Marnick Roofing Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 06642290 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 July 2016

for

Marnick Roofing Limited

Page

Abbreviated Balance Sheet

1

to

2

Notes to the Abbreviated Accounts

3

to

4

FIXED ASSETS

Tangible assets

2

34,769

39,858

CURRENT ASSETS

Stocks

16,841

16,129

Debtors

252,346

216,155

Cash at bank and in hand

59,659

48,737

328,846

281,021

CREDITORS

Amounts falling due within one year

293,241

250,293

NET CURRENT ASSETS

35,605

30,728

TOTAL ASSETS LESS CURRENT
LIABILITIES

70,374

70,586

CREDITORS

Amounts falling due after more than one
year

(1,599

)

(7,038

)

PROVISIONS FOR LIABILITIES

(6,954

)

(7,972

)

NET ASSETS

61,821

55,576

CAPITAL AND RESERVES

Called up share capital

3

4

Profit & loss account

61,817

55,572

SHAREHOLDERS' FUNDS

61,821

55,576

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 25 October 2016 and were signed on its
behalf by:

Mr P A Marks - Director

Mr R Bland - Director

1.	ACCOUNTING POLICIES

Accounting convention

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).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company

qualifies as a small company.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

In respect of long-term contracts, turnover represents the value of work done in the year, including

estimates of amounts not invoiced. Turnover in respect of long-term contracts is recognised by

reference to the stage of completion of each contract, separately.

Tangible fixed assets

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

Plant & machinery

-

33% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date where transactions or events occurred at that date will result in obligation to

pay more, or a right to pay less or to receive more tax, with the following exceptions:

Deferred tax assets are recognised only to the extent that directors consider that it is more likely than

not that there will be suitable taxable profits from which the future reversal of the underlying timing

difference can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the

period in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets

and depreciated over the shorter of the lease term and their useful lives. Obligations under such

agreements are included in creditors net of finance charges allocated to future periods. The finance

element of the rental payments is charged to the profit and loss account to as to produce constant

periodic rates of charge on the net obligations outstanding in each period.

Long-term contracts

Amounts recoverable on long-term contracts, which are included in debtors, are stated at the net sales

value of the work done after provisions for contingencies and anticipated future losses on contracts,

less amounts received as progress payments on account. Excess progress payments are included in

creditors as payments received on account.

Going concern

It is the opinion of the directors that the company is a going concern and they have pledged their

continued support for the foreseeable future.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2015

80,000

Additions

11,294

Disposals

(11,705

)

At 31 July 2016

79,589

DEPRECIATION

At 1 August 2015

40,142

Charge for year

15,030

Eliminated on disposal

(10,352

)

At 31 July 2016

44,820

NET BOOK VALUE

At 31 July 2016

34,769

At 31 July 2015

39,858

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2

'A' Ordinary

£1

2

1

'B' Ordinary

£1

1

'C' Ordinary

£1

1

4