Company Registration No. 09435825 (England and Wales)
MIRUS AIRCRAFT SEATING LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
MIRUS AIRCRAFT SEATING LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
MIRUS AIRCRAFT SEATING LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
Notes
£
£
Fixed assets
Intangible assets
2
676,110
Tangible assets
2
203,350
879,460
Current assets
Debtors
90,121
Cash at bank and in hand
184,235
274,356
Creditors: amounts falling due within one year
(1,177,406)
Net current liabilities
(903,050)
Total assets less current liabilities
(23,590)
Creditors: amounts falling due after more than one year
(319,073)
(342,663)
Capital and reserves
Called up share capital
3
20
Profit and loss account
(342,683)
Shareholders' funds
(342,663)
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 27 April 2016
Mr P R Hall
Director
Company Registration No. 09435825
MIRUS AIRCRAFT SEATING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings (AICOC)
not depreciated
Plant and machinery
10% straight line
Computer equipment
20% straight line
Fixtures, fittings & equipment
10% straight line
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.8
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
MIRUS AIRCRAFT SEATING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 12 February 2015
-
-
-
Additions
676,110
231,768
907,878
At 31 December 2015
676,110
231,768
907,878
Depreciation
At 12 February 2015
-
-
-
Charge for the year
-
28,418
28,418
At 31 December 2015
-
28,418
28,418
Net book value
At 31 December 2015
676,110
203,350
879,460
3
Share capital
2015
£
Allotted, called up and fully paid
20 Ordinary shares of £1 each
20
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