Abbreviated Company Accounts - MAHOGANY PRODUCTS LIMITED

MAHOGANY PRODUCTS LIMITED - Company Information

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Registered Number 03241992

MAHOGANY PRODUCTS LIMITED

Abbreviated Accounts

31 December 2015

MAHOGANY PRODUCTS LIMITED Registered Number 03241992

Abbreviated Balance Sheet as at 31 December 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	2	209,952	215,299
		209,952	215,299
Current assets
Stocks		7,766	10,250
Debtors		58,706	84,778
Cash at bank and in hand		508,470	502,695
		574,942	597,723
Creditors: amounts falling due within one year		(68,103)	(135,651)
Net current assets (liabilities)		506,839	462,072
Total assets less current liabilities		716,791	677,371
Creditors: amounts falling due after more than one year		(32,703)	(46,663)
Total net assets (liabilities)		684,088	630,708
Capital and reserves
Called up share capital	3	100	100
Profit and loss account		683,988	630,608
Shareholders' funds		684,088	630,708

For the year ending 31 December 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 accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 30 September 2016

And signed on their behalf by:
Mr T Flint, Director

MAHOGANY PRODUCTS LIMITED Registered Number 03241992

Notes to the Abbreviated Accounts for the period ended 31 December 2015

1Accounting Policies

Basis of measurement and preparation of accounts
Basis of accounting

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 policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Freehold Property - 2% Straight Line
Plant & Machinery - 25% Reducing Balance Method
Fixtures & Fittings - 25% Reducing Balance Method
Motor Vehicles - 25% Reducing Balance Method

Other accounting policies
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Finance lease agreements

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more taxFinancial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residential interest in the asset of the company after deducting all of its liabilities.

Deferred government grants

Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

2Tangible fixed assets

	£
Cost
At 1 January 2015	444,980
Additions	3,760
Disposals	-
Revaluations	-
Transfers	-
At 31 December 2015	448,740
Depreciation
At 1 January 2015	229,681
Charge for the year	9,107
On disposals	-
At 31 December 2015	238,788
Net book values
At 31 December 2015	209,952
At 31 December 2014	215,299

3Called Up Share Capital
Allotted, called up and fully paid:

	2015 £	2014 £
100 Ordinary shares of £1 each	100	100

4Transactions with directors

Name of director receiving advance or credit:	Mr T FLINT
Description of the transaction:	Numerous
Balance at 1 January 2015:	£ 285
Advances or credits made:	-
Advances or credits repaid:	£ 279
Balance at 31 December 2015:	£ 6

RELATED PARTY TRANSACTIONS

The company was under the control of Mr T Flint throughout the current and previous year. Mr Flint is the managing director and majority shareholder.

At the period end the amount outstanding to Mr T Flint included within other creditors was £6 (2014:£285) that is made up of numerous transactions. This amount was the maximum owed to the director during the period.