Mabil Limited - Period Ending 2015-03-31

 
 
 
 
 
 
 
  Mabil Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 31 March 2015
 
  Company Registration Number: 07481521

Mabil Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Mabil Limited

31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			1,599,035			1,599,035
Investments		2			45			90
					1,599,080			1,599,125
Current assets
Stocks					501,995			-
Debtors					1,832			7,298
Cash at bank and in hand					334,451			332,789
					838,278			340,087
Creditors: Amounts falling due within one year					(67,135)			(35,771)
Net current assets					771,143			304,316
Total assets less current liabilities					2,370,223			1,903,441
Creditors: Amounts falling due after more than one year					(475,678)			(831,960)
Net assets					1,894,545			1,071,481
Capital and reserves
Called up share capital		4			100			100
Revaluation reserve					1,000,000			1,000,000
Profit and loss account					894,445			71,381
Shareholders' funds					1,894,545			1,071,481

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Mabil Limited

31 March 2015......... continued

For the year ending 31 March 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 .

Approved by the Board on 23 December 2015 and signed on its behalf by:

Mr W McWattie
Director

Company Registration Number: 07481521

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

Mabil Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 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).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Depreciation

In accordance with FRS15, freehold properties are included in the financial statements at their open market values, by an external expert on a five yearly basis. When the value of the property is revalued above cost the aggregate surplus or deficit on revaluation is transferred to revaluation reserve. When the value of a property is revalued below cost, and this is considered to be a permanent diminution in value, the difference is charged to the profit and loss account.

No depreciation is provided on the company's property interest because, based on their current condition, their useful economic lives are so long and residual value is so high that any depreciation is immaterial. This departure from the requirement of the Companies Act 2006 for all properties to be depreciated, is, in the opinion of the directors, necessary for the financial statements to give a true and fair view.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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.

The property is held at a valuation, which in the opinion of the directors reflects its open market value.

Page 3

Mabil Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2015 ......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 April 2014		1,599,035			90			1,599,125
Disposals		-			(45)			(45)
At 31 March 2015		1,599,035			45			1,599,080
Depreciation
At 31 March 2015		-			-			-
Net book value
At 31 March 2015		1,599,035			45			1,599,080
At 31 March 2014		1,599,035			90			1,599,125

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
S.W.P. Hydraulics Limited	England and Wales	Ordinary	100.00%	Manufacture of hydraulic cylinders

The profit for the financial period of S.W.P. Hydraulics Limited was £446,522 and the aggregate amount of capital and reserves at the end of the period was £194,477.

3

Creditors

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

Page 4

Mabil Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2015 ......... continued

		2015 £			2014 £
Amounts falling due within one year		18,000			18,000
Amounts falling due after more than one year		375,678			394,341
Total secured creditors		393,678			412,341

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

		2015 £			2014 £
After more than five years by instalments		303,678			322,341

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 5