Company Registration No. 05447589 (England and Wales)
MIKE ENTWISLE'S MG WORKSHOP LTD.
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
Moore Stephens (North West) LLP
Chartered Accountants
MIKE ENTWISLE'S MG WORKSHOP LTD.
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
MIKE ENTWISLE'S MG WORKSHOP LTD.
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MIKE ENTWISLE'S MG WORKSHOP LTD. FOR THE YEAR ENDED 31 MAY 2016
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated financial statements of Mike Entwisle's MG Workshop Ltd. for the year ended 31 May 2016 set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Mike Entwisle's MG Workshop Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the abbreviated financial statements of Mike Entwisle's MG Workshop Ltd. and state those matters that we have agreed to state to the Board of Directors of Mike Entwisle's MG Workshop Ltd., as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mike Entwisle's MG Workshop Ltd. and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Mike Entwisle's MG Workshop Ltd. 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 Mike Entwisle's MG Workshop Ltd.. You consider that Mike Entwisle's MG Workshop Ltd. is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the abbreviated financial statements of Mike Entwisle's MG Workshop Ltd.. 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.
Moore Stephens (North West) LLP
13 February 2017
Chartered Accountants
Centurion House
129 Deansgate
Manchester
M3 3WR
MIKE ENTWISLE'S MG WORKSHOP LTD.
ABBREVIATED BALANCE SHEET
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
538
217
Current assets
Stocks
2,500
4,800
Debtors
3,037
-
Cash at bank and in hand
1,895
1,188
7,432
5,988
Creditors: amounts falling due within one year
(8,739)
(17,007)
Net current liabilities
(1,307)
(11,019)
Total assets less current liabilities
(769)
(10,802)
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
(869)
(10,902)
Shareholders' funds
(769)
(10,802)
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.
Director's 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 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 13 February 2017
M P Entwisle
Director
Company Registration No. 05447589
MIKE ENTWISLE'S MG WORKSHOP LTD.
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
These financial statements have been prepared on a going concern basis even though at the balance sheet date, the company's current liabilities exceeded its current assets. The company is being funded by the Director who has signified his willingness to continue to support the company, as necessary, and therefore considers that the going concern basis is appropriate.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year.
1.3
Tangible fixed assets and depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of the asset as follows:
Plant and machinery
25% reducing balance
1.4
Stock and work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
1.5
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.
1.6
Financial liabilities and equity instruments are classified according to substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
MIKE ENTWISLE'S MG WORKSHOP LTD.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015
3,700
Additions
500
At 31 May 2016
4,200
Depreciation
At 1 June 2015
3,483
Charge for the year
179
At 31 May 2016
3,662
Net book value
At 31 May 2016
538
At 31 May 2015
217
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100