MM Accountants Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC371086 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2014

FOR

MM ACCOUNTANTS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

S McKenzie

R Murray

REGISTERED OFFICE:

Bon Accord House

Riverside Drive

Aberdeen

Aberdeenshire

AB11 7SL

REGISTERED NUMBER:

SC371086 (Scotland)

FIXED ASSETS

Investments

2

382,650

850,000

CURRENT ASSETS

Debtors

900

1,800

Cash at bank

2,672

2,672

3,572

4,472

CREDITORS

Amounts falling due within one year

3

386,200

854,465

NET CURRENT LIABILITIES

(382,628

)

(849,993

)

TOTAL ASSETS LESS CURRENT LIABILITIES

22

7

CAPITAL AND RESERVES

Called up share capital

4

6

6

Profit and loss account

16

1

SHAREHOLDERS' FUNDS

22

7

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 27 July 2015 and were signed on its behalf by:

S McKenzie - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis. The directors confirm that it is appropriate for the

financial statements to have been drawn up on the going concern basis. In reaching this conclusion the directors have taken

into account all relevant matters of which they are aware and have considered a future period of at least twelve months from

the date on which the financial statements were approved.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Investments

Listed endowments and fixed asset investments are included in the balance sheet at market value.

2.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 November 2013

and 31 October 2014

1,600,000

PROVISIONS

At 1 November 2013

750,000

Charge for year

467,350

At 31 October 2014

1,217,350

NET BOOK VALUE

At 31 October 2014

382,650

At 31 October 2013

850,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Acumen Accountants & Advisors Limited

Nature of business: Accountancy and advisory services

%

Class of shares:

holding

Ordinary shares

77.46

2014

2013

£

£

Aggregate capital and reserves

1,167,681

1,237,552

(Loss)/profit for the year

(864

)

29,888

MM Properties (Aberdeen) Limited

Nature of business: Holding company

%

Class of shares:

holding

Ordinary

100.00

2014

30.6.13

£

£

Aggregate capital and reserves

-

594,113

Profit for the year/period

-

498,548

The shares in MM Properties (Aberdeen) Limited were transferred on 31 July 2013.

3.

CREDITORS

Creditors include an amount of £ 0 (2013 - £ 161,000 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2014

2013

value:

£

£

2

Ordinary A shares

1

2

2

2

Ordinary B shares

1

2

2

2

Ordinary C shares

1

2

2

6

6

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31 October 2014, there was a loan balance due from the company to Steven McKenzie of £76,167 (2013: £151,267).

As at 31 October 2014, there was a loan balance due from the company to Ross Murray of £76,167 (2013: £151,267).

All loans are interest free and have no fixed repayment date.

During the year dividends of £13,250 (2013: £5,900) were paid to Steven McKenzie, nil (2013: £5,900) were paid to Ross

Murray, £21,250 (2013: £18,385) were paid to Laura McKenzie and £8,000 (2013: £18,385) were paid to Sarah Murray.