Company Registration No. 07713415 (England and Wales)
BILLY & ELAINE MOLONEY LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2016
BILLY & ELAINE MOLONEY LTD
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
BILLY & ELAINE MOLONEY LTD
ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2016
31 July 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
60,000
64,000
Tangible assets
2
7,405
14,501
67,405
78,501
Current assets
Stocks
10,266
15,400
Debtors
56,307
44,123
Cash at bank and in hand
11,750
5,453
78,323
64,976
Creditors: amounts falling due within one year
3
(78,529)
(103,511)
Net current liabilities
(206)
(38,535)
Total assets less current liabilities
67,199
39,966
Creditors: amounts falling due after more than one year
3
(58,560)
(39,588)
8,639
378
Capital and reserves
Called up share capital
4
2
2
Profit and loss account
8,637
376
Shareholders' funds
8,639
378
BILLY & ELAINE MOLONEY LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2016
31 July 2016
- 2 -
For the financial year ended 31 July 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 28 April 2017
W G Moloney
Director
Company Registration No. 07713415
BILLY & ELAINE MOLONEY LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
- 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 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 and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
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
25% on cost
Motor vehicles
25% on cost
1.6
Leasing
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.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
BILLY & ELAINE MOLONEY LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2016
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 August 2015 & at 31 July 2016
80,000
33,924
113,924
Depreciation
At 1 August 2015
16,000
19,423
35,423
Charge for the year
4,000
7,096
11,096
At 31 July 2016
20,000
26,519
46,519
Net book value
At 31 July 2016
60,000
7,405
67,405
At 31 July 2015
64,000
14,501
78,501
3
Creditors
The aggregate amount of creditors for which security has been given amounted to £72,735 (2015 - £83,488).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary Shares of £1 each
2
2