Moorclose Fisheries Limited - Period Ending 2015-06-30

Registration number: 05072368

Moorclose Fisheries Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2015
 

Moorclose Fisheries Limited
(Registration number: 05072368)
Abbreviated Balance Sheet at 30 June 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			8,027			8,945
Current assets
Stocks					5,294			5,294
Debtors					1,578			1,486
Cash at bank and in hand					97,150			48,170
					104,022			54,950
Creditors: Amounts falling due within one year					(55,911)			(57,376)
Net current assets/(liabilities)					48,111			(2,426)
Total assets less current liabilities					56,138			6,519
Provisions for liabilities					(571)			(587)
Net assets					55,567			5,932
Capital and reserves
Called up share capital		3			5,000			5,000
Profit and loss account					50,567			932
Shareholders' funds					55,567			5,932

The notes on pages 3 to 4 form an integral part of these financial statements.
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Moorclose Fisheries Limited
(Registration number: 05072368)
Abbreviated Balance Sheet at 30 June 2015
......... continued

For the year ending 30 June 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the Board on 1 December 2015 and signed on its behalf by:

.........................................
Mr L Demetriou
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
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Moorclose Fisheries Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 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.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line basis over 10 years

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 leasehold property	Straight line basis over the life of the lease
Fixtures, fittings and equipment	25% reducing balance basis

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.

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Moorclose Fisheries Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

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

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 July 2014		176,000			36,389			212,389
Additions		-			1,022			1,022
At 30 June 2015		176,000			37,411			213,411
Depreciation
At 1 July 2014		176,000			27,444			203,444
Charge for the year		-			1,940			1,940
At 30 June 2015		176,000			29,384			205,384
Net book value
At 30 June 2015		-			8,027			8,027
At 30 June 2014		-			8,945			8,945

3	Share capital

Allotted, called up and fully paid shares

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

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