Mike Patrick Ltd
|
Balance Sheet |
as at 31 May 2016
|
|
Notes |
|
|
2016 |
|
|
2015 |
£ |
£ |
Fixed assets |
Intangible assets |
6 |
|
|
- |
|
|
- |
Tangible assets |
7 |
|
|
64,231 |
|
|
40,704 |
Investments |
8 |
|
|
- |
|
|
- |
|
|
|
|
64,231 |
|
|
40,704 |
|
Current assets |
Stocks |
|
|
- |
|
|
- |
Debtors |
9 |
|
78,026 |
|
|
71,843 |
Investments held as current assets |
10 |
|
- |
|
|
- |
Cash at bank and in hand |
|
|
37,641 |
|
|
19,240 |
|
|
|
115,667 |
|
|
91,083 |
|
Creditors: amounts falling due within one year |
11 |
|
(51,897) |
|
|
(45,857) |
|
Net current assets |
|
|
|
63,770 |
|
|
45,226 |
|
Total assets less current liabilities |
|
|
|
128,001 |
|
|
85,930 |
|
Creditors: amounts falling due after more than one year |
12 |
|
|
(10,180) |
|
|
(20,109) |
|
Provisions for liabilities |
14 |
|
|
- |
|
|
- |
|
|
Net assets |
|
|
|
117,821 |
|
|
65,821 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
15 |
|
|
3 |
|
|
3 |
Share premium |
16 |
|
|
- |
|
|
- |
Revaluation reserve |
17 |
|
|
- |
|
|
- |
Capital redemption reserve |
18 |
|
|
- |
|
|
- |
Profit and loss account |
19 |
|
|
117,818 |
|
|
65,818 |
|
Shareholders' funds |
|
|
|
117,821 |
|
|
65,821 |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
|
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
|
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.
|
|
|
|
|
M J Patrick |
Director |
Approved by the board on 28 February 2017
|
|
Mike Patrick Ltd
|
Notes to the Accounts |
for the year ended 31 May 2016
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
|
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
|
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Office equipment |
20% reducing balance
|
|
Motor vehicles |
20% reducing balance
|
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. |
|
|
2 |
Turnover |
2016 |
|
2015 |
|
|
Turnover attributable to geographical markets outside the UK |
0.0% |
|
0.0% |
|
|
3 |
Operating profit |
2016 |
|
2015 |
£ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
8,140 |
|
6,596 |
|
Depreciation of assets held under finance leases and hire purchase contracts |
|
- |
|
- |
|
Amortisation of goodwill |
- |
|
- |
|
Directors' remuneration |
8,000 |
|
7,225 |
|
Compensation to past directors for loss of office |
- |
|
- |
|
Pension costs |
- |
|
- |
|
Auditors' remuneration |
- |
|
- |
|
Exceptional costs associated with introducing the Euro |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Number of directors to whom benefits accrued under money purchase pension schemes |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
4 |
Interest payable |
2016 |
|
2015 |
£ |
£ |
|
|
Interest payable |
39 |
|
- |
|
Non-equity dividends |
- |
|
- |
|
|
|
|
|
|
39 |
|
- |
|
|
|
|
|
|
|
|
|
|
5 |
Taxation |
2016 |
|
2015 |
£ |
£ |
|
|
UK corporation tax |
23,368 |
|
20,136 |
|
Deferred tax |
- |
|
- |
|
|
|
|
|
|
23,368 |
|
20,136 |
|
|
|
|
|
|
|
|
|
|
6 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 June 2015 |
- |
|
Additions |
- |
|
Disposals |
- |
|
At 31 May 2016 |
- |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 June 2015 |
- |
|
Provided during the year |
- |
|
On disposals |
- |
|
At 31 May 2016 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2016 |
- |
|
At 31 May 2015 |
- |
|
|
|
|
|
|
|
|
|
|
|
7 |
Tangible fixed assets |
|
|
Plant & machinery |
|
Office equipment |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 June 2015 |
3,859 |
|
3,665 |
|
59,192 |
|
66,716 |
|
Additions |
- |
|
- |
|
31,667 |
|
31,667 |
|
Surplus on revaluation |
- |
|
- |
|
- |
|
- |
|
Disposals |
- |
|
- |
|
- |
|
- |
|
At 31 May 2016 |
3,859 |
|
3,665 |
|
90,859 |
|
98,383 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2015 |
1,342 |
|
2,075 |
|
22,595 |
|
26,012 |
|
Charge for the year |
503 |
|
318 |
|
7,319 |
|
8,140 |
|
Surplus on revaluation |
- |
|
- |
|
- |
|
- |
|
On disposals |
- |
|
- |
|
- |
|
- |
|
At 31 May 2016 |
1,845 |
|
2,393 |
|
29,914 |
|
34,152 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2016 |
2,014 |
|
1,272 |
|
60,945 |
|
64,231 |
|
At 31 May 2015 |
2,517 |
|
1,590 |
|
36,597 |
|
40,704 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2016 |
|
2015 |
£ |
£ |
|
