Mark D Gray Limited - Period Ending 2014-03-31

Registration number: SC244953

Mark D Gray Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Total Accounting Ltd.
Moncrieff House
10 Moncrieff Street
Paisley
Renfrewshire
PA3 2BE

Mark D Gray Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Mark D Gray Limited
for the Year Ended 31 March 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mark D Gray Limited for the year ended 31 March 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Mark D Gray Limited, as a body, in accordance with the terms of our engagement letter dated 30 April 2013. Our work has been undertaken solely to prepare for your approval the accounts of Mark D Gray Limited and state those matters that we have agreed to state to them, as a body, in this report . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mark D Gray Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mark D Gray Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mark D Gray Limited. You consider that Mark D Gray 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 accounts of Mark D Gray 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 accounts.

......................................

Total Accounting Ltd.
Moncrieff House
10 Moncrieff Street
Paisley
Renfrewshire
PA3 2BE

24 October 2014

Page 1

Mark D Gray Limited
(Registration number: SC244953)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					12,589			20,953
Current assets
Stocks					5,964			4,500
Debtors					5,575			7,694
Cash at bank and in hand					712			3,757
					12,251			15,951
Creditors: Amounts falling due within one year					(17,173)			(29,005)
Net current liabilities					(4,922)			(13,054)
Total assets less current liabilities					7,667			7,899
Creditors: Amounts falling due after more than one year					(2,992)			(5,518)
Net assets					4,675			2,381
Capital and reserves
Called up share capital		3			10			10
Profit and loss account					4,665			2,371
Shareholders' funds					4,675			2,381

For the year ended 31 March 2014 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 director acknowledges his 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 director on 24 October 2014

.........................................
Mark Douglas Gray
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Mark D Gray Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... 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 April 2008).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents amounts chargeable, net of value added tax, 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
Motor vehicles	25% on cost
Office equipment	25% on cost

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 3

Mark D Gray Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2013		39,945			39,945
At 31 March 2014		39,945			39,945
Depreciation
At 1 April 2013		18,992			18,992
Charge for the year		8,364			8,364
At 31 March 2014		27,356			27,356
Net book value
At 31 March 2014		12,589			12,589
At 31 March 2013		20,953			20,953

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		10			10			10			10

Page 4