Maintenance Supplies Contracts Limited - Period Ending 2015-11-30

Registration number: 06261458

Maintenance Supplies Contracts Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2015
 

Maintenance Supplies Contracts Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Maintenance Supplies Contracts Limited
(Registration number: 06261458)
Abbreviated Balance Sheet at 30 November 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					10,000			12,000
Tangible fixed assets					137,384			52,841
					147,384			64,841
Current assets
Stocks					15,727			15,269
Debtors					236,462			274,841
Cash at bank and in hand					109,999			98,715
					362,188			388,825
Creditors: Amounts falling due within one year					(213,122)			(217,480)
Net current assets					149,066			171,345
Total assets less current liabilities					296,450			236,186
Creditors: Amounts falling due after more than one year					(76,012)			(24,751)
Provisions for liabilities					(27,477)			(10,568)
Net assets					192,961			200,867
Capital and reserves
Called up share capital		3			96			96
Capital redemption reserve					4			4
Profit and loss account					192,861			200,767
Shareholders' funds					192,961			200,867

For the year ending 30 November 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.

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

Maintenance Supplies Contracts Limited
(Registration number: 06261458)
Abbreviated Balance Sheet at 30 November 2015
......... continued

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 17 May 2016 and signed on its behalf by:

.........................................
M C Blunt
Director

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

Maintenance Supplies Contracts Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 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

Turnover is recognised when the company obtains the right to consideration.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% on cost

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 and machinery	25% on cost
Motor vehicles	25% on cost

Work in progress

Work in progress 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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.

Page 3

Maintenance Supplies Contracts Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2015
......... continued

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 December 2014		20,000			154,773			174,773
Additions		-			131,559			131,559
Disposals		-			(15,000)			(15,000)
At 30 November 2015		20,000			271,332			291,332
Depreciation
At 1 December 2014		8,000			101,932			109,932
Charge for the year		2,000			47,016			49,016
Eliminated on disposals		-			(15,000)			(15,000)
At 30 November 2015		10,000			133,948			143,948
Net book value
At 30 November 2015		10,000			137,384			147,384
At 30 November 2014		12,000			52,841			64,841

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary A of £1 each		75			75			75			75
Ordinary B of £1 each		21			21			21			21
		96			96			96			96

Page 4

Maintenance Supplies Contracts Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2015
......... continued

4	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
M C Blunt
Amounts advanced	-	8,357	43,617	33,000
T A Leigh
Amounts advanced	-	5,562	38,562	33,000

Page 5