MPE1 Limited Company Accounts

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COMPANY REGISTRATION NUMBER: SC429359

MPE1 Limited

Filleted Unaudited Financial Statements

31 December 2016

MPE1 Limited

Financial Statements

Year ended 31 December 2016

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

MPE1 Limited

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	5		145,884	159,835

Current assets

Stocks		12,000	12,000
Debtors	6	1,622	1,456
Cash at bank and in hand		24,726	41,634
		--------	--------
		38,348	55,090

Creditors: amounts falling due within one year	7	250,224		175,957
		---------		---------
Net current liabilities			211,876	120,867
			---------	---------
Total assets less current liabilities			( 65,992)	38,968
			--------	--------
Net (liabilities)/assets			( 65,992)	38,968
			--------	--------

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 65,994)	38,966
	--------	--------
Member (deficit)/funds	( 65,992)	38,968
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 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 member has 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MPE1 Limited

Statement of Financial Position (continued)

31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 8 December 2017 , and are signed on behalf of the board by:

Mrs C Hickey
Director

Company registration number: SC429359

MPE1 Limited

Notes to the Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2-8 Perth Road, Dundee, DD1 4LN.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity. These accounts have been prepared on the going concern basis. This basis may not be appropriate due to the deficit on the balance sheet at the period end. Should the Company be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amount to provide for any further liabilities which may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Tenants Alteration	-	10% reducing balance
Fixtures & Fittings	-	10% reducing balance
Equipment	-	15 % reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial 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 residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year, including the director, amounted to 29 (2015: 27 ).

5. Tangible assets

	Tenants Alteration	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2016	158,732	8,797	34,637	202,166
Additions	–	–	3,032	3,032
	---------	-------	--------	---------
At 31 December 2016	158,732	8,797	37,669	205,198
	---------	-------	--------	---------
Depreciation
At 1 January 2016	30,618	1,682	10,031	42,331
Charge for the year	12,476	712	3,795	16,983
	---------	-------	--------	---------
At 31 December 2016	43,094	2,394	13,826	59,314
	---------	-------	--------	---------
Carrying amount
At 31 December 2016	115,638	6,403	23,843	145,884
	---------	-------	--------	---------
At 31 December 2015	128,114	7,115	24,606	159,835
	---------	-------	--------	---------

6. Debtors

	2016	2015
	£	£
Other debtors	1,622	1,456
	-------	-------

7. Creditors: amounts falling due within one year

	2016	2015
	£	£
Trade creditors	84,237	43,207
Amounts owed to group undertakings and undertakings in which the company has a participating interest	27,854	22,143
Social security and other taxes	67,144	41,415
Credit Card	1,503	73
Penalties & Interest	10,079	–
Other creditors	59,407	69,119
	---------	---------
	250,224	175,957
	---------	---------

8. Director's advances, credits and guarantees

During the year the directors, Mr J Horne was due from the company £26,201.24 (last year £26,744.33) The loan is repayable on demand.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.