Company Registration No. 00688853 (England and Wales)
MODERN GRAPHIC ARTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
MODERN GRAPHIC ARTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
MODERN GRAPHIC ARTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
62,989
65,879
Current assets
Stocks
6,661
6,795
Debtors
27,682
26,522
Cash at bank and in hand
58,087
74,806
92,430
108,123
Creditors: amounts falling due within one year
(20,619)
(24,967)
Net current assets
71,811
83,156
Total assets less current liabilities
134,800
149,035
Capital and reserves
Called up share capital
3
1,000
1,000
Revaluation reserve
44,574
45,476
Profit and loss account
89,226
102,559
Shareholders' funds
134,800
149,035
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 11 December 2016
RS Bultitude
Director
Company Registration No. 00688853
MODERN GRAPHIC ARTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
Straight line over 50 years
Plant and machinery
25% reducing balance basis
Computer equipment
Straight line over 3 years
Motor vehicles
25% reducing balance basis
The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account.
1.5
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value
, after due regard for obsolete and slow moving stocks. Net realisa ble value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
1.6
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
MODERN GRAPHIC ARTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 April 2015
260,011
Additions
1,482
Disposals
(219)
At 31 March 2016
261,274
Depreciation
At 1 April 2015
194,132
Charge for the year
4,153
At 31 March 2016
198,285
Net book value
At 31 March 2016
62,989
At 31 March 2015
65,879
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1,000 Ordinary of £1 each
1,000
1,000