Memorial Specialists (Aberdeen) Limited - Period Ending 2015-08-31

Registration number: SC082738

Memorial Specialists (Aberdeen) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2015
 

Lime Blue Accountancy Ltd
8 Albert Street
Aberdeen
AB25 1XQ

Memorial Specialists (Aberdeen) Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Memorial Specialists (Aberdeen) Limited
(Registration number: SC082738)
Abbreviated Balance Sheet at 31 August 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					289,521			299,714
Current assets
Stocks					66,117			84,153
Debtors					50,414			51,969
Cash at bank and in hand					2,530			1,887
					119,061			138,009
Creditors: Amounts falling due within one year					(175,088)			(219,808)
Net current liabilities					(56,027)			(81,799)
Total assets less current liabilities					233,494			217,915
Creditors: Amounts falling due after more than one year					(8,524)			(12,787)
Net assets					224,970			205,128
Capital and reserves
Called up share capital		3			1			1
Revaluation reserve					69,971			69,971
Profit and loss account					154,998			135,156
Shareholders' funds					224,970			205,128

For the year ending 31 August 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 11 December 2015

.........................................
BD Mackland
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Memorial Specialists (Aberdeen) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 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.

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	15% on cost
Motor vehicles	20% on reducing balance
Office equipment	20% on reducing balance

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 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.

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.

Page 2

Memorial Specialists (Aberdeen) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2015
......... continued

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2014		519,615			519,615
At 31 August 2015		519,615			519,615
Depreciation
At 1 September 2014		219,901			219,901
Charge for the year		10,193			10,193
At 31 August 2015		230,094			230,094
Net book value
At 31 August 2015		289,521			289,521
At 31 August 2014		299,714			299,714

3	Share capital

Allotted, called up and fully paid shares

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

Page 3