Moxhams Limited - Period Ending 2015-01-31

Registration number: 03639130

Moxhams Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 January 2015
 

Moxhams Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Moxhams Limited
for the Year Ended 31 January 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Moxhams Limited for the year ended 31 January 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Moxhams Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Moxhams Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Moxhams Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Moxhams Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Moxhams Limited. You consider that Moxhams 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 accounts of Moxhams 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 accounts.

......................................

HowdenWhite LLP
Certified Chartered Accountants
Units 16-18
The Boscombe Centre
Amesbury
Wiltshire
SP4 7SD

12 October 2015

Page 1

Moxhams Limited
(Registration number: 03639130)
Abbreviated Balance Sheet at 31 January 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					1,000,004			92,728
Current assets
Stocks					7,500			18,814
Debtors					317,718			63,559
Cash at bank and in hand					226,681			243,970
					551,899			326,343
Creditors: Amounts falling due within one year					(186,520)			(63,124)
Net current assets					365,379			263,219
Total assets less current liabilities					1,365,383			355,947
Creditors: Amounts falling due after more than one year					(945,000)			-
Provisions for liabilities					(10,432)			(2,216)
Net assets					409,951			353,731
Capital and reserves
Called up share capital		4			5,000			5,000
Profit and loss account					404,951			348,731
Shareholders' funds					409,951			353,731

For the year ending 31 January 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 director acknowledges his 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 director on 7 October 2015

.........................................
J G A Lucas
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Moxhams Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2015
......... 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. Revenue is recognised when the service is performed or when the goods are sold.

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
Plant and machinery	25% to 33% straight line basis
Improvement to leasehold properties	10% straight line basis
Motor vehicles	25% reducing balance basis

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Stock

Stock is 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.

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.

Page 3

Moxhams Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2015
......... continued

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.

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 February 2014		876,804			876,804
Additions		1,005,482			1,005,482
Disposals		(263,245)			(263,245)
At 31 January 2015		1,619,041			1,619,041
Depreciation
At 1 February 2014		784,076			784,076
Charge for the year		98,206			98,206
Eliminated on disposals		(263,245)			(263,245)
At 31 January 2015		619,037			619,037
Net book value
At 31 January 2015		1,000,004			1,000,004
At 31 January 2014		92,728			92,728

3

Creditors

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

		2015 £			2014 £
Amounts falling due after more than one year		945,000			-

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

		2015 £			2014 £
After more than five years by instalments		945,000			-

Page 4

Moxhams Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2015
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		5,000			5,000			5,000			5,000

5	Related party transactions

Director's advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
J G A Lucas
Directors Loan Account	243,628	-	3,280	3,280

Page 5