Company Registration No. 04246644 (England and Wales)
MICRALITE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2016
MICRALITE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
MICRALITE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2016
31 July 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
110,599
107,845
Tangible assets
2
50,229
62,790
160,828
170,635
Current assets
Stocks
74,200
24,327
Debtors
32,264
82,596
Cash at bank and in hand
124
38,024
106,588
144,947
Creditors: amounts falling due within one year
(242,881)
(252,679)
Net current liabilities
(136,293)
(107,732)
Total assets less current liabilities
24,535
62,903
Creditors: amounts falling due after more than one year
(4,500)
(11,000)
Provisions for liabilities
(10,508)
(16,733)
9,527
35,170
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
8,527
34,170
Shareholders' funds
9,527
35,170
MICRALITE LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2016
31 July 2016
- 2 -
For the financial year ended 31 July 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 11 April 2017
Mr C W Percival
Director
Company Registration No. 04246644
MICRALITE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
- 3 -
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.
1.4
Patents
Intangible fixed assets relate to internally developed patents and have been capitalised, as in the opinion of the directors, they have a market value. As the patents have an indefinite useful economic life they have not been amortised.
1.5
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
20% Reducing balance method
1.6
Stock
Stock is valued at the lower of cost and net realisable value
, after making due allowance for obsolete and slow moving items.
1.7
Deferred taxation
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.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling 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 profit and loss account.
MICRALITE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2016
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 August 2015
107,845
287,809
395,654
Additions
2,754
-
2,754
At 31 July 2016
110,599
287,809
398,408
Depreciation
At 1 August 2015
-
225,019
225,019
Charge for the year
-
12,561
12,561
At 31 July 2016
-
237,580
237,580
Net book value
At 31 July 2016
110,599
50,229
160,828
At 31 July 2015
107,845
62,790
170,635
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000