Memo Hornchurch Limited |
Notes to the Accounts |
for the year ended 30 June 2022 |
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1 |
Accounting policies |
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Basis of preparation |
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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 (as applied to small entities by section 1A of the standard). |
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Turnover |
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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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. |
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Provisions |
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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. |
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Leased assets |
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Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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2 |
Employees |
2022 |
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2021 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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11 |
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3 |
Creditors: amounts falling due within one year |
2022 |
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2021 |
£ |
£ |
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Taxation and social security costs |
- |
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75,374 |
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Other creditors |
1,200 |
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5,107 |
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1,200 |
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80,481 |
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4 |
Related party transactions |
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Included within other creditors is a director's loan of £nil (2021 - £307). |
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5 |
Controlling party |
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Mehmet Oztas is the ultimate controlling party. |
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6 |
Other information |
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Memo Hornchurch Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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39-45 High Street |
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Hornchurch |
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Essex |
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RM11 1TP |