade
Lower Coombe Street
Croydon
CR0 1AA
Business address
Unit 5
Progress Business Park
Progress Way
Purley Way
Croydon
CRO  4XD
MAST INTERIORS LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 7
MAST INTERIORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2015
- 1 -
The directors present their report and financial statements for the year ended 31 March 2015.
Principal activities

The principal activity of the company continues to be that of commercial and residential drywall contractors .continues to be that of commercial and residential drywall contractors.

Directors
The following directors have held office since 1 April 2014:
Mr M  Russell
Mr S  Russell
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Mr S Russell
Director
29 September 2015
MAST INTERIORS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MAST INTERIORS LIMITED FOR THE YEAR ENDED 31 MARCH 2015
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mast Interiors Limited for the year ended 31 March 2015 set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Mast Interiors Limited, as a body, in accordance with the terms of our engagement letter dated 21 May 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Mast Interiors Limited and state those matters that we have agreed to state to the Board of Directors of Mast Interiors Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mast Interiors Limited and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Mast Interiors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mast Interiors Limited. You consider that Mast Interiors Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Mast Interiors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Bryden Johnson
6 October 2015
Chartered Accountants
Kings Parade
Lower Coombe Street
Croydon
CR0 1AA
MAST INTERIORS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
2015
2014
Notes
£
£
Turnover
1,687,333
213,303
Cost of sales
(1,299,434)
(161,677)
Gross profit
387,899
51,626
Administrative expenses
(548,133)
(29,812)
Other operating income
226,000
-
Operating profit
2
65,766
21,814
Interest payable and similar charges
(13)
-
Profit on ordinary activities before taxation
65,753
21,814
Tax on profit on ordinary activities
3
(14,283)
(5,017)
Profit for the year
8
51,470
16,797
MAST INTERIORS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 4 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,903
-
Current assets
Debtors
5
586,794
112,907
Cash at bank and in hand
19,728
2,253
606,522
115,160
Creditors: amounts falling due within one year
6
(540,058)
(98,263)
Net current assets
66,464
16,897
Total assets less current liabilities
68,367
16,897
Capital and reserves
Called up share capital
7
100
100
Profit and loss account
8
68,267
16,797
Shareholders' funds
68,367
16,897
For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the Board for issue on 29 September 2015
Mr M  Russell
Director
Company Registration No. 08509690
MAST INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
- 5 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
straight line over 4 years
1.5
Long term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.
2
Operating profit
2015
2014
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
72
-
Directors' remuneration
100,800
-
3
Taxation
2015
2014
£
£
Domestic current year tax
U.K. corporation tax
14,283
5,017
Total current tax
14,283
5,017
MAST INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2014
-
Additions
1,975
At 31 March 2015
1,975
Depreciation
At 1 April 2014
-
Charge for the year
72
At 31 March 2015
72
Net book value
At 31 March 2015
1,903
5
Debtors
2015
2014
£
£
Amounts recoverable on long term contracts
284,386
106,568
Other debtors
302,408
6,339
586,794
112,907
6
Creditors: amounts falling due within one year
2015
2014
£
£
Trade creditors
228,076
31,138
Amounts owed to group undertakings and undertakings in which the company has a participating interest
-
25,000
Taxation and social security
46,945
9,066
Other creditors
265,037
33,059
540,058
98,263
MAST INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 7 -
7
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
8
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 April 2014
16,797
Profit for the year
51,470
Balance at 31 March 2015
68,267
9
Control

There is no ultimate controlling party.

10
Related party relationships and transactions

At the balance sheet date, the company was owed £69,200 (2014: £Nil) by Castle Hill Fire Protection Ltd, a company in which the directors have an interest.

 

At the balance sheet date, the company owed £44,194 (2014: £Nil) to Malden Decor Ltd, a company in which the directors have an interest.

 

At the balance sheet date, the company owed £140,962 (2014: £Nil) to Malden Renders & Finishes Ltd, a company in which the directors have an interest.

 

During the year, the company charged £116,000 (2014: £18,030) in management fees to Malden Decor Ltd.

 

During the year, the company charged £110,000 (2014: £16,713) in management fees to Malden Renders & Finishes Ltd.

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