M & R COLDROOMS LIMITED
Registered number: 06090353
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 3 33,806 13,647
Current assets
Debtors 4 126,878 100,190
Cash at bank and in hand 79,819 75,151
206,697 175,341
Creditors: amounts falling due within one year 5 (85,171) (78,335)
Net current assets 121,526 97,006
Total assets less current liabilities 155,332 110,653
Creditors: amounts falling due after more than one year 6 (11,828) (5,840)
Provisions for liabilities (6,423) (2,729)
Net assets 137,081 102,084
Capital and reserves
Called up share capital 2 2
Profit and loss account 137,079 102,082
Shareholders' funds 137,081 102,084
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Williams
Director
Approved by the board on 24 September 2018
M & R COLDROOMS LIMITED
Notes to the Accounts
for the year ended 31 March 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over 4 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recog
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2017 48,000
At 31 March 2018 48,000
Amortisation
At 1 April 2017 48,000
At 31 March 2018 48,000
Net book value
At 31 March 2018 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2017 6,818 33,579 40,397
Additions 4,451 29,568 34,019
Disposals - (4,775) (4,775)
At 31 March 2018 11,269 58,372 69,641
Depreciation
At 1 April 2017 5,671 21,079 26,750
Charge for the year 1,599 9,874 11,473
On disposals - (2,388) (2,388)
At 31 March 2018 7,270 28,565 35,835
Net book value
At 31 March 2018 3,999 29,807 33,806
At 31 March 2017 1,147 12,500 13,647
4 Debtors 2018 2017
£ £
Trade debtors 126,578 84,059
Other debtors 300 16,131
126,878 100,190
5 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts - 1,691
Obligations under finance lease and hire purchase contracts 3,064 2,190
Trade creditors 13,766 12,241
Corporation tax 21,632 21,436
Other taxes and social security costs 13,032 8,401
Other creditors 33,677 32,376
85,171 78,335
6 Creditors: amounts falling due after one year 2018 2017
£ £
Obligations under finance lease and hire purchase contracts 11,828 5,840
7 Related party transactions
Included in other creditors are amounts due the directors as follows. Mr R Williams £1,161, (2017 £2,633), and Mr M Williams £32,416 (2017 £29,683). The loans do not attract interest and have no specific repayment dates
8 Controlling party
The ultimate control of the company resides with the directors, who are also equal shareholders
9 Other information
M & R COLDROOMS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
11, Wheatstone Court.
Waterwells Business Park
Gloucester
Glos
GL2 2AQ
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