Mayline Intertrade Limited
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Balance Sheet |
as at 31 July 2015
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|
Notes |
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|
2015 |
|
|
2014 |
€ |
€ |
Fixed assets |
Tangible assets |
5 |
|
|
1,185 |
|
|
2,263 |
|
Current assets |
Stocks |
4 |
|
1,164,166 |
|
|
1,127,021 |
Debtors |
6 |
|
3,040,406 |
|
|
3,105,065 |
Cash at bank and in hand |
|
|
139,028 |
|
|
169,800 |
|
|
|
4,343,600 |
|
|
4,401,886 |
|
Creditors: amounts falling due within one year |
7 |
|
(4,752,262) |
|
|
(4,724,273) |
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Net current liabilities |
|
|
|
(408,662) |
|
|
(322,387) |
|
Net liabilities |
|
|
|
(407,477) |
|
|
(320,124) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
8 |
|
|
6,398 |
|
|
6,398 |
Profit and loss account |
9 |
|
|
(413,875) |
|
|
(326,522) |
|
Shareholders' funds |
|
|
|
(407,477) |
|
|
(320,124) |
|
|
|
|
|
|
|
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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Members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
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|
A Gilfillan |
Director |
Approved by the board on 26 April 2016
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Mayline Intertrade Limited
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Notes to the Accounts |
for the year ended 31 July 2015
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|
1 |
Accounting policies |
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Basis of preparation |
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The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). The financial statements have been prepared on the going concern basis. This is considered appropriate as the company's shareholders and creditors will continue to provide financial support to the company for the foreseeable future. Should the company be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise. The company has taken advantage of the exemption in Financial Reporting Standard No. 1 from the requirement to produce a cash flow statement on the grounds that it is a small company. The financial statements are prepared in accordance with applicable accounting statndards, which have been applied consistently, unless otherwise stated.
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Turnover |
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Turnover represents amounts derived from the principal activity.
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|
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Depreciation |
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Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
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Computer equipment & hardware |
33.3% straight line
|
|
|
Stocks |
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Stock is valued at the lower of cost and net realisable value. |
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Deferred taxation |
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Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted. |
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Foreign currencies |
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Monetary assets and liabilities denominated in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account. |
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2 |
Operating loss |
2015 |
|
2014 |
€ |
€ |
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This is stated after charging: |
|
|
Depreciation of owned fixed assets |
1,078 |
|
970 |
|
|
|
|
|
|
|
|
|
|
3 |
Other interest receivable and similar income |
2015 |
|
2014 |
€ |
€ |
|
|
Profit on foreign exchange |
44,376 |
|
8,461 |
|
Bank interest received |
6 |
|
1 |
|
|
|
|
|
|
44,382 |
|
8,462 |
|
|
|
|
|
|
|
|
|
|
4 |
Stocks |
2015 |
|
2014 |
€ |
€ |
|
|
Art Stocks |
1,164,166 |
|
1,127,021 |
|
|
|
|
|
|
|
|
|
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Art stocks have been valued at cost in the financial statements. In the opinion of the directors the cost is applicable to the market value. |
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5 |
Tangible fixed assets |
|
|
|
|
|
|
|
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Plant and machinery etc |
€ |
|
Cost |
|
At 1 August 2014 |
3,233 |
|
At 31 July 2015 |
3,233 |
|
|
|
|
|
|
|
|
|
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Depreciation |
|
At 1 August 2014 |
970 |
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Charge for the year |
1,078 |
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At 31 July 2015 |
2,048 |
|
|
|
|
|
|
|
|
|
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Net book value |
|
At 31 July 2015 |
1,185 |
|
At 31 July 2014 |
2,263 |
|
|
|
|
|
|
|
|
|
|
6 |
Debtors |
2015 |
|
2014 |
€ |
€ |
|
|
Trade debtors |
485,272 |
|
1,236,585 |
|
VAT Debtor |
11,252 |
|
6,603 |
|
Other debtors |
2,543,882 |
|
1,861,877 |
|
|
|
|
|
|
3,040,406 |
|
3,105,065 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due within one year |
2015 |
|
2014 |
€ |
€ |
|
|
Trade creditors |
436,398 |
|
1,456,751 |
|
Accruals |
|
|
|
|
234,286 |
|
85,117 |
|
Other creditors |
4,081,578 |
|
3,182,405 |
|
|
|
|
|
|
4,752,262 |
|
4,724,273 |
|
|
|
|
|
|
|
|
|
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8 |
Share capital |
Nominal |
|
2015 |
|
2015 |
|
2014 |
value |
Number |
€ |
€ |
|
Allotted, called up and fully paid: |
|
Ordinary shares
|
£1 each |
|
5,000 |
|
6,398 |
|
6,398 |
|
|
|
|
|
|
|
|
|
|
9 |
Profit and loss account |
2015 |
€ |
|
|
At 1 August 2014 |
(326,522) |
|
Loss for the year |
(87,353) |
|
|
At 31 July 2015 |
(413,875) |
|
|
|
|
|
|
|
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10 |
Ultimate controlling party |
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The Directors are aware of the identity of the ultimate controlling party. However they are under a duty of confidentiality that prevents them from disclosing certain information required by Financial Reporting Standard 8. Therefore they have taken the exemption offered by the Standard in respect of confidentiality.
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