Maverick Media Limited - Period Ending 2016-05-31

Registration number: 3068959

Maverick Media Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Maverick Media Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Maverick Media Limited
(Registration number: 3068959)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					2,345			8,438
Current assets
Stocks					46,540			-
Debtors					185,661			51,735
Cash at bank and in hand					413,666			561,732
					645,867			613,467
Creditors: Amounts falling due within one year					(105,477)			(119,808)
Net current assets					540,390			493,659
Net assets					542,735			502,097
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					542,635			501,997
Shareholders' funds					542,735			502,097

For the year ending 31 May 2016 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 5 September 2016 and signed on its behalf by:

.........................................
Mr William Jeffery
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Maverick Media Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Leasehold properties	Straight line over life of the lease
Plant and machinery	Straight line at 25%
Fixtures, fittings and equipment	Straight line at 20%
Computer equipment	Straight line at 25%

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 2

Maverick Media Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2015		216,056			216,056
Additions		2,449			2,449
At 31 May 2016		218,505			218,505
Depreciation
At 1 June 2015		207,618			207,618
Charge for the year		8,542			8,542
At 31 May 2016		216,160			216,160
Net book value
At 31 May 2016		2,345			2,345
At 31 May 2015		8,438			8,438

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary Shares of £1 each		100			100			100			100

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