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Company registration number: 07160372
Mail Order Online Ltd
Unaudited filleted financial statements
28 February 2023
Mail Order Online Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Mail Order Online Ltd
Directors and other information
Directors Mr John Rushton
Company number 07160372
Registered office Bay 1-4
Crossens Way Business Park
Marine Drive
Southport
PR9 9LY
Business address Bay 1-4
Crossens Way Business Park
Marine Drive
Southport
PR9 9LY
Accountants Forshaws Accountants Limited
Crossens Way Business Park
Crossens Way
Southport
Merseyside
PR9 9LY
Mail Order Online Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Mail Order Online Ltd
Year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mail Order Online Ltd for the year ended 28 February 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance.
This report is made solely to the board of directors of Mail Order Online Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Mail Order Online Ltd and state those matters that we have agreed to state to the board of directors of Mail Order Online Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mail Order Online Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Mail Order Online Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Mail Order Online Ltd. You consider that Mail Order Online Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Mail Order Online Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Forshaws Accountants Limited
Chartered Accountants
Crossens Way Business Park
Crossens Way
Southport
Merseyside
PR9 9LY
24 July 2023
Mail Order Online Ltd
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 264,701 301,650
_______ _______
264,701 301,650
Current assets
Stocks 2,530,751 3,981,267
Debtors 6 414,595 318,291
Cash at bank and in hand 834,534 19
_______ _______
3,779,880 4,299,577
Creditors: amounts falling due
within one year 7 ( 1,099,721) ( 1,606,278)
_______ _______
Net current assets 2,680,159 2,693,299
_______ _______
Total assets less current liabilities 2,944,860 2,994,949
Creditors: amounts falling due
after more than one year 8 ( 25,833) ( 35,833)
Provisions for liabilities 9 ( 66,176) ( 57,314)
_______ _______
Net assets 2,852,851 2,901,802
_______ _______
Capital and reserves
Called up share capital 11 4 4
Profit and loss account 2,852,847 2,901,798
_______ _______
Shareholders funds 2,852,851 2,901,802
_______ _______
For the year ending 28 February 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 July 2023 , and are signed on behalf of the board by:
Mr John Rushton
Director
Company registration number: 07160372
Mail Order Online Ltd
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bay 1-4, Crossens Way Business Park, Marine Drive, Southport, PR9 9LY.
The principal activity of the company is that of online retailer.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts. Should the existing facilities not be sufficient to fund the company's working capital for the period ending 12 months from the date of approval of these financial statements, the Directors have considered alternative sources of financing, including, but not restricted to, additional financial support from its shareholders, and understand that these funds would provide sufficient resource to meet any shortfall which may arise under agreed facilities.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25% Reducing balance
Fittings fixtures and equipment - 25% Straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2022: 26 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 March 2022 531,984 145,909 677,893
Additions 22,475 28,809 51,284
_______ _______ _______
At 28 February 2023 554,459 174,718 729,177
_______ _______ _______
Depreciation
At 1 March 2022 284,017 92,226 376,243
Charge for the year 67,610 20,623 88,233
_______ _______ _______
At 28 February 2023 351,627 112,849 464,476
_______ _______ _______
Carrying amount
At 28 February 2023 202,832 61,869 264,701
_______ _______ _______
At 28 February 2022 247,967 53,683 301,650
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 397,052 297,690
Other debtors 17,543 20,601
_______ _______
414,595 318,291
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,325
Trade creditors 448,335 274,770
Corporation tax 2,138 124,371
Social security and other taxes 461,051 1,186,398
Other creditors 178,197 10,414
_______ _______
1,099,721 1,606,278
_______ _______
The bank borrowing's are secured by a fixed and floating charge over all assets of the company. Other Loans are secured by a fixed and floating charge over all assets of the company, and a personal guarantee given by Mr John Rushton .
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 25,833 35,833
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 March 2022 57,314 57,314
Additions 8,862 8,862
_______ _______
At 28 February 2023 66,176 66,176
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 9) 66,176 57,314
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 66,176 57,134
_______ _______
11. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 2 2 2 2
Ordinary A shares of £ 1.00 each 1 1 1 1
Ordinary B shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
4 4 4 4
_______ _______ _______ _______
12. Related party transactions
At the balance sheet date, other creditors included £169,793 (2022: £10,651) due to the director of the company. These balances are unsecured, interest free and repayable on demand.
13. Controlling party
The company is under the control of Mr John Rushton by virtue of holding 100% of the issued share capital.