Murlec Limited - Accounts to registrar (filleted) - small 18.1

Murlec Limited - Accounts to registrar (filleted) - small 18.1


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REGISTERED NUMBER: 05892783(England and Wales)
















MURLEC LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017






MURLEC LIMITED (REGISTERED NUMBER: 05892783)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


MURLEC LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2017







DIRECTORS: J F Murray
Mrs A A Murray





SECRETARY: Mrs A A Murray





REGISTERED OFFICE: Eden Business Park
Avalon Road
Kirton
Boston
Lincolnshire
PE20 1QR





REGISTERED NUMBER: 05892783(England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT

MURLEC LIMITED (REGISTERED NUMBER: 05892783)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2017

2017 2016
Notes £    £   
FIXED ASSETS
Intangible assets 4 11,355 12,605
Tangible assets 5 461,980 480,708
Investments 6 4,013 4,013
477,348 497,326

CURRENT ASSETS
Stocks 57,149 67,233
Debtors 7 195,259 153,710
Cash at bank 17,237 5,955
269,645 226,898
CREDITORS
Amounts falling due within one year 8 (159,628 ) (151,180 )
NET CURRENT ASSETS 110,017 75,718
TOTAL ASSETS LESS CURRENT LIABILITIES 587,365 573,044

CREDITORS
Amounts falling due after more than one
year

9

(102,996

)

(116,969

)

PROVISIONS FOR LIABILITIES (30,388 ) (34,474 )
NET ASSETS 453,981 421,601

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 453,881 421,501
SHAREHOLDERS' FUNDS 453,981 421,601

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to
financial statements, so far as applicable to the company.

MURLEC LIMITED (REGISTERED NUMBER: 05892783)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2017


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 3 May 2018and were signed on its behalf by:




J F Murray- Director



Mrs A A Murray- Director


MURLEC LIMITED (REGISTERED NUMBER: 05892783)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017

1. STATUTORY INFORMATION

Murlec Limited is a private company, limited by shares, registered in England and Wales. The company's
registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements for the year ended 31 August 2017 are the first financial statements prepared in
accordance with FRS 102. No adjustments were required on transition.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.

Revenue is recognised on the completion of the work and the raising of a sales invoice.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in
bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to
the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the statement of financial position date.


MURLEC LIMITED (REGISTERED NUMBER: 05892783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2017

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the
reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial
position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those
held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the
shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The
capital element of the future payments is treated as a liability.

Investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11(2016 - 16) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2016
and 31 August 2017 25,000
AMORTISATION
At 1 September 2016 12,395
Charge for year 1,250
At 31 August 2017 13,645
NET BOOK VALUE
At 31 August 2017 11,355
At 31 August 2016 12,605

MURLEC LIMITED (REGISTERED NUMBER: 05892783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2017

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2016 329,696 231,434 561,130
Additions - 26,779 26,779
Disposals - (31,255 ) (31,255 )
At 31 August 2017 329,696 226,958 556,654
DEPRECIATION
At 1 September 2016 - 80,422 80,422
Charge for year - 26,121 26,121
Eliminated on disposal - (11,869 ) (11,869 )
At 31 August 2017 - 94,674 94,674
NET BOOK VALUE
At 31 August 2017 329,696 132,284 461,980
At 31 August 2016 329,696 151,012 480,708

The net book value of tangible fixed assets includes £ 25,738 (2016 - £ 57,688 ) in respect of assets held under
hire purchase contracts.

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 September 2016
and 31 August 2017 4,013
NET BOOK VALUE
At 31 August 2017 4,013
At 31 August 2016 4,013

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Trade debtors 187,229 144,591
Other debtors 8,030 9,119
195,259 153,710

MURLEC LIMITED (REGISTERED NUMBER: 05892783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2017

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Bank loans and overdrafts 5,202 5,130
Hire purchase contracts 4,807 17,698
Trade creditors 21,805 21,211
Taxation and social security 80,081 76,124
Other creditors 47,733 31,017
159,628 151,180

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2017 2016
£    £   
Bank loans 89,529 94,829
Hire purchase contracts 13,467 22,140
102,996 116,969

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 66,477 72,049

10. SECURED DEBTS

The following secured debts are included within creditors:

2017 2016
£    £   
Bank loans 94,731 99,959
Hire purchase contracts 18,274 39,838
113,005 139,797

Hire purchase contracts are secured on the assets to which they relate.

The bank loan is secured by a fixed charge over the property acquired in the year.

11. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2017 2016
value: £    £   
100 Ordinary £1 100 100