Dynamic Mounts International Limited - Abbreviated accounts

DYNAMIC MOUNTS INTERNATIONAL LIMITED - Company Information

Registered number

03415704

Dynamic Mounts International Limited

Abbreviated Financial Statements

31 December 2013

Dynamic Mounts International Limited

Report to the directors on the preparation of the unaudited abbreviated accounts of Dynamic Mounts International Limited for the year ended 31 December 2013
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 Dynamic Mounts International Limited for the year ended 31 December 2013 which comprise of the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of Dynamic Mounts International Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Dynamic Mounts International Limited and state those matters that we have agreed to state to the Board of Directors of Dynamic Mounts International Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dynamic Mounts International Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Dynamic Mounts International Limited 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 Dynamic Mounts International Limited. You consider that Dynamic Mounts International Limited 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 financial statements of Dynamic Mounts International Limited. 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 abbreviated accounts.

Clark Howes Limited
Certified Accountants
Riverside House
44 Wedgewood Street
Aylesbury
Bucks
HP19 7HL

15 September 2014

Dynamic Mounts International Limited
Registered number: 03415704
Abbreviated Balance Sheet
as at 31 December 2013
Restated
Notes			2013			2012
£				£
Fixed assets
Tangible assets	3		28,438			36,539

Current assets
Stocks		6,068			18,650
Debtors		93,747			78,378
Cash at bank and in hand		126,902			76,340
		226,717			173,368

Creditors: amounts falling due within one year		(101,894)			(24,607)

Net current assets			124,823			148,761

Total assets less current liabilities			153,261			185,300

Creditors: amounts falling due after more than one year			-			(55,000)

Provisions for liabilities			(4,898)			(4,639)


Net assets			148,363			125,661

Capital and reserves
Called up share capital	4		100			100
Profit and loss account			148,263			125,561

Shareholders' funds			148,363			125,661

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



D P Gillham
Director
Approved by the board on 15 September 2014

Dynamic Mounts International Limited
Notes to the Abbreviated Accounts
for the year ended 31 December 2013

1	Accounting policies

	Basis of preparation
	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 the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. Turnover is recognised when the goods are physically delivered to the customer and when services are provided.

	Depreciation
	Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant, machinery and office equipment			25% reducing balance

	Stocks
	Stock is valued at the lower cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes any expenditure incurred in bringing the stock to its present location and condition. Where consignment stock is in substance an asset of the company, it is recognised as such on the balance sheet.

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the financial statements and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Foreign currencies
	Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.


2	Prior year adjustment

	Upon completion of the December 2013 accounts it was identified that a dividend declared during the 2012 year end was omitted. The above had no effect on the 2012 profit and loss. The effect of the restatement on the 2012 comparative balance sheet is as follows: Decrease in retained earnings: £15,000 Increase in directors loan account: £15,000 The restatement has no effect on the company taxation.


3	Tangible fixed assets					£

	Cost
	At 1 January 2013					262,876
	Additions					1,093
	Disposals					(58,715)
	At 31 December 2013					205,254

	Depreciation
	At 1 January 2013					226,337
	Charge for the year					9,194
	On disposals					(58,715)
	At 31 December 2013					176,816

	Net book value
	At 31 December 2013					28,438
	At 31 December 2012					36,539


4	Share capital	Nominal		2013		2013		2012
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		100		100		100


6	Ultimate controlling party

	During the year the company was controlled by the directors by virtue of their 100% shareholding.