Mgm Carpets Limited - Period Ending 2015-09-30

Registration number: 03822639

Mgm Carpets Limited

trading as MGM Carpets Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2015
 

Batchelor Coop Ltd Chartered Accountants
The New Barn Mill Lane Eastry Kent CT13 0JW

Mgm Carpets Limited
trading as MGM Carpets Limited
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 Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mgm Carpets Limited
trading as MGM Carpets Limited
for the Year Ended 30 September 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mgm Carpets Limited for the year ended 30 September 2015 set out on pages 2 to 4 from the company's accounting records and from information and explanations you have given us.

As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Mgm Carpets Limited, as a body, in accordance with the terms of our engagement letter dated 28 February 2008. Our work has been undertaken solely to prepare for your approval the accounts of Mgm Carpets Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mgm Carpets Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mgm Carpets Limited 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 Mgm Carpets Limited. You consider that Mgm Carpets Limited 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 Mgm Carpets Limited. 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.

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

Batchelor Coop Ltd
Chartered Accountants
The New Barn
Mill Lane
Eastry
Kent
CT13 0JW

12 January 2016

Page 1

Mgm Carpets Limited
trading as MGM Carpets Limited
(Registration number: 03822639)
Abbreviated Balance Sheet at 30 September 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					117,915			121,535
Current assets
Stocks					23,034			19,485
Debtors					6,719			10,348
Cash at bank and in hand					4,712			-
					34,465			29,833
Creditors: Amounts falling due within one year					(99,306)			(99,448)
Net current liabilities					(64,841)			(69,615)
Total assets less current liabilities					53,074			51,920
Provisions for liabilities					(48)			(107)
Net assets					53,026			51,813
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					52,926			51,713
Shareholders' funds					53,026			51,813

For the year ending 30 September 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 11 January 2016 and signed on its behalf by:

.........................................
S M Green
Director

.........................................
M J H Green
Director

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

Mgm Carpets Limited
trading as MGM Carpets Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 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.

Revenue recognition

Revenue is recognised when goods are supplied, irrespective of the date the goods were invoiced.

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
Land and buildings	over 50 years
Fixtures and fittings	20% straight line 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.

Page 3

Mgm Carpets Limited
trading as MGM Carpets Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 October 2014		201,697			201,697
Disposals		(10,655)			(10,655)
At 30 September 2015		191,042			191,042
Depreciation
At 1 October 2014		80,162			80,162
Charge for the year		3,615			3,615
Eliminated on disposals		(10,650)			(10,650)
At 30 September 2015		73,127			73,127
Net book value
At 30 September 2015		117,915			117,915
At 30 September 2014		121,535			121,535

3	Share capital

Allotted, called up and fully paid shares

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

4	Related party transactions

Dividends

During the year the company voted dividends as shown below: £8,784 (2014 - £8,835) to M J H Green £5,856 (2014 - £5,890) to S M Green

Page 4