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Abbreviated Unaudited Accounts for the Year Ended 31 March 2016 |
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M F V Harmony Limited |
REGISTERED NUMBER:
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Abbreviated Unaudited Accounts for the Year Ended 31 March 2016 |
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M F V Harmony Limited |
M F V Harmony Limited (Registered number: SC255295) |
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Contents of the Abbreviated Accounts |
for the Year Ended 31 March 2016 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 3 |
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Chartered Accountants' Report | 5 |
M F V Harmony Limited |
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Company Information |
for the Year Ended 31 March 2016 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
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M F V Harmony Limited (Registered number: SC255295) |
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Abbreviated Balance Sheet |
31 March 2016 |
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31.3.16 | 31.3.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
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Tangible assets | 3 |
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CURRENT ASSETS |
Debtors |
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CREDITORS |
Amounts falling due within one year | 4 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
4 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 5 |
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Profit and loss account |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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The financial statements were approved by the director on
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M F V Harmony Limited (Registered number: SC255295) |
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Notes to the Abbreviated Accounts |
for the Year Ended 31 March 2016 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Turnover |
Turnover is stated net of VAT and is derived from shellfish sales. Turnover from the sales of shellfish is |
recognised when the goods are physically delivered to the buyer. |
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Intangible assets |
Intangible assets comprise a boat licence, which is amortised over 20 years - the maximum period permitted by |
the FRSSE. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Deferred tax |
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods |
different from those in which they are included in the company's accounts. Deferred tax is recognised in respect |
of all timing differences which result in an obligation to pay more (or less) tax at a future date at the average tax |
rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 April 2015 |
and 31 March 2016 |
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AMORTISATION |
At 1 April 2015 |
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Amortisation for year |
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At 31 March 2016 |
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NET BOOK VALUE |
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At 31 March 2016 |
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At 31 March 2015 |
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M F V Harmony Limited (Registered number: SC255295) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 31 March 2016 |
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3. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 April 2015 |
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Additions |
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Disposals | ( |
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At 31 March 2016 |
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DEPRECIATION |
At 1 April 2015 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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At 31 March 2015 |
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4. | CREDITORS |
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Creditors include an amount of £
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5. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.16 | 31.3.15 |
value: | £ | £ |
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Ordinary | £1.00 |
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(31.3.15 -
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6. | GOING CONCERN |
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The company had net current liabilities of £26,616 (2015 - £21,579) at 31 March 2016, of which £11,095 (2015 - |
£12,928) was due to D M MacDonald, Director, and £9,998 was due to A MacDonald, shareholder. The bank |
overdraft and loan payments falling due within one year totalled £4,997 (2015 - £8,763) and are secured by a |
personal guarantee from D M MacDonald, Director. |
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The company is therefore reliant on the continued support of its bank, D M MacDonald and A MacDonald to |
continue trading, none of whom have indicated the withdrawal of their support in the foreseeable future. It is |
therefore deemed appropriate to prepare the accounts on a going concern basis. |
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7. | CONTROL |
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Throughout the current and previous year, control of the company has been exercised by Mr D M MacDonald, |
Director. |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
M F V Harmony Limited |
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The following reproduces the text of the report prepared for the director in respect of the company's annual |
unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to four) |
have been prepared. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of M F V Harmony Limited for the year ended 31 March 2016 which comprise the Profit and Loss |
Account, the Balance Sheet, and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance. |
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This report is made solely to the director of M F V Harmony Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of M F V Harmony Limited and state those matters that we have agreed to state to the director of M F V Harmony Limited in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
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It is your duty to ensure that M F V Harmony Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M F V Harmony Limited. You consider that M F V Harmony Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of M F V Harmony Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
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13 December 2016 |