M_R_STUDIO_LTD - Accounts

M R STUDIO LTD - Company Information

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Company Registration No. SC407896 (Scotland)

M R STUDIO LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

M R STUDIO LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

M R STUDIO LTD

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

686

787

Current assets

Stocks

93,963

84,360

Debtors

18,619

6,554

Cash at bank and in hand

6,302

7,388

118,884

98,302

Creditors: amounts falling due within one year

(142,476)

(110,774)

Net current liabilities

(23,592)

(12,472)

Total assets less current liabilities

(22,906)

(11,685)

Capital and reserves

Called up share capital

19,500

Profit and loss account

(42,406)

(31,185)

Shareholders' funds

(22,906)

(11,685)

For the financial year ended 31 December 2014 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 and authorised for issue on 13 May 2015

S Love

Director

Company Registration No. SC407896

M R STUDIO LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention.

The company meets its day to day working capital requirements through loans from the directors which have no fixed repayment terms. The directors are of the opinion that the company will be profitable in the coming year. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.

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

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:

Fixtures, fittings & equipment

25% reducing balance

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

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.

M R STUDIO LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 3 -

Fixed assets

Tangible assets

Cost

At 1 January 2014

1,132

Additions

128

At 31 December 2014

1,260

Depreciation

At 1 January 2014

345

Charge for the year

229

At 31 December 2014

574

Net book value

At 31 December 2014

686

At 31 December 2013

787

Share capital

2014

2013

Allotted, called up and fully paid

19,500 Ordinary share of £1 each

19,500