Registered number: 01146412
MORGAN GALLETLY SALES & MARKETING LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
HAINES WATTS LEEDS LLP
CHARTERED ACCOUNTANTS
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MORGAN GALLETLY SALES & MARKETING LIMITED
REGISTERED NUMBER:
01146412
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
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CREDITORS:
amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Page 1
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MORGAN GALLETLY SALES & MARKETING LIMITED
ABBREVIATED BALANCE SHEET
(continued)
AS AT
31 DECEMBER 2015
For the year ended 31 December 2015 the company was entitled to exemption from audit under section 480 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit for the financial year, in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on
24 March 2016
.
................................................
M C Galletly
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
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MORGAN GALLETLY SALES & MARKETING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
1.
ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, 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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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Investments held as fixed assets are shown at cost less provision for impairment.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the profit and loss account.
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Page 3
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MORGAN GALLETLY SALES & MARKETING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
2.
TANGIBLE FIXED ASSETS
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At 1 January 2015 and 31 December 2015
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At 1 January 2015 and 31 December 2015
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3.
FIXED ASSET INVESTMENTS
Listed investments
The market value of the listed investments at 31 December 2015 was £567,586
(2014 - £
600,205
)
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4.
DEBTORS
Debtors include £128,398
(2014 - £
128,398
)
falling due after more than one year.
5.
TRANSACTIONS WITH THE DIRECTORS
Included within debtors is a balance of £2,592 (2014: £2,698) due from the director M C Galletly. The maximum balance during the year was £2,698 and the loan is unsecured and interest free.
Page 4
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MORGAN GALLETLY SALES & MARKETING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
6.
SHARE CAPITAL
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Allotted, called up and fully paid
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5,000
Ordinary
shares of £
1
each
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7.
CONTROLLING PARTY
The company was under the control of M C Galletly throughout the current and previous year. M C Galletly is the managing director and major shareholder.
Page 5
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