Metal Polishing Supplies UK Ltd Accounts

METAL POLISHING SUPPLIES UK LIMITED - Company Information






Metal Polishing Supplies UK Ltd
	Company No. 03827784
		Abbreviated Accounts
		30 April 2016

at	30 April 2016

Company No.		03827784	Notes	2016	2015
				£	£
Fixed assets

	Tangible assets		2	1,284	2,295

				1,284	2,295
Current assets
	Stocks			36,871	33,589
	Debtors			13,050	12,670

	Cash at bank and in hand			5,433	339
				55,354	46,598
Creditors: Amounts falling due within one year				(119,668)	(68,194)
Net current liabilities				(64,314)	(21,596)
Total assets less current liabilities				(63,030)	(19,301)
Creditors: Amounts falling due after more than one year				-	(29,190)



Net liabilities				(63,030)	(48,491)

Capital and reserves
	Called up share capital		3	2	1



	Profit and loss account			(63,032)	(48,492)

Shareholders' funds				(63,030)	(48,491)

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

For the year ended 30 April 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 31 October 2016

And signed on its behalf by:

J.A.I. Waggott
Director
31 October 2016

for the year ended 30 April 2016

Accounting policies

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) ["the FRSSE"].

Turnover

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers.

Going concern

As at the balance sheet date, the company's liabilities exceeded its assets by £61,122. The company meets its day to day working capital requirements from sales receipts and loans from directors. The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the directors continuing support by providing interest free loans. The directors believe the financial statements should be prepared on the going concern basis.

Tangible fixed assets and depreciation

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

Plant and machinery

33% Straight line

Furniture, fittings and equipment

20% Reducing balance

Stocks

Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred taxation

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts.
Deferred tax is provided in full on timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based upon current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

Foreign currencies

Monetary 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 recorded in sterling using the exchange rate ruling at the date of the transaction.
Exchange differences are are taken into account in arriving at the operating profit.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a 'finance lease'. Assets held under finance leases, or hire purchase contracts, are recorded in the balance sheet as tangible fixed assets and depreciated over their estimated useful lives or the term of the finance lease or hire purchase contract, whichever is shorter. Future instalments under such finance leases or hire purchase contracts, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account, and the capital element which reduces the outstanding obligation for future instalments.

All other leases are accounted for as 'operating leases' and the rental charges are charged to the profit and loss account on a straight line basis over the life of the lease.

2	Fixed assets
		Tangible fixed assets	Total
		£	£
	Cost or revaluation
	At 1 May 2015	7,185	7,185
	Additions	657	657



	At 30 April 2016	7,842	7,842
	Amortisation
	At 1 May 2015	4,890	4,890
	Charge for the year	1,668	1,668



	At 30 April 2016	6,558	6,558
	Net book values
	At 30 April 2016	1,284	1,284
	At 30 April 2015	2,295	2,295

3	Share Capital
		Nominal value	2016	2016	2015
		£	Number	£	£
	Allotted, called up and fully paid:
	Ordinary	1.00	1	1	1
	Ordinary A	1.00	1	1	-



				2	1

		Nominal value	2016	2016
		£	Number	£
	Shares issued during the period:

	Ordinary A	1.00	1	1



				1

	Shares were issued during the year to D. Jones

4	Advances and credits to directors
	Included within Other debtors are the following loans to directors:

	Director	Description	At 1 May 2015	Advanced	Repaid	At 30 April 2016
			£	£	£	£

	J.A.I. Waggott	Loan to director	2,144	1,635	(260)	3,519






































			2,144	1,635	(260)	3,519