Molly's Limited 04419765 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Retail Supermarket and Post Office Digita Accounts Production Advanced 6.30.9574.0 true true 04419765 2023-06-01 2024-05-31 04419765 2024-05-31 04419765 bus:OrdinaryShareClass1 2024-05-31 04419765 core:CurrentFinancialInstruments 2024-05-31 04419765 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 04419765 core:Goodwill 2024-05-31 04419765 core:BetweenTwoFiveYears 2024-05-31 04419765 core:MoreThanFiveYears 2024-05-31 04419765 core:WithinOneYear 2024-05-31 04419765 core:FurnitureFittingsToolsEquipment 2024-05-31 04419765 core:LandBuildings 2024-05-31 04419765 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-05-31 04419765 bus:SmallEntities 2023-06-01 2024-05-31 04419765 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 04419765 bus:FilletedAccounts 2023-06-01 2024-05-31 04419765 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 04419765 bus:RegisteredOffice 2023-06-01 2024-05-31 04419765 bus:Director1 2023-06-01 2024-05-31 04419765 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 04419765 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04419765 bus:Agent1 2023-06-01 2024-05-31 04419765 core:Goodwill 2023-06-01 2024-05-31 04419765 core:FurnitureFittings 2023-06-01 2024-05-31 04419765 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 04419765 core:LandBuildings 2023-06-01 2024-05-31 04419765 core:LeaseholdImprovements 2023-06-01 2024-05-31 04419765 core:KeyManagementPersonnel 2023-06-01 2024-05-31 04419765 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-01 2024-05-31 04419765 1 2023-06-01 2024-05-31 04419765 countries:England 2023-06-01 2024-05-31 04419765 2023-05-31 04419765 core:Goodwill 2023-05-31 04419765 core:FurnitureFittingsToolsEquipment 2023-05-31 04419765 core:LandBuildings 2023-05-31 04419765 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-31 04419765 2022-06-01 2023-05-31 04419765 2023-05-31 04419765 bus:OrdinaryShareClass1 2023-05-31 04419765 core:CurrentFinancialInstruments 2023-05-31 04419765 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 04419765 core:Goodwill 2023-05-31 04419765 core:BetweenTwoFiveYears 2023-05-31 04419765 core:MoreThanFiveYears 2023-05-31 04419765 core:WithinOneYear 2023-05-31 04419765 core:FurnitureFittingsToolsEquipment 2023-05-31 04419765 core:LandBuildings 2023-05-31 04419765 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-31 04419765 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-06-01 2023-05-31 04419765 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04419765

Molly's Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Molly's Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Molly's Limited

Company Information

Director

M M Patel

Registered office

Belfry House
Champions Way
Hendon
London
NW4 1PX

Accountants

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Financial Statements of
Molly's Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Molly's Limited for the year ended 31 May 2024, which comprise the statement of comprehensive income, balance sheet and the related notes, 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
https://www.icaew.com/regulation/a-z.

It is your duty to ensure that Molly's Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Molly's Limited. You consider that Molly's Limited 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 Molly's Limited. 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 accounts.

Use of our report

This report is made solely to the director of Molly's Limited, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Molly's Limited and state those matters that we have agreed to state to the director of Molly's Limited, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Molly's Limited and its director for our work or for this report.

......................................

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

13 January 2025

 

Molly's Limited

(Registration number: 04419765)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

336,579

360,722

Current assets

 

Stocks

6

156,440

170,590

Debtors

7

240,256

276,017

Cash at bank and in hand

 

21,334

24,222

 

418,030

470,829

Creditors: Amounts falling due within one year

8

(215,268)

(57,652)

Net current assets

 

202,762

413,177

Net assets

 

539,341

773,899

Capital and reserves

 

Called up share capital

10

1,000

1,000

Retained earnings

538,341

772,899

Shareholder's funds

 

539,341

773,899

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and the director's report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to small companies subject to the small companies regime.