Historical cost |
- |
|
- |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
|
|
|
8 |
Investments |
Investments in |
subsidiary |
Other |
undertakings |
investments |
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 June 2015 |
- |
|
- |
|
- |
|
Additions |
- |
|
- |
|
- |
|
Disposals |
- |
|
- |
|
- |
|
|
At 31 May 2016 |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
9 |
Debtors |
2016 |
|
2015 |
£ |
£ |
|
|
Trade debtors |
12,494 |
|
6,311 |
|
Suspense |
|
- |
|
- |
|
Deferred tax asset (see note 14) |
|
|
|
|
- |
|
- |
|
Other debtors - InterCompany Loan |
65,532 |
|
65,532 |
|
|
|
|
|
|
78,026 |
|
71,843 |
|
|
|
|
|
|
|
|
|
|
10 |
Investments held as current assets |
2016 |
|
2015 |
£ |
£ |
|
|
Listed investments |
- |
|
- |
|
Unlisted investments |
- |
|
- |
|
|
|
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
11 |
Creditors: amounts falling due within one year |
2016 |
|
2015 |
£ |
£ |
|
|
Non-equity preference shares |
- |
|
- |
|
Directors loan account |
2,149 |
|
2,570 |
|
Obligations under finance lease and hire purchase contracts |
- |
|
- |
|
Trade creditors |
- |
|
- |
|
Accruals |
|
1,300 |
|
1,250 |
|
Corporation tax |
23,368 |
|
20,136 |
|
Other taxes and social security costs |
3,480 |
|
301 |
|
Other creditors |
21,600 |
|
21,600 |
|
|
|
|
|
|
51,897 |
|
45,857 |
|
|
|
|
|
|
|
|
|
|
12 |
Creditors: amounts falling due after one year |
2016 |
|
2015 |
£ |
£ |
|
|
Non-equity preference shares |
- |
|
- |
|
Bank loans |
10,180 |
|
20,109 |
|
Obligations under finance lease and hire purchase contracts |
- |
|
- |
|
Trade creditors |
- |
|
- |
|
Other creditors |
- |
|
- |
|
|
|
|
|
|
10,180 |
|
20,109 |
|
|
|
|
|
|
|
|
|
|
13 |
Loans |
2016 |
|
2015 |
£ |
£ |
|
Creditors include: |
|
Amounts falling due for payment after more than five years |
- |
|
- |
|
Secured bank loans |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
14 |
Provisions for liabilities |
|
Deferred taxation: |
2016 |
|
2015 |
£ |
£ |
|
|
Accelerated capital allowances |
- |
|
- |
|
Tax losses carried forward |
- |
|
- |
|
|
|
|
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
£ |
£ |
|
|
At 1 June |
- |
|
- |
|
Deferred tax charge in profit and loss account |
- |
|
- |
|
|
At 31 May |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
15 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares
|
£1 each |
|
- |
|
3 |
|
3 |
|
B Ordinary shares
|
£1 each |
|
- |
|
- |
|
- |
|
|
|
|
|
|
3 |
|
3 |
|
Preference shares
|
£1 each |
|
- |
|
- |
|
- |
|
|
|
|
|
|
3 |
|
3 |
|
|
|
|
|
|
|
|
|
Nominal |
Number |
Amount |
value |
£ |
|
Shares issued during the period: |
|
Ordinary shares
|
£1 each |
|
- |
|
- |
|
B Ordinary shares
|
£1 each |
|
- |
|
- |
|
|
|
|
|
|
- |
|
Preference shares
|
£1 each |
|
- |
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
16 |
Share premium |
2016 |
£ |
|
|
At 1 June 2015 |
- |
|
Shares issued |
- |
|
Expenses of issue |
- |
|
|
At 31 May 2016 |
- |
|
|
|
|
|
|
|
|
17 |
Revaluation reserve |
2016 |
£ |
|
|
At 1 June 2015 |
- |
|
Arising on revaluation during the year |
- |
|
|
At 31 May 2016 |
- |
|
|
|
|
|
|
|
|
18 |
Capital redemption reserve |
2016 |
£ |
|
|
At 1 June 2015 |
- |
|
Transfer from the profit and loss account |
- |
|
|
At 31 May 2016 |
- |
|
|
|
|
|
|
|
|
19 |
Profit and loss account |
2016 |
£ |
|
|
At 1 June 2015 |
65,818 |
|
Prior year adjustments |
- |
|
At 1 June 2015 |
65,818 |
|
Profit for the year |
117,000 |
|
Dividends |
(65,000) |
|
Transfer to capital redemption reserve |
- |
|
|
At 31 May 2016 |
117,818 |
|
|
|
|
|
|
|
|
20 |
Dividends |
2016 |
|
2015 |
£ |
£ |
|
|
Dividends for which the company became liable during the year: |
|
Dividends paid |
65,000 |
|
45,000 |
|
Dividends not paid |
- |
|
- |
|
|
|
|
|
|
65,000 |
|
45,000 |
|
|
|
|
|
|
|
|
|
|
Analysis of dividends by type: |
|
Non-equity dividends (note 4) |
- |
|
- |
|
Equity dividends (note 19) |
- |
|
- |
|
|
|
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
Dividends proposed after the balance sheet date |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
21 |
Post balance sheet events |
|
|
None.
|
|
|
22 |
Ultimate controlling party |
|
|
The Company is controlled by the Director who is 100% shareholder.
|