MCGINLEY_(IHS)_LIMITED - Accounts

MCG CENTRAL SERVICES LIMITED - Company Information

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Company Registration No. 07067995 (England and Wales)

MCGINLEY (IHS) LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2015

MCGINLEY (IHS) LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

MCGINLEY (IHS) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Intangible assets

195,882

209,957

Tangible assets

1,788

3,574

197,670

213,531

Current assets

Debtors

400,928

Creditors: amounts falling due within one year

(1,243,551)

(1,241,171)

Net current liabilities

(842,623)

(840,243)

Total assets less current liabilities

(644,953)

(626,712)

Creditors: amounts falling due after more than one year

(231,495)

(876,448)

(858,207)

Capital and reserves

Called up share capital

1,219

Share premium account

163,291

Profit and loss account

(1,040,958)

(1,022,717)

Shareholders' funds

(876,448)

(858,207)

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.

Director's 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 director acknowledges his 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 September 2016

Mr S McGinley

Director

Company Registration No. 07067995

MCGINLEY (IHS) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 2 -

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 April 2008). . The company has net liabilities at the year end of £876,448 and the company has ceased to trade .

Therefore the accounts have been prepared on the break up basis. There is no difference between the break up basis and going concern basis.

The company operates with the support of McGinley Group Ltd.

The Group have signified that they will continue to support the company throughout the next 12 months based on the forecasts prepared by the company.

The directors consider that the company has sufficient facilities to operate for a further year and on this basis they consider it appropriate to prepare the financial statements on the going concern basis.

The financial statements do not include any adjustments that would result from the withdrawal of Group support.

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

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

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:

Computer equipment

25% on cost

Fixtures, fittings & equipment

25% on cost

MCGINLEY (IHS) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 January 2015 & at 31 December 2015

281,506

28,672

310,178

Depreciation

At 1 January 2015

71,549

25,098

96,647

Charge for the year

14,075

1,786

15,861

At 31 December 2015

85,624

26,884

112,508

Net book value

At 31 December 2015

195,882

1,788

197,670

At 31 December 2014

209,957

3,574

213,531

Share capital

2015

2014

Allotted, called up and fully paid

121,900 Ordinary of 1p each

1,219