Approved and authorised for issue by the director on 10 January 2025

.........................................

M M Patel

Director

 

Molly's Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital incorporated in England. The registered office address is shown on page 1.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Summary of significant accounting policies

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.

Turnover

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 value added tax, returns, rebates and discounts and recognised at point of sale.

Tax

The tax expense for the year comprises current and deferred tax, where applicable. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences arising that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.

Deferred tax is measured using 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.

Current and deferred tax assets and liabilities are not discounted.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.

 

Molly's Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost over their estimated useful economic life, as follows:

Asset class

Amortisation rate and method

Goodwill

10% and 20% straight line basis

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible assets so as to write off the cost, less any estimated residual value, evenly over their estimated useful economic life, as follows:

Asset class

Depreciation rate and method

Fixtures, fittings & equipment

25% reducing balance basis

Short leasehold land & buildings

14% straight line basis

Freehold land & buildings

2% straight line basis

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. Net realisable value is based on estimated selling price.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services provided in the ordinary course of business.

A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Cash at bank and in hand

Cash comprises cash at bank and in hand.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors 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.

Operating leases

Rentals payable made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Molly's Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Dividends

Final dividends are recognised when they become legally payable. Interim dividends are recognised when paid.

Pension costs

Contributions to the company's defined contribution pension scheme are charged to the profit or loss in the year. The assets of the scheme are held separately from those of the company in an independently administered fund.

In addition, the pension costs also include the amount paid by the company into the director's personal pension plan.

Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.
 
The company's cash at bank and in hand, trade and other debtors, trade and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method.

3

Employee information

The average number of persons employed by the company (including the director) during the year, was 37 (2023 - 37).

4

Intangible assets

Goodwill
 £

Cost

At 1 June 2023

202,487

At 31 May 2024

202,487

Amortisation

At 1 June 2023

202,487

At 31 May 2024

202,487

Carrying amount

At 31 May 2024

-

At 31 May 2023

-

 

Molly's Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Freehold land and buildings
£

Fixtures, fittings and equipment
 £

Total
£

Cost

At 1 June 2023

373,426

345,634

719,060

At 31 May 2024

373,426

345,634

719,060

Depreciation

At 1 June 2023

80,541

277,797

358,338

Charge for the year

7,184

16,959

24,143

At 31 May 2024

87,725

294,756

382,481

Carrying amount

At 31 May 2024

285,701

50,878

336,579

At 31 May 2023

292,885

67,837

360,722

6

Stocks

2024
£

2023
£

Finished goods

156,440

170,590

7

Debtors

Note

2024
£

2023
£

Director's loan

11

-

5,894

Trade debtors

 

70

307

Prepayments

 

9,997

4,086

Other debtors

 

230,189

265,730

 

240,256

276,017

 

Molly's Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors : amounts falling due within one year

Note

2024
£

2023
£

Trade creditors

 

50,045

31,633

Other taxes and social security

 

30,207

19,580

Director's loan

11

102,550

-

Other creditors

 

27,716

1,689

Accruals

 

4,750

4,750

 

215,268

57,652

9

Commitments under operating leases

As at 31 May 2024, the company had total future commitments under non-cancellable operating leases as set out below:

2024
£

2023
£

Less than one year

58,876

56,488

Between one and five years

186,664

221,390

After five years

-

17,583

245,540

295,461

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       
 

Molly's Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

11

Related party transactions

Loan (to)/ from director

2024

£

At start of year

(5,894)

Repaid during the year

5,894

Advanced during the year

102,550

At end of year

102,550

2023

£

At start of year

318

Repaid during the year

(318)

Advanced during the year

(5,894)

At end of year

(5,894)

Terms of loan (to)/ from director

Loan (to)/ from the director is unsecured, interest free and repayable on demand.
 

12

Control

The company is controlled by M M Patel who is its sole shareholder and director.