Company Registration No. 08331786 (England and Wales)
MEV SPARES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
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 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Stocks
308,401
285,105
Cash at bank and in hand
32,268
10,849
340,669
295,954
Creditors: amounts falling due within one year
3
(61,899)
(69,410)
Net current assets
278,770
226,544
Creditors: amounts falling due after more than one year
4
-
(7,254)
Net assets
278,770
219,290
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
278,769
219,289
Total equity
278,770
219,290
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 2018 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.
MEV SPARES LIMITED (REGISTERED NUMBER: 08331786)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 31 December 2018
M E Vernon
Director
MEV SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 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.
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.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 4).
MEV SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
3
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
-
3,795
Trade creditors
28,582
28,205
Corporation tax
29,194
30,755
Other taxation and social security
1,510
4,064
Other creditors
2,613
2,591
61,899
69,410
4
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
-
7,254
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1