MORVEN_ESTATES_LIMITED - Accounts
MORVEN_ESTATES_LIMITED - Accounts
Company Registration No. SC241424 (Scotland)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2014
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
ABBREVIATED BALANCE SHEET
AS AT
28 FEBRUARY 2014
- 1 -
2014
2013
Notes
£
£
£
£
Current assets
Stocks
Creditors: amounts falling due within one year
(304,349 )
(296,544 )
Total assets less current liabilities
(139,349 )
(131,544 )
Capital and reserves
Called up share capital
2
Profit and loss account
(139,352 )
(131,547 )
Shareholders' funds
(139,349 )
(131,544 )
Director's responsibilities:
-
-
Approved by the Board and authorised for issue on 27 November 2014
Director
Company Registration No. SC241424
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
This company's main creditor is its parent company which is due £296,659. The parent company will continue to support this company for a period of at least 12 months.
The parent company's accounts for the year to 31 March 2014 include disclosures relating to a material uncertainty which may cast doubt on that company's ability to continue as a going concern which in turn would represent a material uncertainty which may cast doubt on the provision of financial support from the parent company. If this support was no longer provided this would cast doubt on this company's ability to continue as a going concern.
The parent company finances its operations via a bank facility and a loan from its director.
The parent company's ability to meet its cashflow requirements and operate within available cash resources would be impaired if the bank were to demand repayment of the facility.
Consequently, the director considers that these circumstances represent a material uncertainty which may cast doubt upon the company's ability to continue as a going concern. Nevertheless after making enquiries, and considering the uncertainties described above, the director is confident that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, he continues to adopt the going concern basis in preparing the financial statements.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Stock and work in progress
Work in progress is valued at the lower of cost and net realisable value.
1.4
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2
Share capital
2014
2013
£
£
Allotted, called up and fully paid
3
Ultimate parent company
The company is a 100% owned subsidiary of Archibald Frame Limited, a company incorporated in Scotland and under the control of William Frame.