MET_Parking_Services_Limi - Accounts

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MET Parking Services Limited for the year ended 31 May 2015 set out on pages 3 to 12 from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/.

This report is made solely to the Board of Directors of MET Parking Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of MET Parking Services Limited and state those matters that we have agreed to state to the Board of Directors of MET Parking Services Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MET Parking Services Limited and its Board of Directors as a body, for our work or for this report.

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover represents the value, net of Value Added Tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers . Turnover is recognised when the goods are physically delivered to customers and when services are provided. the value, net of Value Added Tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Turnover is recognised when the goods are physically delivered to customers and when services are provided.

The depreciation policy for the assets held within Plant and Machinery was updated in the year, Some assets were previously being depreciated using a 25% reducing balance policy. All assets within the category are now depreciated using a 25% straight line policy to better reflect the assets estimated useful lives.

Fixed asset investments are stated at cost less provision for diminution in value except where a revaluation policy is in place.

When a revaluation police is in place investments are valued at closing bid price at the balance sheet date and any gains or losses are recognised in the Profit and Loss Account or Statement of Total Recognised Gains and Losses in accordance with the revaluation policy.

Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes any expenditure incurred in bringing the stock to its present location and condition. Where consignment stock is in substance an asset of the company, it is recognised as such in the balance sheet.

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the financial statements 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 difference will reverse.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to Profit and Loss Account.