Merlin Gallery Limited

MERLIN GALLERY LTD. - Company Information

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Registered number: 04876174

Abbreviated accounts

For The Year Ended 31 March 2014

LED Chartered Accountants

PO BOX 5170

Shepton Mallet

Somerset

BA4 9DB

Merlin Gallery Limited

Company No. 04876174

Abbreviated Balance Sheet 31 March 2014

Abbreviated Balance Sheet

		2014		2013
	Notes	£	£	£	£
FIXED ASSETS
Tangible assets	2		350		467

			350		467
CURRENT ASSETS
Stocks		10,500		9,000
Debtors		2,219		2,171
Cash at bank and in hand		254		1,116

		12,973		12,287
Creditors: Amounts Falling Due Within One Year		(18,705)		(17,353)

NET CURRENT ASSETS (LIABILITIES)			(5,732)		(5,066)

TOTAL ASSETS LESS CURRENT LIABILITIES			(5,382)		(4,599)

NET ASSETS			(5,382)		(4,599)

CAPITAL AND RESERVES
Called up share capital	3		2		2
Profit and Loss account			(5,384)		(4,601)

SHAREHOLDERS' FUNDS			(5,382)		(4,599)

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Merlin Gallery Limited

Company No. 04876174

Abbreviated Balance Sheet (continued) 31 March 2014

For the year ending 31 March 2014 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

On behalf of the board

Ms B Smart

26 December 2014

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Merlin Gallery Limited

Notes to the Abbreviated Accounts

For The Year Ended 31 March 2014

Notes to the Abbreviated Accounts

Accounting Policies

Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.Although the financial statements show a reserves deficit, they have been prepared on a going concern basis. As the Company has the continued support of the directors and its bankers.

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery

25% Reducing Balance

Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Tangible Assets


	Total
Cost	£
As at 1 April 2013	623

As at 31 March 2014	623

Depreciation
As at 1 April 2013	156
Provided during the period	117

As at 31 March 2014	273

Net Book Value
As at 31 March 2014	350

As at 1 April 2013	467

Share Capital

	Value	Number	2014	2013
Allotted, called up and fully paid:	£		£	£
Ordinary shares	1.000	2	2	2

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Merlin Gallery Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 March 2014

Transactions With and Loans to Directors

Included within Creditors are the following loans from directors:

	As at 1 April 2013	Amounts advanced	Amounts repaid	As at 31 March 2014
	£	£	£	£
Ms B Smart	14,151	1,632	-	15,783

The above loan is unsecured, interest free and repayable on demand.

Ultimate Controlling Party

The company's ultimate controlling party is Ms B Smart by virtue of her ownership of 100% of the issued share capital in the company.

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