Company Registration No. 04926068 (England and Wales)
MILLS EXTREME VEHICLES LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016
MILLS EXTREME VEHICLES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
MILLS EXTREME VEHICLES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2016
31 October 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
-
2,783
Tangible assets
2
5,025
6,703
5,025
9,486
Current assets
Stocks
15,000
15,000
Debtors
2,416
923
Cash at bank and in hand
44,369
40,309
61,785
56,232
Creditors: amounts falling due within one year
(103,618)
(103,872)
Net current liabilities
(41,833)
(47,640)
Total assets less current liabilities
(36,808)
(38,154)
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
(36,809)
(38,155)
Shareholders' funds
(36,808)
(38,154)
For the financial year ended 31 October 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 accounts 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 accounts.
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 31 July 2017
Mr S Mills
Director
Company Registration No. 04926068
MILLS EXTREME VEHICLES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The accounts are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The balance sheet shows a net deficiency of £36,808 (2015 - £38,154). This means that the company will have to meet its day to day working capital requirements utilising personal funds from one of the directors. The director has given assurances that he will give financial support to the company so that it can continue as a going concern.
1.2
Compliance with accounting standards
The accounts 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
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
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
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
MILLS EXTREME VEHICLES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2016
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 November 2015 & at 31 October 2016
22,783
30,845
53,628
Depreciation
At 1 November 2015
20,000
24,142
44,142
Charge for the year
2,783
1,678
4,461
At 31 October 2016
22,783
25,820
48,603
Net book value
At 31 October 2016
-
5,025
5,025
At 31 October 2015
2,783
6,703
9,486
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1 Ordinary share of £1 each
1
1