Mosaic Search and Selection Limited - Period Ending 2015-05-31

Registration number: 04015659

Mosaic Search and Selection Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2015
 

Brothertons Accountants Ltd
2 Commercial House
Abbeymead Avenue
Gloucester
Gloucester
Gloucester
GL4 5YF

Mosaic Search and Selection Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mosaic Search and Selection Limited
for the Year Ended 31 May 2015

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

This report is made solely to the Board of Directors of Mosaic Search and Selection 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 accounts of Mosaic Search and Selection Limited . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mosaic Search and Selection Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mosaic Search and Selection 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 Mosaic Search and Selection Limited. You consider that Mosaic Search and Selection 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 Mosaic Search and Selection 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.

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

Brothertons Accountants Ltd
2 Commercial House
Abbeymead Avenue
Gloucester
Gloucester
Gloucester
GL4 5YF

19 December 2015

Page 1

Mosaic Search and Selection Limited
(Registration number: 04015659)
Abbreviated Balance Sheet at 31 May 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					1,250			2,500
Tangible fixed assets					55,150			2,837
					56,400			5,337
Current assets
Debtors					97,192			122,917
Cash at bank and in hand					75,505			35,875
					172,697			158,792
Creditors: Amounts falling due within one year					(135,063)			(68,926)
Net current assets					37,634			89,866
Total assets less current liabilities					94,034			95,203
Creditors: Amounts falling due after more than one year					(3,246)			(648)
Net assets					90,788			94,555
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					90,688			94,455
Shareholders' funds					90,788			94,555

For the year ending 31 May 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 19 December 2015 and signed on its behalf by:

.........................................
Mr Timothy James Dare
Director

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

Mosaic Search and Selection Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 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.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Patents	20 years Straight Line

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
Motor Vehicles	25% Reducing balance
Fixtures and fittings	20% Reducing balance
Equipment	25% Reducing balance

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.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Mosaic Search and Selection Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 June 2014		25,000			24,222			49,222
Additions		-			70,633			70,633
At 31 May 2015		25,000			94,855			119,855
Depreciation
At 1 June 2014		22,500			21,385			43,885
Charge for the year		1,250			18,320			19,570
At 31 May 2015		23,750			39,705			63,455
Net book value
At 31 May 2015		1,250			55,150			56,400
At 31 May 2014		2,500			2,837			5,337

3	Share capital

Allotted, called up and fully paid shares

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

Page 4