Multex Limited - Abbreviated accounts

Registered number

SC132632

Multex Limited

Abbreviated Accounts

31 August 2015

Multex Limited
Registered number:		SC132632
Abbreviated Balance Sheet
as at 31 August 2015

Notes			2015			2014
£				£
Fixed assets
Tangible assets	2		1,842,174			2,351,807

Current assets
Stocks		12,820			34,334
Debtors		97,416			223,168
Cash at bank and in hand		350,175			417,671
		460,411			675,173

Creditors: amounts falling due within one year		(120,395)			(95,628)

Net current assets			340,016			579,545

Total assets less current liabilities			2,182,190			2,931,352

Creditors: amounts falling due after more than one year			-			(630,000)

Provisions for liabilities			(2,567)			(2,900)


Net assets			2,179,623			2,298,452

Capital and reserves
Called up share capital	4		8,000			8,000
Revaluation reserve			(903,425)			(574,045)
Profit and loss account			3,075,048			2,864,497

Shareholders' funds			2,179,623			2,298,452

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



David Wallace
Director
Approved by the board on 22 January 2016

Multex Limited
Notes to the Abbreviated Accounts
for the year ended 31 August 2015

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention, as modified by the revaluation of heritable property, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	Turnover
	Turnover comprises the invoiced value of goods sold and services supplied by the company, net of value added tax. The difference between the opening and closing values of work in progress has been included in turnover.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

	Land & buildings			0%
	Plant and machinery			20% to 33% reducing balance
	Motor vehicles			25% reducing balance

	It is company practice to maintain freehold properties with an expected remaining life of more than fifty years in a continued state of sound repair, such that their value is not diminished by the passage of time. Accordingly, the directors consider that the useful economic life of these assets is sufficiently long and their residual values, based on prices prevailing at the time of valuation, are sufficiently high that their depreciation is insignificant. The cost of maintenance and repairs to the property is charged to the profit and loss account as incurred and the cost of significant improvements is capitalised.

	Investment properties
	Investment properties comprise properties held for rental and are accounted for in accordance with the Financial Reporting Standard for Smaller Entities. They are revalued annually at their open market value and the surplus or deficit arising on revaluation is transferred to a revaluation reserve except where a deficit is deemed permanent when it is taken to the profit and loss account. No provision is made for depreciation of investment properties. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. The directors consider that, because these properties are held for their investment potential it is necessary to adopt the requirements of the Financial Reporting Standard for Smaller Entities in order for the financial statements to show a true and fair view.

	Stock and work in progress
	Stock and work in progress are valued at the lower of cost and net realisable value. Stocks of raw materials and consumables are valued on a first in first out (FIFO) basis. Work in progress and finished goods manufactured by the company are valued at production cost which includes an appropriate proportion of attributable overheads.

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Foreign currencies
	Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.


2	Tangible fixed assets					£

	Cost or valuation
	At 1 September 2014					2,534,565
	Additions					3,829
	Disposals					(505,000)
	At 31 August 2015					2,033,394

	Depreciation
	At 1 September 2014					182,758
	Charge for the year					8,462
	At 31 August 2015					191,220

	Net book value
	At 31 August 2015					1,842,174
	At 31 August 2014					2,351,807


3	Loans					2015		2014
£							£
	Creditors include:
	Secured bank loans					-		630,000


4	Share capital	Nominal		2015		2015		2014
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		8,000		8,000		8,000