Abbreviated Company Accounts - M & L TOOLING LTD

Abbreviated Company Accounts - M & L TOOLING LTD


Registered Number 04721577

M & L TOOLING LTD

Abbreviated Accounts

31 July 2015

M & L TOOLING LTD Registered Number 04721577

Abbreviated Balance Sheet as at 31 July 2015

Notes 2015 2014
£ £
Fixed assets
Intangible assets 2 - -
Tangible assets 3 36,749 740
36,749 740
Current assets
Stocks 4,323 3,353
Debtors 20,400 16,840
Cash at bank and in hand 1,030 -
25,753 20,193
Creditors: amounts falling due within one year 4 (114,776) (99,680)
Net current assets (liabilities) (89,023) (79,487)
Total assets less current liabilities (52,274) (78,747)
Creditors: amounts falling due after more than one year 4 (24,747) -
Total net assets (liabilities) (77,021) (78,747)
Capital and reserves
Called up share capital 5 60 60
Revaluation reserve 36,242 0
Profit and loss account (113,323) (78,807)
Shareholders' funds (77,021) (78,747)
  • 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 23 June 2016

And signed on their behalf by:
Mr C Miles, Director

M & L TOOLING LTD Registered Number 04721577

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

1Accounting Policies

Basis of measurement and preparation of accounts
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 policy
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Tangible assets depreciation policy
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:

Plant and machinery - 15% per annum straight line basis
Office equipment - 15% per annum straight line basis

Intangible assets amortisation policy
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 is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life.

Goodwill - 20% per annum straight line basis

Other accounting policies
Going concern
The financial statements have been prepared on a going concern basis.

Stock and work in progress
Stock and work in progress are 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.

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.

2Intangible fixed assets
£
Cost
At 1 August 2014 98,511
Additions -
Disposals -
Revaluations -
Transfers -
At 31 July 2015 98,511
Amortisation
At 1 August 2014 98,511
Charge for the year -
On disposals -
At 31 July 2015 98,511
Net book values
At 31 July 2015 0
At 31 July 2014 0
3Tangible fixed assets
£
Cost
At 1 August 2014 66,723
Additions -
Disposals -
Revaluations (21,413)
Transfers -
At 31 July 2015 45,310
Depreciation
At 1 August 2014 65,983
Charge for the year 2,141
On disposals (59,563)
At 31 July 2015 8,561
Net book values
At 31 July 2015 36,749
At 31 July 2014 740
4Creditors
2015
£
2014
£
Secured Debts 30,973 20,682
5Called Up Share Capital
Allotted, called up and fully paid:
2015
£
2014
£
30 A Ordinary shares of £1 each 30 30
30 B Ordinary shares of £1 each 30 30