Manx Loaghtan Produce Company Limited Accounts

MANX LOAGHTAN PRODUCE COMPANY LIMITED - Company Information






Manx Loaghtan Produce Company Limited
	Company No. 08260895
		Abbreviated Accounts
		31 October 2015

at	31 October 2015

Company No.		08260895	Notes	2015	2014
				£	£
Fixed assets
	Intangible assets		2	1,762	1,997
	Tangible assets		2	3,640	4,853

				5,402	6,850
Current assets
	Stocks			1,500	-
	Debtors			967	1,920

	Cash at bank and in hand			3,507	2,214
				5,974	4,134
Creditors: Amounts falling due within one year				(45,833)	(29,811)
Net current liabilities				(39,859)	(25,677)
Total assets less current liabilities				(34,457)	(18,827)




Net liabilities				(34,457)	(18,827)

Capital and reserves
	Called up share capital		3	100	100



	Profit and loss account			(34,557)	(18,927)

Shareholders' funds				(34,457)	(18,827)

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

For the year ended 31 October 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 19 July 2016

And signed on its behalf by:

G.C. Steriopulos
Director
19 July 2016

for the year ended 31 October 2015

Accounting policies

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) ["the FRSSE"].

Turnover

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Intangible fixed assets and amortisation

Intangible fixed assets (including purchased goodwill, patents and trademarks and research and development costs) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an assets may not be fully recoverable.

Stocks

Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred taxation

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts.
Deferred tax is provided in full on timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based upon current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

2	Fixed assets
		Intangible fixed assets	Tangible fixed assets	Total
		£	£	£
	Cost or revaluation
	At 1 November 2014	2,350	6,470	8,820




	At 31 October 2015	2,350	6,470	8,820
	Amortisation
	At 1 November 2014	353	1,617	1,970
	Charge for the year	235	1,213	1,448



	At 31 October 2015	588	2,830	3,418
	Net book values
	At 31 October 2015	1,762	3,640	5,402
	At 31 October 2014	1,997	4,853	6,850

3	Share Capital
		Nominal value	2015	2015	2014
		£	Number	£	£
	Allotted, called up and fully paid:
	Ordinary	1.00	100	100	100




				100	100