Mycroft International Limited - Period Ending 2016-03-31

Registration number: 02267523

Mycroft International Limited

Unaudited Abbreviated Accounts
 
for the Year Ended 31 March 2016

Flemmings Chartered Accountants
76 Canterbury Road
Croydon
Surrey
CR0 3HA

Mycroft International Limited

Contents

Abbreviated Balance Sheet	1
Notes to the Abbreviated Accounts	2 to 3

Mycroft International Limited

(Registration number: 02267523)
Abbreviated Balance Sheet as at 31 March 2016

	Note	2016  £	2015  £
Fixed assets
Tangible assets	2	1,471	1,663
Investments	2	100	100
		1,571	1,763
Current assets
Debtors	3	168,168	186,906
Cash at bank and in hand		18	-
		168,186	186,906
Prepayments and accrued income		68,863	1,629
Creditors: Amounts falling due within one year	4	(155,699)	(186,276)
Net current assets		81,350	2,259
Total assets less current liabilities		82,921	4,022
Provisions for liabilities		(294)	(332)
Accruals and deferred income		(82,125)	(1,955)
Net assets		502	1,735
Capital and reserves
Called up share capital	5	2	2
Profit and loss account		500	1,733
Shareholders funds		502	1,735

For the year ending 31 March 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 22 November 2016 and signed on its behalf by:

.........................................
Mr C P Groves
Director

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

Mycroft International Limited

Notes to the Abbreviated Accounts

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 (FRSSE) (effective April 2015).

Turnover

Turnover represents the fees due to the company in respect of its services alone which have either been received, or notified as being receivable, during the year.

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
Office Equipment	15% Straight Line

Fixed asset investments

All fixed assets are initially recorded at cost.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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.

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

Mycroft International Limited

Notes to the Abbreviated Accounts

2

Fixed assets

	Tangible assets £	Investments £	Total £
Cost
At 1 April 2015	28,742	6,000	34,742
Additions	532	-	532
At 31 March 2016	29,274	6,000	35,274
Depreciation
At 1 April 2015	27,079	5,900	32,979
Charge for the year	724	-	724
At 31 March 2016	27,803	5,900	33,703
Net book value
At 31 March 2016	1,471	100	1,571
At 31 March 2015	1,663	100	1,763

3

Debtors

Debtors includes £Nil (2015 - £Nil) receivable after more than one year.

4

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

	2016  £	2015  £
Amounts falling due within one year	59,340	58,697

5

Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
1 Ordinary share of £1 each	2	2	2	2

Page 3