| Mr McQueen Limited |
|
| Report to the directors on the preparation of the unaudited abbreviated accounts of Mr McQueen Limited for the period ended 28 February 2014 |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Mr McQueen Limited for the period ended 28 February 2014 which comprise of 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/ |
| Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. |
|
| G J Evans & Co. |
| Chartered Certified Accountant |
| The Malt House |
| Pembridge |
| Leominster |
| Herefordshire |
| HR6 9DX |
|
| 21 August 2014 |
|
| Mr McQueen Limited |
| Registered number: |
08393377 |
| Abbreviated Balance Sheet |
| as at 28 February 2014 |
|
| Notes |
|
|
2014 |
|
| £ |
|
| Fixed assets |
| Tangible assets |
2 |
|
|
1,459 |
|
| Current assets |
| Stocks |
|
|
1,000 |
| Debtors |
|
|
31,602 |
| Cash at bank and in hand |
|
|
568 |
|
|
|
33,170 |
|
|
|
| Creditors: amounts falling due within one year |
|
|
(65,251) |
|
| Net current liabilities |
|
|
|
(32,081) |
|
|
| Net liabilities |
|
|
|
(30,622) |
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
3 |
|
|
100 |
| Profit and loss account |
|
|
|
(30,722) |
|
| Shareholders' funds |
|
|
|
(30,622) |
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| P J Murtha |
| Director |
| Approved by the board on 21 August 2014 |
|
| Mr McQueen Limited |
| Notes to the Abbreviated Accounts |
| for the period ended 28 February 2014 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts 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 the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Plant and machinery |
50% on reducing balance |
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Going concern |
|
In the first period of trading the company has realised a loss as a result of the high set up costs and low turnover. The directors are monitoring the position and are confident that as turnover increases the company will soon become profitable. The directors have indicated their willingness to continue to support the company until it becomes profitable. |
|
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
Additions |
3,095 |
|
At 28 February 2014 |
3,095 |
|
|
|
|
|
|
|
|
Depreciation |
|
Charge for the period |
1,636 |
|
At 28 February 2014 |
1,636 |
|
|
|
|
|
|
|
|
Net book value |
|
At 28 February 2014 |
1,459 |
|
|
|
|
|
|
|
|
| 3 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
| value |
Number |
£ |
|
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
100 |
|
100 |
|
|
|
|
|
|
|
|
| Nominal |
Number |
Amount |
| value |
£ |
|
Shares issued during the period: |
|
Ordinary shares |
£1 each |
|
100 |
|
100 |
|
|
|
|
|
|
|
|
| 4 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
L B Jones |
|
Director's current account which is repayable on demand and on which no interest is charged. |
- |
|
8,249 |
|
- |
|
8,249 |
|
|
|
- |
|
8,249 |
|
- |
|
8,249 |
|
|
|
|
|
|
|
|
|
