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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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MELCOM ELECTRONICS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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MELCOM ELECTRONICS LIMITED |
MELCOM ELECTRONICS LIMITED (REGISTERED NUMBER: 03131115) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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MELCOM ELECTRONICS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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2 AC Court |
High Street |
Thames Ditton |
Surrey |
KT7 0SR |
MELCOM ELECTRONICS LIMITED (REGISTERED NUMBER: 03131115) |
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BALANCE SHEET |
31 DECEMBER 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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MELCOM ELECTRONICS LIMITED (REGISTERED NUMBER: 03131115) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Melcom Electronics Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of electrical components. |
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Revenue is recognised when goods are delivered and title has passed. |
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Tangible fixed assets |
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Freehold property | - |
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Improvements to property | - |
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Computer equipment | - |
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The buildings element of freehold property is not depreciated as the carrying value of the property is not |
materially different from the market value of the property. This is a departure from the Companies Act 2006 |
which requires buildings to be depreciated over their useful economic lives. The directors consider that |
depreciation is not appropriate and the accounting policy adopted is necessary for the accounts to show a true |
and fair view. |
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Stocks |
Stock comprises goods held for resale, which are valued at the lower of cost or net realisable value. |
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Cost is based on the cost of purchase including delivery charges. |
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Net realisable value is based on estimated selling prices less costs to complete and sell. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of |
the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
MELCOM ELECTRONICS LIMITED (REGISTERED NUMBER: 03131115) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Computer |
property | property | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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5. | FIXED ASSET INVESTMENTS |
Other |
loans |
£ |
At 1 January 2017 |
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Repayment in year | ( |
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Interest charged |
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At 31 December 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
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Other debtors |
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MELCOM ELECTRONICS LIMITED (REGISTERED NUMBER: 03131115) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | SECURED DEBTS |
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Svenska Handelsbanken AB (publ) hold a fixed charge dated 30 June 2014 over the assets of the company. |
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9. | PROVISIONS FOR LIABILITIES |
31.12.17 | 31.12.16 |
£ | £ |
Deferred tax | 2,779 | 1,630 |
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Deferred |
tax |
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Balance at 1 January 2017 |
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Provided in year | 1,149 |
Balance at 31 December 2017 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.17 | 31.12.16 |
value: | £ | £ |
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Ordinary | £1.00 | 20,000 | 20,000 |
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11. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2017 |
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Profit for the year |
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Dividends | ( |
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At 31 December 2017 |
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MELCOM ELECTRONICS LIMITED (REGISTERED NUMBER: 03131115) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 December 2017 and |
31 December 2016: |
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31.12.17 | 31.12.16 |
£ | £ |
Director |
Balance outstanding at start of year | (3,998 | ) | (2,828 | ) |
Amounts advanced | 177,286 | 30 |
Amounts repaid | (323,792 | ) | (1,200 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (150,504 | ) | (3,998 | ) |
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Director |
Balance outstanding at start of year | (2,685 | ) | (1,485 | ) |
Amounts repaid | (545 | ) | (1,200 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (3,230 | ) | (2,685 | ) |