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Registration number: 06809128

M & V Prokopiou Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2018

Holberton and Co
Nortonbury House
37 High Street
Tewkesbury
Gloucestershire
GL20 5BB

 

M & V Prokopiou Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Abridged Financial Statements

4 to 8

 

M & V Prokopiou Limited

Company Information

Directors

Mr Mario Prokopiou

Mrs V Prokopiou

Registered office

Deansway House
Tewkesbury Road
Coombe Hill
Gloucestershire
GL19 4BQ

Accountants

Holberton and Co
Nortonbury House
37 High Street
Tewkesbury
Gloucestershire
GL20 5BB

 

M & V Prokopiou Limited

(Registration number: 06809128)
Abridged Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

10,472

6,840

Current assets

 

Stocks

5

1,600

2,600

Debtors

17,425

10,522

Cash at bank and in hand

 

6,431

2,640

 

25,456

15,762

Prepayments and accrued income

 

6,527

1,416

Creditors: Amounts falling due within one year

(59,202)

(62,615)

Net current liabilities

 

(27,219)

(45,437)

Total assets less current liabilities

 

(16,747)

(38,597)

Creditors: Amounts falling due after more than one year

(19,475)

-

Accruals and deferred income

 

(380)

-

Net liabilities

 

(36,602)

(38,597)

Capital and reserves

 

Called up share capital

6

100

100

Profit and loss account

(36,702)

(38,697)

Total equity

 

(36,602)

(38,597)

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

M & V Prokopiou Limited

(Registration number: 06809128)
Abridged Balance Sheet as at 31 March 2018

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 7 November 2018 and signed on its behalf by:
 

.........................................

Mr Mario Prokopiou
Director

 

M & V Prokopiou Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
Deansway House
Tewkesbury Road
Coombe Hill
Gloucestershire
GL19 4BQ

The principal place of business is:
Deansway House
Tewkesbury Road
Coombe Hill
Gloucestershire
GL19 4BQ

These financial statements were authorised for issue by the Board on 7 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

M & V Prokopiou Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery etc

15% - 25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

M & V Prokopiou Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2017 - 5).

 

M & V Prokopiou Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

15,625

15,625

Additions

4,415

4,415

At 31 March 2018

20,040

20,040

Depreciation

At 1 April 2017

8,785

8,785

Charge for the year

783

783

At 31 March 2018

9,568

9,568

Carrying amount

At 31 March 2018

10,472

10,472

At 31 March 2017

6,840

6,840

Included within the net book value of land and buildings above is £Nil (2017 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2018
£

2017
£

Other inventories

1,600

2,600

6

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

M & V Prokopiou Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

7

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2018
£

2017
£

Remuneration

10,005

12,509