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Registration number: 7880779

Million Dollar Mermaid Ltd

trading as Million Dollar Mermaid

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Million Dollar Mermaid Ltd

trading as Million Dollar Mermaid

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Million Dollar Mermaid Ltd

trading as Million Dollar Mermaid

Company Information

Directors

Mr Mark Curran

Mrs Bernadette Cronin

Registered office

7 Rochford Walk
London
E8 3HG

Accountants

Simon Kingsley
58 Montague Road
Hackney
London
E8 2HW

 

Million Dollar Mermaid Ltd

trading as Million Dollar Mermaid

(Registration number: 7880779)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Current assets

 

Stocks

4

-

9,500

Cash at bank and in hand

 

38,109

64,043

 

38,109

73,543

Creditors: Amounts falling due within one year

6

(5,282)

(26,309)

Net assets

 

32,827

47,234

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

32,727

47,134

Shareholders' funds

 

32,827

47,234

For the financial year ending 31 December 2021 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.

Approved and authorised by the Board on 28 February 2022 and signed on its behalf by:
 

.........................................
Mrs Bernadette Cronin
Director

 

Million Dollar Mermaid Ltd

trading as Million Dollar Mermaid

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
7 Rochford Walk
London
E8 3HG
England

These financial statements were authorised for issue by the Board on 28 February 2022.

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Million Dollar Mermaid Ltd

trading as Million Dollar Mermaid

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 1 (2020 - 1).

 

Million Dollar Mermaid Ltd

trading as Million Dollar Mermaid

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Stocks

2021
£

2020
£

Other inventories

-

9,500

5

Debtors

6

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

1,200

1,200

Taxation and social security

4,069

25,102

Other creditors

13

7

5,282

26,309

7

Share capital

8

Dividends

Interim dividends paid

   

2021
£

 

2020
£

Interim dividend of £110.00 (2020 - £512.00) per each Ordinary

 

11,000

 

51,200

         

9

Related party transactions

 

Million Dollar Mermaid Ltd

trading as Million Dollar Mermaid

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Directors' remuneration

The directors' remuneration for the year was as follows:

2021
£

2020
£

Contributions paid to money purchase schemes

32,000

40,000