Modern Money Financial Services Limited - Period Ending 2015-03-31

Registration number: 02459464

Modern Money Financial Services Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Modern Money Financial Services Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Modern Money Financial Services Limited
(Registration number: 02459464)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					5,232			6,172
Current assets
Debtors					164,484			184,205
Cash at bank and in hand					457			-
					164,941			184,205
Creditors: Amounts falling due within one year					(68,039)			(96,699)
Net current assets					96,902			87,506
Total assets less current liabilities					102,134			93,678
Creditors: Amounts falling due after more than one year					(31,850)			(42,473)
Provisions for liabilities					(287)			(308)
Net assets					69,997			50,897
Capital and reserves
Called up share capital		4			120			120
Profit and loss account					69,877			50,777
Shareholders' funds					69,997			50,897

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 23 December 2015

 Mr M Paine
 Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Modern Money Financial Services Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	15% Straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% Straight line
Computer equipment	25% Reducing balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Modern Money Financial Services Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		49,500			181,040			230,540
Additions		-			804			804
At 31 March 2015		49,500			181,844			231,344
Depreciation
At 1 April 2014		49,500			174,868			224,368
Charge for the year		-			1,744			1,744
At 31 March 2015		49,500			176,612			226,112
Net book value
At 31 March 2015		-			5,232			5,232
At 31 March 2014		-			6,172			6,172

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		10,200			10,750
Amounts falling due after more than one year		31,850			42,473
Total secured creditors		42,050			53,223

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		57			57			57			57
Preference of £1 each		63			63			63			63
		120			120			120			120

Page 3

Modern Money Financial Services Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

5	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr R Jeans
Loan advance - repayable on demand (including interest at 4%)	58,750	-	50,872	-
Repayments made	-	37,249	-	55,839
Gift to Mr M Paine (Director)	4,440	-	8,402	-
	63,190	37,249	59,274	55,839
Mr M Paine
Loan advance - repayable on demand (including interest at 4%)	54,273	-	46,440	-
Repayments made	-	41,033	-	45,720
Gift from Mr R Jeans	-	4,440	-	8,402
	54,273	45,473	46,440	54,122

Page 4