Masterpiece Models Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 06166172 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2014

FOR

MASTERPIECE MODELS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

M H Brooks

Mrs M Brooks

M J Brooks

M L Brousse

M C Salzmann

SECRETARY:

Mrs M Brooks

REGISTERED OFFICE:

Suite 2, Fountain House

1a Elm Park

Stanmore

Middlesex

HA7 4AU

REGISTERED NUMBER:

06166172 (England and Wales)

ACCOUNTANTS:

Donald Jacobs & Partners

CHARTERED ACCOUNTANTS

Suite 2, Fountain House

1a Elm Park

Stanmore

Middlesex

HA7 4AU

FIXED ASSETS

Tangible assets

2

2,475

672

CURRENT ASSETS

Closing stock & work

in progress

229,741

159,462

Debtors

-

460

Cash at bank

11,113

98

240,854

160,020

CREDITORS

Amounts falling due within one year

3

249,783

159,078

NET CURRENT (LIABILITIES)/ASSETS

(8,929

)

942

TOTAL ASSETS LESS CURRENT LIABILITIES

(6,454

)

1,614

CAPITAL AND RESERVES

Called up share capital

4

100

100

Profit and loss account

(6,554

)

1,514

SHAREHOLDERS' FUNDS

(6,454

)

1,614

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 17 December 2014 and were signed on its behalf by:

M H Brooks - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis which assumes that the company will

continue to trade and that adequate financial resources will continue to be made available to it.

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Orders are placed for the manufacture of model locomotives on receipt of an initial deposit from a client. The

client contracts to pay further deposits on an agreed time scale as the manufacture of the model locomotive

progresses.The deposits and further instalments paid, excluding VAT thereon, are only recognised by the

company as turnover at the date the completed locomotive is despatched to the client together with a sales

invoice.

At the year end, any deposits and further instalments, held by the company in respect of ordered but undelivered

locomotives, including VAT, are carried forward.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stock & work in progress

Finished stock comprises completed locomotives, valued at the lower of cost and net realisable value.

Work in progress comprises all expenditure incurred in respect of uncompleted model locomotives and is valued

at the lower or cost and net realisable value.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

2,844

Additions

2,900

At 31 March 2014

5,744

DEPRECIATION

At 1 April 2013

2,172

Charge for year

1,097

At 31 March 2014

3,269

NET BOOK VALUE

At 31 March 2014

2,475

At 31 March 2013

672

3.

CREDITORS

Creditors include an amount of £ 12,637 (31.3.13 - £ 2,356 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.14

31.3.13

value:

£

£

100

Ordinary

1

100

100

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 March 2014, the amount outstanding on the directors' loan account was £17,248, (2013 - NIL).