Company Registration No. 01703385 (England and Wales)
M.P.S. Labels Limited
Unaudited Abbreviated Financial Statements
For The Year Ended 28 February 2016
M.P.S. Labels Limited
Contents
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
M.P.S. Labels Limited
Abbreviated Balance Sheet
As At 28 February 2016
Page 1
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
10,636
9,358
Current assets
Stocks
23,950
12,402
Debtors
52,033
53,178
Cash at bank and in hand
1,950
40
77,933
65,620
Creditors: amounts falling due within one year
(87,315)
(74,160)
Net current liabilities
(9,382)
(8,540)
Total assets less current liabilities
1,254
818
Capital and reserves
Called up share capital
3
800
800
Profit and loss account
454
18
Shareholders' funds
1,254
818
For the financial year ended 28 February 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 5 August 2016
Mr D J Gander
Mr I Puttock
Director
Director
Company Registration No. 01703385
M.P.S. Labels Limited
Notes To The Abbreviated Accounts
For The Year Ended 28 February 2016
Page 2
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when goods are physically delivered to the customer and the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to the date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.
Turnover is recognised when goods are physically delivered to the customer and the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.
Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to the date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
15% reducing balance
Office furniture and fittings
15% reducing balance
M.P.S. Labels Limited
Notes To The Abbreviated Accounts (Continued)
For The Year Ended 28 February 2016
Page 3
2
Fixed assets
Tangible assets
£
Cost
At 1 March 2015
121,474
Additions
2,750
At 28 February 2016
124,224
Depreciation
At 1 March 2015
112,116
Charge for the year
1,472
At 28 February 2016
113,588
Net book value
At 28 February 2016
10,636
At 28 February 2015
9,358
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
800 Ordinary shares of £1 each
800
800
4
Related party relationships and transactions
Loans from directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
D J Gander - Directors Current Account
29,504
-
-
4,015
25,489
I Puttock - Directors Current Account
-
24
-
-
24
29,504
24
-
4,015
25,513
M.P.S. Labels Limited
Notes To The Abbreviated Accounts (Continued)
For The Year Ended 28 February 2016
4
Related party relationships and transactions
(Continued)
Page 4
Loans to Directors
Advances and credits granted to the directors during the year are outlined in the table below:
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
I Puttock - Directors Current Account
-
631
-
-
631
-
631
-
-
631
-