MERCIA_HARDWARE_LIMITED - Accounts

MERCIA HARDWARE LIMITED - Company Information

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Company Registration No. 02348814 (England and Wales)

MERCIA HARDWARE LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2015

MERCIA HARDWARE LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

MERCIA HARDWARE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

50,374

51,949

Current assets

Stocks

177,383

179,107

Debtors

282,503

226,896

Cash at bank and in hand

56,221

49,125

516,107

455,128

Creditors: amounts falling due within one year

(263,499)

(270,630)

Net current assets

252,608

184,498

Total assets less current liabilities

302,982

236,447

Creditors: amounts falling due after more than one year

(87,920)

(96,787)

Provisions for liabilities

(10,075)

(9,371)

204,987

130,289

Capital and reserves

Called up share capital

2,030

Profit and loss account

202,957

128,259

Shareholders' funds

204,987

130,289

MERCIA HARDWARE LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 OCTOBER 2015

- 2 -

For the financial year ended 31 October 2015 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 for issue on 19 July 2016

S A A Nicolson

Director

Company Registration No. 02348814

MERCIA HARDWARE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

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:

Plant and machinery

15% reducing balance

Office furniture and fittings

15% reducing balance

Motor vehicles

25% reducing balance

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.6

Stock

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

1.7

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.8

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.

MERCIA HARDWARE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2015

- 4 -

Fixed assets

Tangible assets

Cost

At 1 November 2014

181,036

Additions

18,403

Disposals

(19,963)

At 31 October 2015

179,476

Depreciation

At 1 November 2014

129,087

On disposals

(11,541)

Charge for the year

11,556

At 31 October 2015

129,102

Net book value

At 31 October 2015

50,374

At 31 October 2014

51,949

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £11,335 (2014 - £17,053).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £3,480 (2014 - £10,455).

Share capital

2015

2014

Allotted, called up and fully paid

2,000 Ordinary shares of £1 each

2,000

30 B Ordinary Non Voting shares of £1 each

2,030

There were no changes during the year.