Abbreviated Company Accounts - THE MILLAND COMMUNITY SHOP LIMITED

THE MILLAND COMMUNITY SHOP LIMITED - Company Information

Registered Number 08654049

THE MILLAND COMMUNITY SHOP LIMITED

Abbreviated Accounts

31 December 2015

THE MILLAND COMMUNITY SHOP LIMITED Registered Number 08654049

Abbreviated Balance Sheet as at 31 December 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	3	83,870	85,678
		83,870	85,678
Current assets
Stocks		10,029	11,437
Debtors		3,620	2,466
Cash at bank and in hand		11,304	13,132
		24,953	27,035
Creditors: amounts falling due within one year		(23,976)	(33,876)
Net current assets (liabilities)		977	(6,841)
Total assets less current liabilities		84,847	78,837
Total net assets (liabilities)		84,847	78,837
Reserves
Income and expenditure account		84,847	78,837
Members' funds		84,847	78,837

For the year ending 31 December 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 29 September 2016

And signed on their behalf by:
IPM Fraser, Director

THE MILLAND COMMUNITY SHOP LIMITED Registered Number 08654049

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

1Accounting Policies

Basis of measurement and preparation of accounts
Basis of accounting
The financial statements have been prepared under the historical cost convention, and in
accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year,
exclusive of Value Added Tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the
value of work done in the year, including estimates of amounts not invoiced. Turnover in
respect of long-term contracts and contracts for on-going services is recognised by reference to
the stage of completion.

Tangible assets depreciation policy
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value,
over the useful economic life of that asset as follows:
Leasehold Property - straight line between 4% and 10%
Fixtures & Fittings - straight line 15%

Other accounting policies
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for
obsolete and slow moving items.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the
contractual arrangement, as either 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.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to
continue as a going concern have been identified by the directors.
Deferred grants
Deferred grants in respect of capital expenditure are treated as deferred income and are credited
to the profit and loss account over the estimated useful life of the assets to which they relate.

2Company limited by guarantee
Company is limited by guarantee and consequently does not have share capital.

3Tangible fixed assets

	£
Cost
At 1 January 2015	101,631
Additions	1,382
Disposals	-
Revaluations	-
Transfers	-
At 31 December 2015	103,013
Depreciation
At 1 January 2015	15,953
Charge for the year	3,190
On disposals	-
At 31 December 2015	19,143
Net book values
At 31 December 2015	83,870
At 31 December 2014	85,678

The company has a lease on the land used for the shop. If the company forfeits, terminates or
ends the lease, then the land reverts back to the Milland Valley War Memorial Hall. The shop
assets are valued at their cost less impairment on the basis that the company is a going concern.