Company Registration No. 02643978 (England and Wales)
M & N WHOLESALERS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
M & N WHOLESALERS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
M & N WHOLESALERS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
30 June 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
749,176
749,216
Current assets
Debtors
-
1,202
Cash at bank and in hand
919
-
919
1,202
Creditors: amounts falling due within one year
(292,924)
(249,579)
Net current liabilities
(292,005)
(248,377)
Total assets less current liabilities
457,171
500,839
Creditors: amounts falling due after more than one year
3
(213,999)
(250,157)
243,172
250,682
Capital and reserves
Called up share capital
4
2
2
Revaluation reserve
257,338
257,338
Profit and loss account
(14,168)
(6,658)
Shareholders' funds
243,172
250,682
For the financial year ended 30 June 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 12 December 2016
Mr M Finn
Director
Company Registration No. 02643978
M & N WHOLESALERS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The accounts have been prepared on the basis that the company is able to continue to trade. This is dependent on the continued support from a company under control which will pay any liabilities that it is unable to meet itself.
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 trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
Tangible fixed assets include investment properties valued by directors on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 July 2015 & at 30 June 2016
767,881
Depreciation
At 1 July 2015
18,665
Charge for the year
40
At 30 June 2016
18,705
Net book value
At 30 June 2016
749,176
At 30 June 2015
749,216
M & N WHOLESALERS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
3
Creditors: amounts falling due after more than one year
2016
2015
£
£
Analysis of loans repayable in more than five years
Total not repayable by instalments and due in more than five years
-
250,157
Total amounts repayable by instalments which are due in more than five years
118,000
-
The aggregate amount of creditors for which security has been given amounted to £238,000 (2015 - £250,910).
Bank indebtedness is secured by a fixed and floating charge over the company's assets and a legal charge over the company's property. Bank loan
repayments are set at £6,000 per quarter over the next 10 years. Interest is charged at
2.
8
5% over
LIBOR
.
D
irector
'
s loans are repayable by agreement with the company.
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2