Micron- Ellis Limited Company Accounts

MICRON-ELLIS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 01323864

MICRON- ELLIS LIMITED

FINANCIAL STATEMENTS

31 August 2015

SHIELD ACCOUNTING SERVICES

Chartered Management Accountants

Unit 1.22

SOAR Enterprise Centre

Knutton Road

Sheffield

S5 9NU

MICRON- ELLIS LIMITED

DIRECTOR'S REPORT

YEAR ENDED 31 AUGUST 2015

The director presents his report and the unaudited financial statements of the company for the year ended 31 August 2015.

PRINCIPAL ACTIVITIES

The principal activity of the company continues to be that of general engineering services and machine sales.

DIRECTOR

The director who served the company during the year was as follows:

Mr M Bell

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Registered office: Signed by

Unit 28B

Lion Works

40 Ball Street

Sheffield

S6 8DB

Mr. M. Bell

Director

Approved by the director on 25 November 2015

MICRON- ELLIS LIMITED

ACCOUNTANTS' REPORT TO THE DIRECTOR OF MICRON- ELLIS

LIMITED

YEAR ENDED 31 AUGUST 2015

As described on the balance sheet, the director of the company is responsible for the preparation of the financial statements for the year ended 31 August 2015.

You consider that the company is exempt from an audit under the Companies Act 2006.

In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

SHIELD ACCOUNTING SERVICES Chartered Management Accountants

Unit 1.22 SOAR Enterprise Centre Knutton Road Sheffield S5 9NU

25 November 2015

MICRON- ELLIS LIMITED

PROFIT AND LOSS ACCOUNT

YEAR ENDED 31 AUGUST 2015

	2015	2014
Note	£	£
TURNOVER	180,665	217,329

Cost of sales	114,315	147,043
	----------	----------
GROSS PROFIT	66,350	70,286

Distribution costs		9,091	7,954
Administrative expenses		31,057	32,309
		---------	---------
OPERATING PROFIT	1	26,202	30,023

Interest receivable		10	–
Interest payable and similar charges		–	( 50)

		---------	---------
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION		26,212	29,973

Tax on profit on ordinary activities	5,908	4,761

	---------	---------
PROFIT FOR THE FINANCIAL YEAR	20,304	25,212
	---------	---------

MICRON- ELLIS LIMITED

BALANCE SHEET

31 August 2015

	2015		2014
Note	£	£	£

FIXED ASSETS

Tangible assets	3	20,516	24,232
		---------	---------
		20,516	24,232
		---------	---------

CURRENT ASSETS

Stocks		8,780		7,500
Debtors	4	32,795		36,988
Cash at bank and in hand		7,959		14,075
		---------		---------
		49,534		58,563
CREDITORS: Amounts falling due within one year	5	35,665		38,622
		---------		---------
NET CURRENT ASSETS			13,869	19,941
			---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			34,385	44,173

CREDITORS: Amounts falling due after more than one year	6	21,862	25,950
		---------	---------
		12,523	18,223
		---------	---------

CAPITAL AND RESERVES

Called-up equity share capital	7	490	490
Profit and loss account	8	12,033	17,733
		---------	---------
SHAREHOLDERS' FUNDS		12,523	18,223
		---------	---------

For the year ended 31 August 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

- 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 and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

These accounts were approved and signed by the director and authorised for issue on 25 November 2015 .

Mr M Bell Director

Company Registration Number: 01323864

MICRON- ELLIS LIMITED

ACCOUNTING POLICIES

YEAR ENDED 31 AUGUST 2015

Basis of accounting

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

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery - 15% reducing balance

Motor Vehicles - 25% 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 agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

MICRON- ELLIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2015

1. OPERATING PROFIT

Operating profit is stated after charging:

	2015	2014
	£	£
Director's remuneration	9,091	7,954
Depreciation of owned fixed assets	3,716	4,404
	-------	-------

2. DIVIDENDS

Equity dividends

	2015	2014
	£	£

Paid during the year:

