DAVID_H_MYERS_HOLDINGS_LI - Accounts
DAVID_H_MYERS_HOLDINGS_LI - Accounts
Company Registration No. 05669436 (England and Wales)
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 5
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DAVID H MYERS HOLDINGS LIMITED FOR THE YEAR ENDED 31 MARCH 2016
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of David H Myers Holdings Limited for the year ended 31 March 2016 set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of David H Myers Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of David H Myers Holdings Limited and state those matters that we have agreed to state to the Board of Directors of David H Myers Holdings Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than David H Myers Holdings Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that David H Myers Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of David H Myers Holdings Limited. You consider that David H Myers Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of David H Myers Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Moore and Smalley LLP
Chartered Accountants
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Investments
2
Current assets
Debtors
Creditors: amounts falling due within one year
(120,446 )
(133,545 )
Net current assets
Total assets less current liabilities
Capital and reserves
Called up share capital
3
Profit and loss account
Shareholders' funds
Directors' responsibilities:
-
-
Approved by the Board for issue on 12 December 2016
Director
Director
Company Registration No. 05669436
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
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).
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
1.3
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.4
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
2
Fixed assets
Investments
£
Cost
At 1 April 2015 & at 31 March 2016
167,074
At 31 March 2015
167,074
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
919,236
171,314
175,446
39,204
237,208
75,471
139,790
89,195
90,778
40,723
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 5 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
-
-
30,000 Ordinary B shares of £1 each
30,000
-
5,000 Ordinary C shares of £1 each
5,000
-
5,000 Ordinary D shares of £1 each
5,000
-
5,000 Ordinary E shares of £1 each
5,000
-
During the year the company redesignated its ordinary share capital. The shares rank pari passu in all respects.
4
Directors' benefits: Advances, credits and guarantees
At the balance sheet date, both directors had received advances from the company totalling £261,953. Each balance was the largest amount advanced throughout the year.
These advances are repayable on demand and the company has levied interest on these at the HMRC approved rate.