Company Registration No. 02788944 (England and Wales)
MUSTARD RESEARCH LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
MUSTARD RESEARCH LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
MUSTARD RESEARCH LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
23,944
32,146
Investments
2
414
632
24,358
32,778
Current assets
Debtors
6,412
21,089
Cash at bank and in hand
10,143
13,741
16,555
34,830
Creditors: amounts falling due within one year
(39,718)
(31,643)
Net current (liabilities)/assets
(23,163)
3,187
Total assets less current liabilities
1,195
35,965
Creditors: amounts falling due after more than one year
3
(15,000)
(17,143)
Provisions for liabilities
(3,970)
(5,430)
(17,775)
13,392
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
(17,875)
13,292
Shareholders' funds
(17,775)
13,392
MUSTARD RESEARCH LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2015
31 March 2015
- 2 -
For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his 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 and authorised for issue on 30 April 2015
Mr D Marsh
Director
Company Registration No. 02788944
MUSTARD RESEARCH LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
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 April 2008).
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 and services net of VAT and trade discounts.
1.4
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the director are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
1.5
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:
Plant and machinery
33% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line
1.6
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.7
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.8
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.
1.9
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.
MUSTARD RESEARCH LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 4 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 April 2014
120,114
632
120,746
Exchange differences
-
(218)
(218)
Additions
5,186
-
5,186
At 31 March 2015
125,300
414
125,714
Depreciation
At 1 April 2014
87,968
-
87,968
Charge for the year
13,388
-
13,388
At 31 March 2015
101,356
-
101,356
Net book value
At 31 March 2015
23,944
414
24,358
At 31 March 2014
32,146
632
32,778
3
Creditors: amounts falling due after more than one year
2015
2014
£
£
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100