Equity dividends on ordinary shares	–	21,262
	----	---------

3. TANGIBLE FIXED ASSETS

Plant & Machinery	Motor Vehicles	Total
£	£	£

COST

At 1 September 2014 and 31 August 2015	148,669	12,438	161,107
	----------	---------	----------

DEPRECIATION

At 1 September 2014	125,245	11,630	136,875
Charge for the year	3,514	202	3,716
	----------	---------	----------
At 31 August 2015	128,759	11,832	140,591
	----------	---------	----------

NET BOOK VALUE

At 31 August 2015	19,910	606	20,516
	---------	----	---------
At 31 August 2014	23,424	808	24,232
	---------	----	---------

4. DEBTORS

	2015	2014
	£	£
Trade debtors	32,795	36,988
	---------	---------
	32,795	36,988
	---------	---------

5. CREDITORS: Amounts falling due within one year

	2015	2014
	£	£
Overdrafts	13,982	14,867
Trade creditors	9,159	13,608
Corporation tax	5,908	4,761
Other taxation and social security	5,986	4,756
Other creditors	630	630
	---------	---------
	35,665	38,622
	---------	---------

6. CREDITORS: Amounts falling due after more than one year

	2015	2014
	£	£
Bank loans	8,326	13,262
Other creditors	13,536	12,688
	---------	---------
	21,862	25,950
	---------	---------

7. SHARE CAPITAL

Allotted, called up and fully paid:

	2015		2014
	No	£	No	£
Ordinary shares of £ 1 each	490	490	490	490
	----	----	----	----
	490	490	490	490
	----	----	----	----

8. PROFIT AND LOSS ACCOUNT

	2015	2014
	£	£
Balance brought forward	17,733	13,783
Profit for the financial year	20,304	25,212
Equity dividends	( 26,004)	( 21,262)
	---------	---------
Balance carried forward	12,033	17,733
	---------	---------

MICRON- ELLIS LIMITED

MANAGEMENT INFORMATION

YEAR ENDED 31 AUGUST 2015

The following page does not form part of the statutory financial statements .

MICRON- ELLIS LIMITED

DETAILED PROFIT AND LOSS ACCOUNT

YEAR ENDED 31 AUGUST 2015

	2015		2014
	£	£	£
TURNOVER		180,665	217,329

COST OF SALES

Opening stock and work-in-progress	7,500	5,000
Purchases	115,057	135,814
Direct wages	538	13,729
	----------	----------
	123,095	154,543

Closing stock and work-in-progress	(8,780)		(7,500)
	----------		----------
		114,315	147,043
		----------	----------
GROSS PROFIT		66,350	70,286
		----------	----------

OVERHEADS

Directors salaries	9,091		7,954
Administrative expenses	31,057		32,309
	---------		---------
		40,148	40,263
		---------	---------
OPERATING PROFIT		26,202	30,023

Bank interest receivable	10	–
	---------	---------
	26,212	30,023

Bank interest payable	–	(50)
	---------	---------
PROFIT ON ORDINARY ACTIVITIES	26,212	29,973
	---------	---------

NOTES:

ADMINISTRATIVE EXPENSES

Personnel costs

Administrative staff salaries		8,886	9,308

Establishment expenses

Rent, rates and insurance	8,613		8,750
Light and heat	1,201		1,130
Other establishment expenses	520		520
	---------		---------
		10,334	10,400
			---------

General expenses

Motor expenses	2,935		2,844
Travel and subsistence	261		–
Telephone	1,189		982
Hire of equipment	–		92
Equipment repairs and renewals	149		141
Printing, stationery and postage	328		548
Staff welfare	213		326
Sundry expenses	154		50
Laundry and cleaning	95		116
Legal and professional fees	1,072		1,036
Depreciation	3,716		4,404
	---------		---------
		10,112	10,539
			---------

Financial costs

Bad debts written off	–		171
Bank charges	1,184		1,456
Bank loan interest (Non statutory disclosure)	541		435
	-------		-------
		1,725	2,062
		---------	---------
		31,057	32,309
		---------	---------

INTEREST RECEIVABLE

Bank interest receivable	10	–
	----	----
	10	–
	----	----