Mt Ventilation Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI629766 (Northern Ireland)

Mt Ventilation Services Limited

Unaudited Financial Statements for the Year Ended 31 March 2018

Page

Abridged balance sheet

1

Notes to the financial statements

3

Fixed assets

Intangible assets

4

20,000

30,000

Tangible assets

5

11,285

15,046

31,285

45,046

Current assets

Debtors

57,851

48,569

Cash at bank

28,044

12,213

85,895

60,782

Creditors

Amounts falling due within one year

(41,406

)

(39,538

)

Net current assets

44,489

21,244

Total assets less current liabilities

75,774

66,290

Creditors

Amounts falling due after more than one year

(481

)

(2,412

)

Net assets

75,293

63,878

Capital and reserves

Called up share capital

6

1

1

Retained earnings

75,292

63,877

Shareholders' funds

75,293

63,878

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income statement and an abridged Balance sheet for the year ended 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the director on 11 December 2018 and were signed by:

Mr. M Todd - Director

1.	Statutory information

Mt Ventilation Services Limited is a private company, limited by shares , registered in Northern Ireland.

The company's registered number and registered office address are as below:

Registered number:

NI629766

Registered office:

Second Floor

Murrays Exchange

1-9 Linfield Road

Belfast

BT12 5DR

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

25% Reducing balance

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and

Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes

party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,

when there is a legal enforceable right to set off the recognised amounts and there is an intention to

settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances, are initially measured at

transaction price including transaction costs and are subsequently carried at amortised cost using the

effective interest method unless arrangement constitutes a financing transaction, where the transaction

is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in

the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and

preference shares that are classified as debt, are initially recognised at transaction price unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present

value of the future payments discounted at a market rate of interest. Financial liabilities classified as

payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. Amounts payable are classified as current liabilities if payment is

due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are

recognised initially at transaction price and subsequently measured at amortised cost using the

effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid

investments that are readily convertible to a known amount of cash and are subject to an insignificant

risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the

ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at

amortised cost using the effective interest method, less provision for impairment, A provision for the

impairment of trade debtors is established when there is objective evidence that the company will not

be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. Accounts payable are classified as current liabilities if the company

does not have an unconditional right, at the end of the reporting period, to defer settlement of the

creditor for at least twelve months after the reporting date. If there is an unconditional right to defer

settlement for at least twelve months after the reporting date, they are presented as non-current

liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at

amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing

borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net

of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and

Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest

payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer

settlement of the liability for at least twelve months after the reporting date.

3.	Employees and directors

The average number of employees during the year was 6 (2017 - 5 ) .

4.	Intangible fixed assets

Totals

£

Cost

At 1 April 2017

and 31 March 2018

50,000

Amortisation

At 1 April 2017

20,000

Amortisation for year

10,000

At 31 March 2018

30,000

Net book value

At 31 March 2018

20,000

At 31 March 2017

30,000

5.	Tangible fixed assets

Totals

£

Cost

At 1 April 2017

and 31 March 2018

20,999

Depreciation

At 1 April 2017

5,953

Charge for year

3,761

At 31 March 2018

9,714

Net book value

At 31 March 2018

11,285

At 31 March 2017

15,046

6.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

1

Ordinary

£1

1

1