Michael Stout Limited - Period Ending 2013-12-31

Registration number: 08341863

Michael Stout Limited

Annual Report and Unaudited Financial Statements

for the Period from 27 December 2012 to 31 December 2013

 

Smart Accounting & Tax Solutions LLP
Chartered Accountants
78 High Street
Caterham
Surrey
CR3 5UD

Michael Stout Limited
Contents

Company Information 1

Directors' Report 2

Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5

Notes to the Financial Statements 6 to 9

Michael Stout Limited
Company Information

Directors

Mr Michael Stout Mrs Deborah Stout

Registered office

78 High Street Caterham Surrey CR3 5UD

Accountants

Smart Accounting & Tax Solutions LLP Chartered Accountants 78 High Street Caterham Surrey CR3 5UD

Page 1

Michael Stout Limited
Directors' Report for the Period from 27 December 2012 to 31 December 2013

The directors present their report and the unaudited financial statements for the period from 27 December 2012 to 31 December 2013.

Incorporation

The company was incorporated on 27 December 2012 and commenced trading on 1 January 2013 .

Directors of the company

The directors who held office during the period were as follows:

Mr Michael Stout (appointed 27 December 2012)

Mrs Deborah Stout (appointed 27 December 2012)

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 20 September 2014 and signed on its behalf by:

.........................................
Mr Michael Stout
Director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Michael Stout Limited
for the Period Ended 31 December 2013

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Michael Stout Limited for the period ended 31 December 2013 set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising 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 Michael Stout Limited, as a body, in accordance with the terms of our engagement letter dated 4 January 2013. Our work has been undertaken solely to prepare for your approval the accounts of Michael Stout 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 Michael Stout Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Michael Stout 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 Michael Stout Limited. You consider that Michael Stout Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Michael Stout 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.

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

Smart Accounting & Tax Solutions LLP
Chartered Accountants
78 High Street
Caterham
Surrey
CR3 5UD

20 September 2014

Page 3

Michael Stout Limited
Profit and Loss Account for the Period from 27 December 2012 to 31 December 2013

		Note			27 December 2012 to 31 December 2013 £
Turnover		2			115,324
Administrative expenses					(42,377)
Operating profit		3			72,947
Other interest receivable and similar income					4
Profit on ordinary activities before taxation					72,951
Tax on profit on ordinary activities		4			(14,213)
Profit for the financial period		9			58,738

The notes on pages 6 to 9 form an integral part of these financial statements.
Page 4

Michael Stout Limited
(Registration number: 08341863)
Balance Sheet at 31 December 2013

		Note			31 December 2013 £
Fixed assets
Tangible fixed assets		5			2,257
Current assets
Debtors		6			21,848
Cash at bank and in hand					82,749
					104,597
Creditors: Amounts falling due within one year		7			(48,114)
Net current assets					56,483
Net assets					58,740
Capital and reserves
Called up share capital		8			2
Profit and loss account		9			58,738
Shareholders' funds					58,740

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

For the year ending 31 December 2013 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.

Approved and authorised for issue by the Board on 20 September 2014 and signed on its behalf by:

.........................................
Mr Michael Stout
Director

The notes on pages 6 to 9 form an integral part of these financial statements.
Page 5

Michael Stout Limited
Notes to the Financial Statements for the Period from 27 December 2012 to 31 December 2013
......... continued

1	Accounting policies

Basis of preparation

The financial statements 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	3 years straight line

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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.

2

Turnover

During the period 57.86% of the company's turnover related to exports.

3	Operating profit

Operating profit is stated after charging:

		27 December 2012 to 31 December 2013 £
Foreign currency losses		2,878
Depreciation of tangible fixed assets		1,129

Page 6

Michael Stout Limited
Notes to the Financial Statements for the Period from 27 December 2012 to 31 December 2013
......... continued

4

Taxation

Tax on profit on ordinary activities

		27 December 2012 to 31 December 2013 £
Current tax
Corporation tax charge		14,213

5	Tangible fixed assets

		Office equipment £			Total £
Cost or valuation
Additions		3,386			3,386
Depreciation
Charge for the period		1,129			1,129
Net book value
At 31 December 2013		2,257			2,257

6

Debtors

		31 December 2013 £
Trade debtors		21,848

Page 7

Michael Stout Limited
Notes to the Financial Statements for the Period from 27 December 2012 to 31 December 2013
......... continued

7	Creditors: Amounts falling due within one year

		31 December 2013 £
Trade creditors		448
Corporation tax		14,213
Other taxes and social security		3,764
Other creditors		29,689
		48,114

8	Share capital

Allotted, called up and fully paid shares

	31 December 2013
		No.			£
Ordinary shares of £1 each		2			2

New shares allotted

During the period 2 ordinary shares having an aggregate nominal value of £2 were allotted for an aggregate consideration of £2.

9

Reserves

		Profit and loss account £			Total £
Profit for the period		58,738			58,738
At 31 December 2013		58,738			58,738

10	Related party transactions

Other related party transactions

During the period the company made the following related party transactions:

Michael Stout (Director and 50% shareholder) Loan advanced to the company. At the balance sheet date the amount due to Michael Stout was £26,626.

Page 8

Michael Stout Limited
Notes to the Financial Statements for the Period from 27 December 2012 to 31 December 2013
......... continued

11

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 9