Terry Macey Limited - Period Ending 2015-07-31

Registration number: 04029900

Terry Macey Limited

Unaudited abbreviated accounts

for the year ended 31 July 2015
 

Terry Macey Limited
Contents

Abbreviated balance sheet 1 to 2

Notes to the abbreviated accounts 3 to 5

Terry Macey Limited
(Registration number: 04029900)
Abbreviated balance sheet at 31 July 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets		2			1			1
Tangible fixed assets		2			59,683			66,683
					59,684			66,684
Current assets
Stock					10,500			6,900
Debtors					47,548			45,840
Cash at bank and in hand					64,730			44,873
					122,778			97,613
Creditors: amounts falling due within one year					(34,405)			(30,363)
Net current assets					88,373			67,250
Total assets less current liabilities					148,057			133,934
Provisions for liabilities					(4,141)			(2,973)
Net assets					143,916			130,961
Capital and reserves
Called up share capital		3			1,500			1,500
Profit and loss account					142,416			129,461
Shareholders' funds					143,916			130,961

The notes on pages 3 to 5 form an integral part of these abbreviated accounts.
Page 1

Terry Macey Limited
(Registration number: 04029900)
Abbreviated balance sheet at 31 July 2015
......... continued

For the year ending 31 July 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the board on 11 July 2016 and signed on its behalf by:

 Mr TC Macey
 Director

The notes on pages 3 to 5 form an integral part of these abbreviated accounts.
Page 2

Terry Macey Limited
Notes to the abbreviated accounts for the year ended 31 July 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, net of value added tax, in respect of the sale of goods 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 goodwill so as to write off the valuation over its expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line over 20 years

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 rate and method
Freehold land and buildings	Straight line over 10 years
Fixtures, fittings and equipment	25% reducing balance
Motor vehicles	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

Page 3

Terry Macey Limited
Notes to the abbreviated accounts for the year ended 31 July 2015
......... continued

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 August 2014		1			105,938			105,939
Additions		-			3,181			3,181
At 31 July 2015		1			109,119			109,120
Depreciation
At 1 August 2014		-			39,255			39,255
Charge for the year		-			10,181			10,181
At 31 July 2015		-			49,436			49,436
Net book value
At 31 July 2015		1			59,683			59,684
At 31 July 2014		1			66,683			66,684

Page 4

Terry Macey Limited
Notes to the abbreviated accounts for the year ended 31 July 2015
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £ 1 each		1,000			1,000			1,000			1,000
Ordinary A shares of £ 1 each		100			100			100			100
Ordinary B shares of £ 1 each		100			100			100			100
Ordinary C shares of £ 1 each		100			100			100			100
Ordinary D shares of £ 1 each		100			100			100			100
Ordinary E shares of £1 each		100			100			100			100
		1,500			1,500			1,500			1,500

Page 5