MAG Shoe Services Ltd - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 05032201

Abbreviated Unaudited Accounts for the Year Ended 31 March 2015

for

MAG Shoe Services Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

M A Guest

Mrs L M Guest

SECRETARY:

Mrs L M Guest

REGISTERED OFFICE:

Unit 12

Neepsend House

1 Percy Street

Sheffield

South Yorkshire

S3 8BT

REGISTERED NUMBER:

05032201

ACCOUNTANTS:

Sochall Smith Limited

4 Park Square

Newton Chambers Road

Chapeltown

Sheffield

South Yorkshire

S35 2PH

FIXED ASSETS

Tangible assets

2

247,688

52,975

Investments

3

100

100

247,788

53,075

CURRENT ASSETS

Stocks

15,260

11,421

Debtors

300,381

310,156

Cash at bank

7,009

-

322,650

321,577

CREDITORS

Amounts falling due within one year

4

251,200

209,586

NET CURRENT ASSETS

71,450

111,991

TOTAL ASSETS LESS CURRENT LIABILITIES

319,238

165,066

CREDITORS

Amounts falling due after more than one year

4

287,226

134,371

NET ASSETS

32,012

30,695

CAPITAL AND RESERVES

Called up share capital

5

2

2

Profit and loss account

32,010

30,693

SHAREHOLDERS' FUNDS

32,012

30,695

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 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 by the Board of Directors on 8 December 2015 and were signed on its behalf by:

M A Guest - 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, excluding value added tax.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures & equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

174,562

Additions

208,893

At 31 March 2015

383,455

DEPRECIATION

At 1 April 2014

121,587

Charge for year

14,180

At 31 March 2015

135,767

NET BOOK VALUE

At 31 March 2015

247,688

At 31 March 2014

52,975

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2014

and 31 March 2015

100

NET BOOK VALUE

At 31 March 2015

100

At 31 March 2014

100

4.

CREDITORS

Creditors include an amount of £ 312,902 (31.3.14 - £ 147,805 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.15

31.3.14

value:

£

£

2

Ordinary

£1

2

2