Machine Shop Special Effects Limited - Period Ending 2015-09-30

Registration number: 03364770

Machine Shop Special Effects Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2015
 

Sobell Rhodes LLP
Chartered Accountants
Monument House
215 Marsh Road
Pinner
Middlesex
HA5 5NE

Machine Shop Special Effects Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Machine Shop Special Effects Limited
(Registration number: 03364770)
Abbreviated Balance Sheet at 30 September 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets		2			-			225
Tangible fixed assets		2			23,300			31,065
					23,300			31,290
Current assets
Debtors					80,996			150,688
Cash at bank and in hand					1,169,779			821,340
					1,250,775			972,028
Creditors: Amounts falling due within one year					(1,259,662)			(989,473)
Net current liabilities					(8,887)			(17,445)
Total assets less current liabilities					14,413			13,845
Provisions for liabilities					(8,489)			(8,489)
Net assets					5,924			5,356
Capital and reserves
Called up share capital		3			101			101
Capital redemption reserve					4			4
Profit and loss account					5,819			5,251
Shareholders' funds					5,924			5,356

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Machine Shop Special Effects Limited
(Registration number: 03364770)
Abbreviated Balance Sheet at 30 September 2015
......... continued

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 director acknowledges his 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 director on 2 February 2016

 P H Mann
 Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Machine Shop Special Effects Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 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

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax and unbilled work at the year end on contracts irrevocably committed before then in proportion to the work completed at the year end.

 
  Fixed assets All fixed assets are initially recorded at cost.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Amortisation method and rate
Patents	Straight line over 5 years

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% on reducing balance
Office equipment	25% on reducing balance
Plant and machinery	25% on reducing balance

Research and development

Research and development expenditure is written off as incurred.

Page 3

Machine Shop Special Effects Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively 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.

Pensions

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account

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Machine Shop Special Effects Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 October 2014		10,670			62,853			73,523
At 30 September 2015		10,670			62,853			73,523
Depreciation
At 1 October 2014		10,445			31,788			42,233
Charge for the year		225			7,765			7,990
At 30 September 2015		10,670			39,553			50,223
Net book value
At 30 September 2015		-			23,300			23,300
At 30 September 2014		225			31,065			31,290

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100
Non-voting redeemable 'C' ordinary shares of £1 each		1			1			1			1
		101			101			101			101

4

Control

The company is controlled by the ultimate parent undertaking which is Machine Shop (Holdings) Limited, a company incorporated in England and Wales.

Page 5