Abbreviated Company Accounts - MAYFAIR DEVELOPERS LIMITED

Abbreviated Company Accounts - MAYFAIR DEVELOPERS LIMITED


Registered Number 07344122

MAYFAIR DEVELOPERS LIMITED

Abbreviated Accounts

31 August 2016

MAYFAIR DEVELOPERS LIMITED Registered Number 07344122

Abbreviated Balance Sheet as at 31 August 2016

Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 64,615 42,163
64,615 42,163
Current assets
Stocks 246,037 138,598
Debtors 2,531 4,187
Cash at bank and in hand 273,947 204,073
522,515 346,858
Creditors: amounts falling due within one year (259,709) (137,049)
Net current assets (liabilities) 262,806 209,809
Total assets less current liabilities 327,421 251,972
Creditors: amounts falling due after more than one year (9,738) (14,700)
Total net assets (liabilities) 317,683 237,272
Capital and reserves
Called up share capital 3 2 2
Profit and loss account 317,681 237,270
Shareholders' funds 317,683 237,272
  • For the year ending 31 August 2016 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 25 May 2017

And signed on their behalf by:
MATTHEW ANDERSON, Director

MAYFAIR DEVELOPERS LIMITED Registered Number 07344122

Notes to the Abbreviated Accounts for the period ended 31 August 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective January 2015.

Turnover policy
Turnover represents the total invoice, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company’s ordinary activities.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Fixtures, fittings and equipment - 25% Reducing Balance Method
Motor Vehicles - 25% Reducing Balance Method

Other accounting policies
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 constant periodic rates of charge on the net obligations outstanding in each period.

Stock and work in progress

Work in progress is valued at the lower of cost and net realisable value.

2Tangible fixed assets
£
Cost
At 1 September 2015 72,328
Additions 43,173
Disposals (3,500)
Revaluations -
Transfers -
At 31 August 2016 112,001
Depreciation
At 1 September 2015 30,165
Charge for the year 19,244
On disposals (2,023)
At 31 August 2016 47,386
Net book values
At 31 August 2016 64,615
At 31 August 2015 42,163
3Called Up Share Capital
Allotted, called up and fully paid:
2016
£
2015
£
2Ordinary shares of £1 each 2 2