Company Registration No. 02987472 (England and Wales)
MARASU'S PETITS FOURS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
MARASU'S PETITS FOURS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MARASU'S PETITS FOURS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
December 2018
April 2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
235,215
240,891
Current assets
Stocks
802,475
738,149
Debtors
4
1,123,742
438,152
Cash at bank and in hand
21,103
13,995
1,947,320
1,190,296
Creditors: amounts falling due within one year
5
(1,952,767)
(1,221,677)
Net current liabilities
(5,447)
(31,381)
Total assets less current liabilities
229,768
209,510
Creditors: amounts falling due after more than one year
6
(608,095)
(430,973)
Provisions for liabilities
(5,765)
(5,765)
Net liabilities
(384,092)
(227,228)
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
(385,092)
(228,228)
Total equity
(384,092)
(227,228)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MARASU'S PETITS FOURS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 September 2019 and are signed on its behalf by:
William Brian Keeling
Director
Company Registration No. 02987472
MARASU'S PETITS FOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Marasu's Petits Fours Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 8, Powergate Business Park, Volt Avenue, London, NW10 6PW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The current figures represent an eight month period. This is to bring the year end in line with related companies. As such, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.3
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the term of the lease
Plant and equipment
10% per annum of cost
Fixtures and fittings
25% per annum of cost
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
MARASU'S PETITS FOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 73 (April 2018 - 75).
MARASU'S PETITS FOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 5 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 May 2018
481,486
1,410,386
109,859
2,001,731
Additions
21,003
33,669
-
54,672
At 31 December 2018
502,489
1,444,055
109,859
2,056,403
Depreciation and impairment
At 1 May 2018
473,019
1,177,962
109,859
1,760,840
Depreciation charged in the period
22,540
37,808
-
60,348
At 31 December 2018
495,559
1,215,770
109,859
1,821,188
Carrying amount
At 31 December 2018
6,930
228,285
-
235,215
At 30 April 2018
8,467
232,424
-
240,891
4
Debtors
December 2018
April 2018
Amounts falling due within one year:
£
£
Trade debtors
849,892
246,809
Other debtors
146,510
191,343
996,402
438,152
December 2018
April 2018
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
127,340
-
Total debtors
1,123,742
438,152
MARASU'S PETITS FOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 6 -
5
Creditors: amounts falling due within one year
December 2018
April 2018
£
£
Bank loans and overdrafts
24,376
217,827
Trade creditors
971,639
361,651
Amounts owed to group undertakings
314,031
311,000
Taxation and social security
61,330
40,173
Other creditors
581,391
291,026
1,952,767
1,221,677
Included within other creditors is an amount of £437,535 (April 2018: £164,871) which is secured.
The bank loan and overdraft are secured by fixed and floating charges over all the company's assets, together with an unlimited inter-company guarantee.
6
Creditors: amounts falling due after more than one year
December 2018
April 2018
£
£
Bank loans and overdrafts
-
11,851
Amounts owed to group undertakings
291,448
385,677
Other creditors
316,647
33,445
608,095
430,973
Included within other creditors is an amount of £20,688 (April 2018: £33,445) which is secured.
Included within other creditors is a director's current account balance of £295,959 (April 2018: £Nil) which is secured against the company.
The bank loan is secured by fixed and floating charges over all the company's assets, together with an unlimited inter-company guarantee.
7
Called up share capital
December 2018
April 2018
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
MARASU'S PETITS FOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 7 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
December 2018
April 2018
£
£
1,588,862
1,762,592
9
Related party transactions
The company has taken advantage of the exemption in FRS 102 not to disclose transactions with other group companies which are wholly owned within the group.
10
Directors' transactions
Included in other creditors due after more than one year is an amount of £295,959 (April 2018: £Nil) owed to the director as at the year end date.
11
Parent company
The company is a wholly owned subsidiary of Prestat Group Ltd and its registered office is Unit 8 Powergate Business Park, Volt Avenue, London, NW10 6PW.