Company Registration No. 03077805 (England and Wales)
M M R STEELS LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2015
M M R STEELS LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
M M R STEELS LTD
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2015
31 August 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
227,802
229,013
Current assets
Stocks
61,778
61,778
Debtors
4,600
2,000
Cash at bank and in hand
3,475
2,204
69,853
65,982
Creditors: amounts falling due within one year
(493,614)
(498,713)
Net current liabilities
(423,761)
(432,731)
Total assets less current liabilities
(195,959)
(203,718)
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
(196,059)
(203,818)
Shareholders' funds
(195,959)
(203,718)
For the financial year ended 31 August 2015 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 9 May 2016
Mr Boota Chahal
Director
Company Registration No. 03077805
M M R STEELS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
- 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 April 2008).
The financial statements have been prepared on a going concern basis. The validity of this basis depends
upon the continued financial support of the company's bankers and directors, although there is no reason
to suppose that this support will not continue. No adjustments have been made to the financial
statements in respect of the possible invalidity of the going concern basis.
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 and profits
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land 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:
Land and buildings Freehold
Nil
Plant and machinery
25% reducing balance.
Fixtures, fittings & equipment
25% reducing balance.
M M R STEELS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 September 2014 & at 31 August 2015
292,542
Depreciation
At 1 September 2014
63,529
Charge for the year
1,211
At 31 August 2015
64,740
Net book value
At 31 August 2015
227,802
At 31 August 2014
229,013
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary Shares of £1 each
100
100