Marketing Mindsets Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: SC327479 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 28 JUNE 2016

FOR

MARKETING MINDSETS LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

L K Lilburn

SECRETARY:

Ms A Hunter

REGISTERED OFFICE:

Sallochy House

Rowardennan

Drymen

Glasgow

G63 0AW

REGISTERED NUMBER:

SC327479 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

FIXED ASSETS

Tangible assets

2

2,037

2,389

CURRENT ASSETS

Stocks

2,961

Debtors

12,824

1,085

Cash at bank

156

185

15,941

4,231

CREDITORS

Amounts falling due within one year

99,045

78,419

NET CURRENT LIABILITIES

(83,104

)

(74,188

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(81,067

)

(71,799

)

CAPITAL AND RESERVES

Called up share capital

3

2

Profit and loss account

(81,069

)

(71,801

)

SHAREHOLDERS' FUNDS

(81,067

)

(71,799

)

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 June 2016.

The members have not required the Company to obtain an audit of its financial statements for the year ended 28 June 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 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 have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 20 March 2017 and were signed by:

L K Lilburn - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

The financial statements have been prepared on the going concern basis, the validity of which depends upon the continued

support of the Company's director. At the balance sheet date the Company's liabilities exceeded its assets by £81,067.

The Company meets its day to day working capital requirements with the support of its director, who has agreed not to

seek repayment of the amounts owed to him in advance of other creditors.

For the above reason the director considers it appropriate to prepare the financial statements on a going concern basis.

Should the going concern basis not be appropriate the Company may not be able to recover the amounts recorded in the

financial statements in respect of its assets. There may also be changes in the amounts and dates of maturity of liabilities.

In these circumstances the amounts and classification of assets and liabilities in the financial statements would need to be

adjusted if the amounts are material.

Exemption from preparing a cash flow statement

The Company has adopted the Financial Reporting Standard for Smaller Entities (effective January 2015) and is

consequently exempt from the requirement to include a cash flow statement in the financial statements.

Turnover

The turnover shown in the profit and loss account represents the value of all goods and services provided during the year,

less returns received and services delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the

point at which the Company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such

as obsolescence, have been transferred to the customer.

Tangible fixed assets

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

Motor vehicle

-

25% reducing balance

Equipment

-

33% reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs

of acquisition.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items. Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present

location and condition and consists of goods for resale.

Financial instruments

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at

principal capital amounts outstanding at the year end. Issue costs relating to financial liabilities are deducted from the

outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of

its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated

financial instrument.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 29 June 2015

16,413

Additions

396

At 28 June 2016

16,809

DEPRECIATION

At 29 June 2015

14,024

Charge for year

748

At 28 June 2016

14,772

NET BOOK VALUE

At 28 June 2016

2,037

At 28 June 2015

2,389

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2

Ordinary

£1

2