Marett Foundations Ltd - Period Ending 2016-08-31

Registration number: 02720420

Marett Foundations Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

Allden and Partners
Accountants
North Lodge
Brockham Green
Betchworth
Betchworth
Surrey
RH3 7JS

Marett Foundations Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Marett Foundations Ltd
(Registration number: 02720420)
Abbreviated Balance Sheet at 31 August 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					100,112			100,131
Current assets
Cash at bank and in hand					1,311			30,603
Creditors: Amounts falling due within one year					(9,038)			(17,237)
Net current (liabilities)/assets					(7,727)			13,366
Total assets less current liabilities					92,385			113,497
Provisions for liabilities					(15,548)			(26,095)
Net assets					76,837			87,402
Capital and reserves
Called up share capital		3			3			3
Revaluation reserve					28,000			28,000
Profit and loss account					48,834			59,399
Shareholders' funds					76,837			87,402

For the year ending 31 August 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 25 May 2017 and signed on its behalf by:

.........................................
Mr Clive Marett
Director

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

Marett Foundations Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

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 (Effective January 2015).

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

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
Plant and machinery	15% net book value
Fixtures and fittings	15% net book value

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.

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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Marett Foundations Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2015		108,582			108,582
At 31 August 2016		108,582			108,582
Depreciation
At 1 September 2015		8,451			8,451
Charge for the year		19			19
At 31 August 2016		8,470			8,470
Net book value
At 31 August 2016		100,112			100,112
At 31 August 2015		100,131			100,131

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		3			3			3			3

Page 3