For the year ended 31 December 2015
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 05998399
Morley Skips Ltd
For the year ended 31 December 2015
1
Accountants' Report
2
Balance Sheet
3 to 5
Notes to the Abbreviated Financial Statements
Morley Skips Ltd
Accountants' Report
For the year ended 31 December 2015
As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended
31
|
December
2015
and you consider that the company is exempt from an audit under the Companies Act
2006
.
|
In accordance with your instructions
,
we have compiled these unaudited financial statements in order to assist you to fulfil
|
your statutory responsibilities
,
from the accounting records and information and explanations supplied to us
.
|
C M Accountancy Ltd
Woodcote,Park Farm
Tolleshunt Knights
Maldon
Essex
CM9 8HB
1 of 5
Notes to the Abbreviated Financial Statements
|
Morley Skips Ltd
For the year ended 31 December 2015
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
|
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
|
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
|
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.Deferred tax assets are only recognised if it is more likely than not that they will be recovered either against future taxable profits or against the reversal of other deferred tax liabilities.
|
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved by the
|
shareholders prior to the balance sheet date
.
|
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
|
Acquired goodwill is stated at cost less amortisation
.
Amortisation is calculated on a straight line basis over the estimated
|
expected useful economic life of the goodwill of
10
years
.
|
3 of 5
Notes to the Abbreviated Financial Statements
|
Morley Skips Ltd
For the year ended 31 December 2015
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Plant and Machinery
Office Equipment
Motor Vehicles
Assets on finance lease and hire purchase
|
Assets held under finance lease or hire purchase contracts i
.
e
.
those contracts where substantially all the risks and rewards of
|
ownership have passed to the company
,
are included in the appropriate category of tangible fixed assets and depreciated over the
|
shorter of the lease term and their estimated expected useful lives
.
|
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods
.
|
2
Intangible fixed assets
|
30,000
30,000
21,000
3,000
Charge for year
24,000
6,000
9,000
4 of 5
Notes to the Abbreviated Financial Statements
|
Morley Skips Ltd
For the year ended 31 December 2015
353,087
72,095
(806)
424,376
174,361
(596)
50,130
Charge for year
223,895
200,481
178,726
Allotted called up and fully paid
|
2015
2014
1
Ordinary share of £
1
.
00
each
|
1
1
1
1
5 of 5