MULBERRY_IMPORTS_LIMITED - Accounts

MULBERRY IMPORTS LIMITED - Company Information

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Company Registration No. 02475050 (England and Wales)

MULBERRY IMPORTS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2015

MULBERRY IMPORTS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

MULBERRY IMPORTS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

333

403

Current assets

Debtors

30,821

57,924

Cash at bank and in hand

3,294

34,115

57,989

Creditors: amounts falling due within one year

(36,955)

(35,141)

Net current liabilities/(assets)

(2,840)

22,848

Total assets less current liabilities

(2,507)

23,251

Capital and reserves

Called up share capital

5,000

Profit and loss account

(7,507)

18,251

Shareholders' funds

(2,507)

23,251

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.

Directors' 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 directors acknowledge their 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 30 September 2016

N G Glennie

Director

Company Registration No. 02475050

MULBERRY IMPORTS 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 January 2015).

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

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:

Plant and machinery

25% Reducing Balance

Fixtures, fittings & equipment

15% Reducing Balance

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Fixed assets

Tangible assets

Cost

At 1 January 2015 & at 31 December 2015

23,187

Depreciation

At 1 January 2015

22,784

Charge for the year

At 31 December 2015

22,854

Net book value

At 31 December 2015

333

At 31 December 2014

403

MULBERRY IMPORTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

Share capital

2015

2014

Allotted, called up and fully paid

5,000 Ordinary shares of £1 each

5,000

Related party relationships and transactions

Loans to directors

The following directors had loans during the year. The movement on these loans are as follows:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

N G Glennie

3.25

38,039

844

24,170

14,713

38,039

844

24,170

14,713

The above is in summarised form.

The loan has interest charged at the official rate, is unsecured and has no fixed repayment date.

Other transactions

The company paid consultancy fees of £13,250 (2014: £20,000) to Bosham Consultancy Limited, a company controlled by the same directors as Mulberry Imports Limited. At the year end, the company was owed £2,000 (2014: £2,000) by Bosham Consultancy Limited.