Abbreviated Company Accounts - MULTY-LIFT FORK TRUCKS LIMITED

MULTY-LIFT FORK TRUCKS LIMITED - Company Information

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Registered Number 02654023

MULTY-LIFT FORK TRUCKS LIMITED

Abbreviated Accounts

31 July 2015

MULTY-LIFT FORK TRUCKS LIMITED Registered Number 02654023

Abbreviated Balance Sheet as at 31 July 2015

	Notes	31/07/2015	31/08/2014
		£	£
Fixed assets
Intangible assets	2	56,998	-
Tangible assets	3	1,422,858	1,261,656
Investments	4	2	-
		1,479,858	1,261,656
Current assets
Stocks		1,089,791	791,029
Debtors		916,147	723,584
Cash at bank and in hand		112,728	61,947
		2,118,666	1,576,560
Creditors: amounts falling due within one year	5	(2,112,068)	(1,522,705)
Net current assets (liabilities)		6,598	53,855
Total assets less current liabilities		1,486,456	1,315,511
Creditors: amounts falling due after more than one year	5	(475,964)	(444,426)
Provisions for liabilities		(151,821)	(143,500)
Total net assets (liabilities)		858,671	727,585
Capital and reserves
Called up share capital	6	4,000	4,000
Profit and loss account		854,671	723,585
Shareholders' funds		858,671	727,585

For the year ending 31 July 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.

Approved by the Board on 30 November 2015

And signed on their behalf by:
W Hammond, Director

MULTY-LIFT FORK TRUCKS LIMITED Registered Number 02654023

Notes to the Abbreviated Accounts for the period ended 31 July 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts

Tangible assets depreciation policy
Tangible fixed assets, other than freehold land, 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:
Fixtures, fittings & equipment - 25% reducing balance
Motor vehicles - 25% reducing balance
Land & buildings freehold - Straight line over 50 years
Land & buildings leasehold - Straight line over the life of the lease
Plant & machinery - 25% reducing balance / 10% straight line

Intangible assets amortisation policy
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

Valuation information and policy
Stock and work in progress is valued at the lower of cost and net realisable value.

Fixed asset investments are stated at cost less provision for diminution in value.

Other accounting policies
The company agreed to accept the novation of a spread option (CSO) from the employees Wayne Hammond and Karen Hammond on 28th July 2015 as part of the employees remuneration for the period. From the date of novation the company would benefit from any profits under the contracts ( a maximum of £15,000) and would be liable for any further costs under the contract ( a maximum of £500,000). The CSO expires on the 31 October 2015 and because the board of directors believe this to be an onerous contract, a provision of £500,000 has been made in the accounts.

2Intangible fixed assets

	£
Cost
At 1 September 2014	-
Additions	59,998
Disposals	-
Revaluations	-
Transfers	-
At 31 July 2015	59,998
Amortisation
At 1 September 2014	-
Charge for the year	3,000
On disposals	-
At 31 July 2015	3,000
Net book values
At 31 July 2015	56,998
At 31 August 2014	-

3Tangible fixed assets

	£
Cost
At 1 September 2014	2,536,005
Additions	427,674
Disposals	(153,187)
Revaluations	-
Transfers	-
At 31 July 2015	2,810,492
Depreciation
At 1 September 2014	1,274,349
Charge for the year	187,409
On disposals	(74,124)
At 31 July 2015	1,387,634
Net book values
At 31 July 2015	1,422,858
At 31 August 2014	1,261,656

4Fixed assets Investments
COST
At 1 September 2014 £ nil
Additions £ 2
At 31 July 2015 £ 2
DEPRECIATION
At 1 September 2014 & 31 July 2015 £ nil
NET BOOK VALUE
At 31 July 2015 £ 2
At 31 August 2014 £ nil

5Creditors

	31/07/2015 £	31/08/2014 £
Instalment debts due after 5 years	176,913	182,495

6Called Up Share Capital
Allotted, called up and fully paid:

	31/07/2015 £	31/08/2014 £
1,000 Ordinary shares of £1 each	1,000	1,000
3,000 E Ordinary shares of £1 each	3,000	3,000