Masterpiece Models Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 06166172 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 1 APRIL 2015 TO 30 NOVEMBER 2015

FOR

MASTERPIECE MODELS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

M H Brooks

Mrs M Brooks

M J Brooks

M L Brousse

M C Salzmann

SECRETARY:

Mrs M Brooks

REGISTERED OFFICE:

Suite 2, Fountain House

1a Elm Park

Stanmore

Middlesex

HA7 4AU

REGISTERED NUMBER:

06166172 (England and Wales)

ACCOUNTANTS:

Donald Jacobs & Partners

CHARTERED ACCOUNTANTS

Suite 2, Fountain House

1a Elm Park

Stanmore

Middlesex

HA7 4AU

FIXED ASSETS

Tangible assets

2

3,497

2,357

CURRENT ASSETS

Closing stock & work

in progress

84,800

173,725

Debtors

12,988

5,746

Cash at bank

47,981

23,267

145,769

202,738

CREDITORS

Amounts falling due within one year

155,345

206,520

NET CURRENT LIABILITIES

(9,576

)

(3,782

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(6,079

)

(1,425

)

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

(6,179

)

(1,525

)

SHAREHOLDERS' FUNDS

(6,079

)

(1,425

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 November 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 November 2015 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 8 June 2016 and were signed on its behalf by:

M H Brooks - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade and

that adequate financial resources will continue to be made available to it.

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 January 2015).

Turnover

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

Orders are placed for the manufacture of model locomotives on receipt of an initial deposit from a client. The client contracts to

pay further deposits on an agreed time scale as the manufacture of the model locomotive progresses.The deposits and further

instalments paid, excluding VAT thereon, are only recognised by the company as turnover at the date the completed locomotive is

despatched to the client together with a sales invoice.

At the year end, any deposits and further instalments, held by the company in respect of ordered but undelivered locomotives,

including VAT, are carried forward.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stock & work in progress

Finished stock comprises completed locomotives, valued at the lower of cost and net realisable value.

Work in progress comprises all expenditure incurred in respect of uncompleted model locomotives and is valued at the lower or

cost and net realisable value.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

6,628

Additions

2,633

At 30 November 2015

9,261

DEPRECIATION

At 1 April 2015

4,271

Charge for period

1,493

At 30 November 2015

5,764

NET BOOK VALUE

At 30 November 2015

3,497

At 31 March 2015

2,357

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.15

31.3.15

value:

£

100

Ordinary

1

100

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 30 November 2015 and the year ended

31 March 2015:

30.11.15

31.3.15

£

M H Brooks and Mrs M Brooks

Balance outstanding at start of period

11,329

17,248

Amounts advanced

50,765

-

Amounts repaid

(4,363

)

(5,919

)

Balance outstanding at end of period

57,731

11,329

The amount due to the director is unsecured, interest free and repayable on demand.