Company Registration No. 08331786 (England and Wales)
MEV SPARES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
MEV SPARES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MEV SPARES LIMITED (REGISTERED NUMBER: 08331786)
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
752
Current assets
Stocks
439,822
366,101
Debtors
4
800
Cash at bank and in hand
189,940
78,276
629,762
445,177
Creditors: amounts falling due within one year
5
(116,092)
(70,912)
Net current assets
513,670
374,265
Net assets
514,422
374,265
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
514,421
374,264
Total equity
514,422
374,265
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 2021 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 31 March 2022
M E Vernon
Director
MEV SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 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 £.
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
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are
valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.6
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
MEV SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2020
Additions
903
At 31 March 2021
903
Depreciation and impairment
At 1 April 2020
Depreciation charged in the year
151
At 31 March 2021
151
Carrying amount
At 31 March 2021
752
At 31 March 2020
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
800
MEV SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
14,677
17,344
Taxation and social security
69,052
26,634
Other creditors
32,363
26,934
116,092
70,912