Company Registration No. 08331786 (England and Wales)
MEV SPARES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
MEV SPARES LIMITED
COMPANY INFORMATION
Director
M E Vernon
Company number
08331786
Registered office
32-34 St John's Road
Tunbridge Wells
Kent
TN4 9NT
Accountants
Perrys Accountants Limited
Chartered Accountants
32-34 St John's Road
Tunbridge Wells
Kent
TN4 9NT
MEV SPARES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 4
MEV SPARES LIMITED (REGISTERED NUMBER: 08331786)
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Stocks
285,105
227,880
Cash at bank and in hand
10,849
6,913
295,954
234,793
Creditors: amounts falling due within one year
3
(69,410)
(70,374)
Net current assets
226,544
164,419
Creditors: amounts falling due after more than one year
4
(7,254)
(14,147)
Net assets
219,290
150,272
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
219,289
150,271
Total equity
219,290
150,272
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 20 December 2017
M E Vernon
Director
MEV SPARES LIMITED (REGISTERED NUMBER: 08331786)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
MEV SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
MEV Spares Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
32-34 St John's Road, Tunbridge Wells, Kent, TN4 9NT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of MEV Spares Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Stocks
Stocks are
valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2016 - 3).
MEV SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
3
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
3,795
3,697
Trade creditors
28,205
26,115
Corporation tax
30,755
30,958
Other taxation and social security
4,064
7,637
Other creditors
2,591
1,967
69,410
70,374
4
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
7,254
14,147
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
6
Related party transactions
During the year, total dividends of £54,000 (2016 - £84,000
) were paid to the director.
7
Directors' transactions
As at the balance sheet date, the director M E Vernon was owed £986 by the company. This amount is included in other creditors.