Company Registration No. 01365118 (England and Wales)
MARY EVANS PICTURE LIBRARY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
MARY EVANS PICTURE LIBRARY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
MARY EVANS PICTURE LIBRARY LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
14,252
21,190
Current assets
Debtors
258,205
298,741
Cash at bank and in hand
115,270
62,932
373,475
361,673
Creditors: amounts falling due within one year
(73,884)
(45,226)
Net current assets
299,591
316,447
Total assets less current liabilities
313,843
337,637
Provisions for liabilities
(1,812)
(1,812)
312,031
335,825
Capital and reserves
Called up share capital
3
6,000
6,000
Profit and loss account
306,031
329,825
Shareholders' funds
312,031
335,825
For the financial year ended 31 May 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 1 November 2016
P A Brown
Director
Company Registration No. 01365118
MARY EVANS PICTURE LIBRARY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention 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 the total invoice value, excluding value added tax, of sales made during the year.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Leasehold property
Amortised over the period of the lease
Books and pictures
10% straight line
Fixtures, fittings & equipment
10-25% straight line
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
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.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
MARY EVANS PICTURE LIBRARY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015
1,286,330
Additions
1,094
At 31 May 2016
1,287,424
Depreciation
At 1 June 2015
1,265,139
Charge for the year
8,033
At 31 May 2016
1,273,172
Net book value
At 31 May 2016
14,252
At 31 May 2015
21,190
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
6,000 Ordinary shares of £1 each
6,000
6,000