Company Registration No. 08331786 (England and Wales)
MEV SPARES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
MEV SPARES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
MEV SPARES LIMITED (REGISTERED NUMBER: 08331786)
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Stocks
366,101
369,526
Debtors
3
800
Cash at bank and in hand
78,276
43,706
445,177
413,232
Creditors: amounts falling due within one year
4
(70,912)
(66,901)
Net current assets
374,265
346,331
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
374,264
346,330
Total equity
374,265
346,331
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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 27 April 2021
M E Vernon
Director
MEV SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
MEV Spares Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
19-21 Swan Street, West Malling, Kent, ME19 6JU.
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. The principal accounting policies adopted are set out below.
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:
2020
2019
Number
Number
Total
2
2
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
800
MEV SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
4
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
17,344
30,458
Taxation and social security
26,634
34,318
Other creditors
26,934
2,125
70,912
66,901