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COMPANY REGISTRATION NUMBER: 7539432
Sean Molloy Limited
Filleted Unaudited Financial Statements
28 February 2023
Sean Molloy Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
2,166
2,678
Current assets
Debtors
6
791,400
746,041
Cash at bank and in hand
58,292
32,329
---------
---------
849,692
778,370
Creditors: amounts falling due within one year
7
180,102
270,921
---------
---------
Net current assets
669,590
507,449
---------
---------
Total assets less current liabilities
671,756
510,127
---------
---------
Net assets
671,756
510,127
---------
---------
Capital and reserves
Called up share capital
61
61
Profit and loss account
671,695
510,066
---------
---------
Shareholders funds
671,756
510,127
---------
---------
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.
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sean Molloy Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 23 January 2024 , and are signed on behalf of the board by:
Dr S Molloy
Director
Company registration number: 7539432
Sean Molloy Limited
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 C/O Leaman Mattei, Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Equipment
-
25% straight line
Impairment of fixed assets
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy).
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Equipment
£
Cost
At 1 March 2022
7,096
Additions
1,449
Disposals
( 5,478)
-------
At 28 February 2023
3,067
-------
Depreciation
At 1 March 2022
4,418
Charge for the year
1,962
Disposals
( 5,479)
-------
At 28 February 2023
901
-------
Carrying amount
At 28 February 2023
2,166
-------
At 28 February 2022
2,678
-------
6. Debtors
2023
2022
£
£
Trade debtors
79,241
71,423
Amounts owed by group undertakings and undertakings in which the company has a participating interest
38,075
Other debtors
674,084
674,618
---------
---------
791,400
746,041
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
169,369
252,306
Social security and other taxes
5,404
3,398
Other creditors
5,329
15,217
---------
---------
180,102
270,921
---------
---------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Dr S Molloy
484,750
9,695
( 9,695)
484,750
---------
-------
-------
---------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Dr S Molloy
( 332)
485,082
484,750
----
---------
----
---------
9. Related party transactions
SM Spine Developments Limited and First Class Spine Limited are related parties of Sean Molloy Limited due to both companies being under the control of the director. During the year Sean Molloy Limited provided loans of £2,430 (2022: £2,430)to SM Spine Developments Limited. The amount outstanding by SM Spine Developments Limited at 28 February 2023 is £7,400 (2022: £4,970). The loan is interest free and repayable on demand. During the year Sean Molloy Limited invoiced First Class Spine Limited for recharged costs incurred of £38,075. The amount outstanding by First Class Spine Limited at 28 February 2023 is £38,075.