Martin Industries Limited - Period Ending 2015-09-30

Registration number: 05436428

Martin Industries Limited

trading as Air Conditioning Centre

Abbreviated Accounts

for the Year Ended 30 September 2015
 

Martin Industries Limited trading as Air Conditioning Centre
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Martin Industries Limited
trading as Air Conditioning Centre
for the Year Ended 30 September 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Martin Industries Limited for the year ended 30 September 2015 set out on pages 2 to 6 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 Martin Industries 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 Martin Industries Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Martin Industries Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Martin Industries 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 Martin Industries Limited. You consider that Martin Industries 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 Martin Industries 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.

Rowlands Webster Limited
Tax Advisers & Accountants
Austin House
43 Poole Road
Westbourne
Bournemouth
Dorset
BH4 9DN

2 March 2016

Martin Industries Limited trading as Air Conditioning Centre (Registration number: 05436428)

Abbreviated Balance Sheet
  at 30 September 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					10,209			11,663
Current assets
Stocks					430,357			347,209
Debtors					572,466			815,130
Cash at bank and in hand					6,720			174,915
					1,009,543			1,337,254
Creditors: Amounts falling due within one year					(622,595)			(1,007,669)
Net current assets					386,948			329,585
Total assets less current liabilities					397,157			341,248
Creditors: Amounts falling due after more than one year					-			(22,500)
Provisions for liabilities					(32,396)			(43,255)
Net assets					364,761			275,493
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					364,759			275,491
Shareholders' funds					364,761			275,493

For the year ending 30 September 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 .

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Martin Industries Limited trading as Air Conditioning Centre (Registration number: 05436428)

Abbreviated Balance Sheet
  at 30 September 2015

Approved by the Board on 2 March 2016 and signed on its behalf by:

.........................................
Mr J S Martin
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Martin Industries Limited

trading as Air Conditioning Centre

Notes to the Abbreviated Accounts
  for the Year Ended 30 September 2015

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
Plant & machinery	15% on cost
Computer equipment	25% on cost

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.

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.

Page 4

Martin Industries Limited

trading as Air Conditioning Centre

Notes to the Abbreviated Accounts
  for the Year Ended 30 September 2015

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.

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

		Tangible assets £			Total £
Cost
At 1 October 2014		43,624			43,624
Additions		676			676
At 30 September 2015		44,300			44,300
Depreciation
At 1 October 2014		31,961			31,961
Charge for the year		2,130			2,130
At 30 September 2015		34,091			34,091
Net book value
At 30 September 2015		10,209			10,209
At 30 September 2014		11,663			11,663

Page 5

Martin Industries Limited

trading as Air Conditioning Centre

Notes to the Abbreviated Accounts
  for the Year Ended 30 September 2015

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		276,146			569,428

4	Share capital

Allotted, called up and fully paid shares

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

Page 6