Mroke Limited - Period Ending 2014-03-31

Registration number: 06494044

Mroke Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Sandwell Accountancy Services Limited
Certified Public Accountants
Old Bank Buildings
Upper High St
Cradley Heath
West Midlands
B64 5HY

Mroke Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

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 5) have been prepared.

Certified Public Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Mroke 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 Mroke 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 Mroke Limited. Our work has been undertaken solely to prepare for your approval the accounts of Mroke Limited and state those matters that we have agreed to state to them. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mroke Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mroke 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 Mroke Limited. You consider that Mroke 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 Mroke 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.

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

Sandwell Accountancy Services Limited
Certified Public Accountants
Old Bank Buildings
Upper High St
Cradley Heath
West Midlands
B64 5HY

23 December 2014

Page 1

Mroke Limited
(Registration number: 06494044)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					760,000			855,000
Tangible fixed assets					793,955			380,604
					1,553,955			1,235,604
Current assets
Debtors					239,802			50,581
Cash at bank and in hand					116,750			257,519
					356,552			308,100
Creditors: Amounts falling due within one year					(296,308)			(138,968)
Net current assets					60,244			169,132
Total assets less current liabilities					1,614,199			1,404,736
Creditors: Amounts falling due after more than one year					(640,047)			(515,348)
Net assets					974,152			889,388
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					974,150			889,386
Shareholders' funds					974,152			889,388

For the year ending 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 16 December 2014

......................................... Dr S S Mroke Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Mroke 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).

Turnover

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

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% Straight Line

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	20% Reducing balance basis
Fixtures and fittings	20% Reducing balance basis
Office equipment	20% Reducing balance basis

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Page 3

Mroke Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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.

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2013		950,000			399,017			1,349,017
Additions		-			421,332			421,332
At 31 March 2014		950,000			820,349			1,770,349
Depreciation
At 1 April 2013		95,000			18,413			113,413
Charge for the year		95,000			7,981			102,981
At 31 March 2014		190,000			26,394			216,394
Net book value
At 31 March 2014		760,000			793,955			1,553,955
At 31 March 2013		855,000			380,604			1,235,604

3

Creditors

Included in the creditors are the following amounts due after more than five years:

Page 4

Mroke Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

		2014 £			2013 £
After more than five years by instalments		480,038			522,923
After more than five years not by instalments		190,000			-
		670,038			522,923

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

Page 5