Company Registration No. 04648679 (England and Wales)
MAINTRADE ENTERPRISES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2015
31 March 2015
MAINTRADE ENTERPRISES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
MAINTRADE ENTERPRISES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
16,483
8,272
Current assets
Debtors
104,354
80,613
Cash at bank and in hand
11,698
16,371
116,052
96,984
Creditors: amounts falling due within one year
(130,622)
(92,280)
Net current liabilities/(assets)
(14,570)
4,704
Total assets less current liabilities
1,913
12,976
Creditors: amounts falling due after more than one year
(5,423)
(14,124)
(3,510)
(1,148)
Capital and reserves
Called up share capital
3
200
200
Profit and loss account
(3,710)
(1,348)
Shareholders' funds
(3,510)
(1,148)
For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her 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 7 October 2015
I Ellis
Director
Company Registration No. 04648679
MAINTRADE ENTERPRISES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 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 which assumes that the company will continue in operational existence for the foreseeable future. The validity of the assumption depends upon the continued financial support of the company's director and creditors.
If the company were unable to continue in existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts and to provide for any further liabilities that might arise.
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
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:
Land and buildings Leasehold
10 year straight line
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.6
Revenue recognition
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
MAINTRADE ENTERPRISES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2014
38,390
Additions
12,412
At 31 March 2015
50,802
Depreciation
At 1 April 2014
30,118
Charge for the year
4,201
At 31 March 2015
34,319
Net book value
At 31 March 2015
16,483
At 31 March 2014
8,272
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
100 Class "B" Ordinary shares of £1 each
100
100
200
200
The "B" shares have no voting rights, but have rights to dividend and repayment of paid up capital only on a capital distribution or winding up; the shares are also subject to cancellation on one month notice, creditor arrangements, death or bankruptcy.
MAINTRADE ENTERPRISES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 4 -
4
Related party relationships and transactions
Advances and credits 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 Ellis - loan
4.00
43,546
40,878
1,592
30,000
56,016
43,546
40,878
1,592
30,000
56,016
£30,000 was repaid after the year end.