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M & G ENERGY LIMITED
08875333
ABBREVIATED BALANCE SHEET
AS AT 28 SEPTEMBER 2015
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 28 September 2015 and of its loss for the period in accordance with the requirements of sections 394 and 395 of the Act 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, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 16 November 2016.
The notes on pages 2 to 3 form part of these financial statements.
Page 1
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M & G ENERGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 28 SEPTEMBER 2015
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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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).
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Assets in the course of construction
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Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and loss account.
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2.TANGIBLE FIXED ASSETS
3.SHARE CAPITAL
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Allotted, called up and fully paid
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2,000 (2015 - 50) Ordinary shares of £0.10 each
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1,450,000 4% Redeemable preference shares of £1 each
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Page 2
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M & G ENERGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 28 SEPTEMBER 2015
3.SHARE CAPITAL (continued)
The company was incoporated on 4 February 2014. On that day, 50 ordinary shares of £0.10 each were allotted, called up and fully paid at par value. During the period, a further 1,950 ordinary shares of £0.10 and 1,450,000 4% redeemable preference shares of £1 each were allotted, called up and fully paid at par value.
In respect of the 4% redeemable preference shares of £1 each, it is at the directors' discretion as to when and how these shares are redeemed and as to whether the coupon dividend should be paid, therefore these shares are treated as equity in nature.
Page 3
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