Medusa Musselburgh Limited - Limited company - abbreviated

REGISTERED NUMBER: SC194027 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 31st August 2015

for

Medusa Musselburgh Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr C McAndrew

Mrs C McAndrew

SECRETARY:

Mr C McAndrew

REGISTERED OFFICE:

22 High Street

Musselburgh

EH21 9AG

REGISTERED NUMBER:

SC194027 (Scotland)

ACCOUNTANTS:

Taylor McIntyre Limited

15 East Cromwell Street

Edinburgh

Midlothian

EH6 6HD

FIXED ASSETS

Intangible assets

2

29,934

43,621

Tangible assets

3

78,536

93,911

108,470

137,532

CURRENT ASSETS

Stocks

25,583

29,669

Debtors

79,673

80,303

Cash at bank and in hand

31,455

23,964

136,711

133,936

CREDITORS

Amounts falling due within one year

4

136,935

127,412

NET CURRENT (LIABILITIES)/ASSETS

(224

)

6,524

TOTAL ASSETS LESS CURRENT
LIABILITIES

108,246

144,056

CREDITORS

Amounts falling due after more than one year

4

(68,592

)

(106,632

)

PROVISIONS FOR LIABILITIES

(9,445

)

(11,443

)

NET ASSETS

30,209

25,981

CAPITAL AND RESERVES

Called up share capital

5

100

Profit and loss account

30,109

25,881

SHAREHOLDERS' FUNDS

30,209

25,981

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 14th March 2016 and were signed on its behalf by:

Mr C McAndrew - Director

1.	ACCOUNTING POLICIES

Accounting convention

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).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

There have been various amounts of goodwill purchased this year and over the last few years. All purchased

goodwill is capitalised and written off to the profit & loss on a straight line basis over either 10 years or 20 years

depending on the estimated useful life of the goodwill. Part of the goodwill has been written down to its

recoverable amount of nil.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property

-

10% on cost and Straight line over 21 years

Fixtures and fittings

-

20% on cost

Equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1st September 2014

and 31st August 2015

94,240

AMORTISATION

At 1st September 2014

50,619

Amortisation for year

13,687

At 31st August 2015

64,306

NET BOOK VALUE

At 31st August 2015

29,934

At 31st August 2014

43,621

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st September 2014

259,581

Additions

1,088

At 31st August 2015

260,669

DEPRECIATION

At 1st September 2014

165,670

Charge for year

16,463

At 31st August 2015

182,133

NET BOOK VALUE

At 31st August 2015

78,536

At 31st August 2014

93,911

4.

CREDITORS

Creditors include an amount of £ 11,359 (31.8.14 - £ 18,761 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.15

31.8.14

value:

£

100

Ordinary

100

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st August 2015 and

31st August 2014:

31.8.15

31.8.14

£

Mrs C McAndrew and Mr C McAndrew

Balance outstanding at start of year

42,407

19,074

Amounts advanced

49,300

43,333

Amounts repaid

(42,500

)

(20,000

)

Balance outstanding at end of year

49,207

42,407

The director' loan is to be repaid before 31st May 2016.

Medusa Musselburgh Limited - Limited company - abbreviated - 11.9

Medusa Musselburgh Limited - Limited company - abbreviated - 11.9