MICHAEL_WENMAN_LIMITED - Accounts
MICHAEL_WENMAN_LIMITED - Accounts
Company Registration No. 01415690 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2014
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MICHAEL WENMAN LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2014
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 5 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Michael Wenman Limited for the year ended 28 February 2014 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Michael Wenman Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Michael Wenman Limited and state those matters that we have agreed to state to the Board of Directors of Michael Wenman Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Michael Wenman Limited and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Michael Wenman Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Michael Wenman Limited. You consider that Michael Wenman Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Michael Wenman Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
Chartered Accountants
ABBREVIATED BALANCE SHEET
AS AT
28 FEBRUARY 2014
- 2 -
2014
2013
Notes
£
£
£
£
Fixed assets
Intangible assets
2
Tangible assets
2
Current assets
Stocks
Debtors
-
Cash at bank and in hand
Creditors: amounts falling due within one year
3
(502,809 )
(539,715 )
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
4
(804,275 )
(833,673 )
Provisions for liabilities
(64,600 )
(54,300 )
7,992,979
7,806,040
Capital and reserves
Called up share capital
5
Revaluation reserve
Profit and loss account
Shareholders' funds
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2014
- 3 -
Directors' responsibilities:
-
-
Approved by the Board for issue on 4 November 2014
Director
Company Registration No. 01415690
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2014
- 4 -
1
Accounting policies
1.1
Accounting convention
1.2
Turnover
Rental and related income is recognised on an accruals basis. Mobile home sales are recognised when completed.
Motor vehicle sales and related costs are recognised when the company has fulfilled all of its obligations under the sale contract.
1.3
Goodwill
1.4
Tangible fixed assets and depreciation
Assets under construction
Plant and machinery
Motor vehicles
Investment properties are not depreciated. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Tangible fixed assets included in 'Assets under construction' had not been brought into use at the balance sheet date. In view of this and in accordance with applicable accounting standards, no depreciation has been provided on these assets.
1.5
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
1.6
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.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2014
- 5 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost or valuation
At 1 March 2013
8,584,203
Additions
-
113,653
Revaluation
-
(93,651 )
(93,651)
At 28 February 2014
8,604,205
Depreciation
At 1 March 2013
147,810
Charge for the year
15,942
At 28 February 2014
163,752
Net book value
At 28 February 2014
8,440,453
At 28 February 2013
8,436,393
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2013 - £299,630).
4
Creditors: amounts falling due after more than one year
2014
2013
£
£
Analysis of loans repayable in more than five years
Total amounts repayable by instalments which are due in more than five years
32,617
38,994
The aggregate amount of creditors for which security has been given amounted to £0 (2013 - £1,093,042).
5
Share capital
2014
2013
£
£
Allotted, called up and fully paid