MCFEN_PLANT_LIMITED - Accounts

MCFEN PLANT LTD - Company Information

Print Friendly Version

Company Registration No. 4661010 (England and Wales)

MCFEN PLANT LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2016

MCFEN PLANT LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

MCFEN PLANT LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 JUNE 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

2,919,684

3,164,464

Current assets

Debtors

658,644

635,191

Cash at bank and in hand

108,362

43,205

767,006

678,396

Creditors: amounts falling due within one year

(1,306,978)

(1,335,125)

Net current liabilities

(539,972)

(656,729)

Total assets less current liabilities

2,379,712

2,507,735

Creditors: amounts falling due after more than one year

(773,922)

(918,871)

Provisions for liabilities

(214,919)

(209,198)

1,390,871

1,379,666

Capital and reserves

Called up share capital

1,000

Profit and loss account

1,389,871

1,378,666

Shareholders' funds

1,390,871

1,379,666

For the financial year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 29 March 2017

Mr B J Fennessy

Director

Company Registration No. 4661010

MCFEN PLANT LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

- 2 -

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 January 2015).

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% to 25% Reducing balance method

Fixtures, fittings & equipment

25% Reducing balance method

Motor vehicles

25% Reducing balance method

Fixed assets

Tangible assets

Cost

At 1 July 2015

5,257,011

Additions

737,724

Disposals

(399,487)

At 30 June 2016

5,595,248

Depreciation

At 1 July 2015

2,092,547

On disposals

(274,848)

Charge for the year

857,865

At 30 June 2016

2,675,564

Net book value

At 30 June 2016

2,919,684

At 30 June 2015

3,164,464

MCFEN PLANT LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2016

- 3 -

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £992,253 (2015 - £827,788).

Other creditors includes proceeds from a factoring facility of £396,738 (2015 - £323,083) secured by a debenture over the assets of the company together with a personal guarantee of £50,000 from the director Mr B.J. Fennessy. The hire purchase agreements are secured over the specific assets financed. The bank overdraft facility is secured by a debenture over the assets of the company and a personal guarantee of £75,000 from the director Mr B.J. Fennessy.

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £773,922 (2015 - £918,870).

The hire purchase agreements are secured over the specific assets financed.

Share capital

2016

2015

Allotted, called up and fully paid

1,000 Ordinary shares of £1 each

1,000

Related party relationships and transactions

Transactions with the director

The director Mr B.J. Fennessy was owed £272,222 by the company at the beginning of the year. During the year the director advanced loans of £124,500 to the company and £385,641 was repaid. At the balance sheet date the company owed the director £11,081. This is an interest free loan repayable on demand.

The director has given personal guarantees in respect of the debt factoring facility of £50,000 and the overdraft facility of £75,000.

The director received rent of £63,705 (net of vat) from the company during the year in respect of the yard occupied by the company at 7c South Crescent E16.