Mundfords Limited - Period Ending 2015-05-31

Registration number: 08081050

Mundfords Limited

Abbreviated Accounts

for the Year Ended 31 May 2015
 

Mundfords Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Mundfords Limited
(Registration number: 08081050)
Abbreviated Balance Sheet at 31 May 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					121			162
Current assets
Stocks					21,685			20,309
Debtors					17,457			17,444
Cash at bank and in hand					28,811			26,425
					67,953			64,178
Creditors: Amounts falling due within one year					(40,523)			(50,990)
Net current assets					27,430			13,188
Total assets less current liabilities					27,551			13,350
Provisions for liabilities					(24)			(32)
Net assets					27,527			13,318
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					27,525			13,316
Shareholders' funds					27,527			13,318

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 8 February 2016 and signed on its behalf by:

.........................................
Miss Karen Lavene
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Mundfords 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.

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
Office equipment	25% reducing balance

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.

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.

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 2

Mundfords Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2014		289			289
At 31 May 2015		289			289
Depreciation
At 1 June 2014		127			127
Charge for the year		41			41
At 31 May 2015		168			168
Net book value
At 31 May 2015		121			121
At 31 May 2014		162			162

3	Share capital

Allotted, called up and fully paid shares

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

Page 3