Molly's Restaurant Ltd - Period Ending 2015-03-31

Registration number: NI062926

Molly's Restaurant Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Hamilton Morris Waugh Limited
Chartered Accountants
34 Dufferin Avenue
Bangor
County Down
BT20 3AA

Molly's Restaurant Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Molly's Restaurant Ltd
for the Year Ended 31 March 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Molly's Restaurant Ltd for the year ended 31 March 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compliation of financial statements.

This report is made solely to the Board of Directors of Molly's Restaurant Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Molly's Restaurant Ltd and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Molly's Restaurant Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Molly's Restaurant Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Molly's Restaurant Ltd. You consider that Molly's Restaurant Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Molly's Restaurant Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hamilton Morris Waugh Limited
Chartered Accountants
34 Dufferin Avenue
Bangor
County Down
BT20 3AA

22 December 2015

Page 1

Molly's Restaurant Ltd
(Registration number: NI062926)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					91,573			91,573
Tangible fixed assets					10,317			8,497
					101,890			100,070
Current assets
Stocks					1,770			3,264
Debtors					1,473			2,160
Cash at bank and in hand					35,619			23,420
					38,862			28,844
Creditors: Amounts falling due within one year					(52,561)			(54,063)
Net current liabilities					(13,699)			(25,219)
Net assets					88,191			74,851
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					88,189			74,849
Shareholders' funds					88,191			74,851

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 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 22 December 2015

.........................................
Samuel Mullan
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Molly's Restaurant Ltd
Notes to the Abbreviated Accounts for the 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).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

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

Subject to impairment review

Asset class	Amortisation method and rate
Goodwill	Subject to impairment review

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	25% straight line
Motor vehicles	25% straight line

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.

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 3

Molly's Restaurant Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		91,573			31,866			123,439
Additions		-			7,465			7,465
At 31 March 2015		91,573			39,331			130,904
Depreciation
At 1 April 2014		-			23,369			23,369
Charge for the year		-			5,645			5,645
At 31 March 2015		-			29,014			29,014
Net book value
At 31 March 2015		91,573			10,317			101,890
At 31 March 2014		91,573			8,497			100,070

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary share of £1 each		2			2			2			2

Page 4