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Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2018 |
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MLS Ltd |
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REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2018 |
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for |
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MLS Ltd |
MLS Ltd (Registered number: 03324737) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Income Statement | 7 |
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Balance Sheet | 8 |
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Notes to the Financial Statements | 9 |
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MLS Ltd |
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Company Information |
for the Year Ended 31 December 2018 |
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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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AUDITORS: |
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Aldreth |
Pearcroft Road |
Stonehouse |
Gloucestershire |
GL10 2JY |
MLS Ltd (Registered number: 03324737) |
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Report of the Directors |
for the Year Ended 31 December 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2018. |
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CESSATION OF TRADING |
The company ceased trading on 30 December 2012. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2018 to the date |
of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in |
accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law |
the directors have elected to prepare the financial statements in accordance with United Kingdom Generally |
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company |
law the directors must not approve the financial statements unless they are satisfied that they give a true and |
fair view of the state of affairs of the company and of the profit or loss of the company for that period. In |
preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain |
the company's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and enable them to ensure that the financial statements comply with the Companies Act 2006. |
They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps |
for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps |
that he ought to have taken as a director in order to make himself aware of any relevant audit information |
and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Parcell & Associates, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
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MLS Ltd (Registered number: 03324737) |
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Report of the Directors |
for the Year Ended 31 December 2018 |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 |
relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
MLS Ltd |
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Opinion |
We have audited the financial statements of MLS Ltd (the 'company') for the year ended 31 December 2018 |
which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a |
summary of significant accounting policies. The financial reporting framework that has been applied in their |
preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United |
Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2018; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and |
applicable law. Our responsibilities under those standards are further described in the Auditors' |
responsibilities for the audit of the financial statements section of our report. We are independent of the |
company in accordance with the ethical requirements that are relevant to our audit of the financial statements |
in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in |
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and |
appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us |
to report to you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is
not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may
cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in |
the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent |
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information |
and, in doing so, consider whether the other information is materially inconsistent with the financial |
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we |
identify such material inconsistencies or apparent material misstatements, we are required to determine |
whether there is a material misstatement in the financial statements or a material misstatement of the other |
information. If, based on the work we have performed, we conclude that there is a material misstatement of |
this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Report of the Directors for the financial year for which the financial
statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
MLS Ltd |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course |
of the audit, we have not identified material misstatements in the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and |
fair view, and for such internal control as the directors determine necessary to enable the preparation of |
financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to |
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going |
concern basis of accounting unless the directors either intend to liquidate the company or to cease |
operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free |
from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes |
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit |
conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. |
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, |
they could reasonably be expected to influence the economic decisions of users taken on the basis of these |
financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the |
Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms |
part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
MLS Ltd |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of |
the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's |
members those matters we are required to state to them in a Report of the Auditors and for no other purpose. |
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the |
company and the company's members as a body, for our audit work, for this report, or for the opinions we |
have formed. |
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for and on behalf of
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Aldreth |
Pearcroft Road |
Stonehouse |
Gloucestershire |
GL10 2JY |
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MLS Ltd (Registered number: 03324737) |
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Income Statement |
for the Year Ended 31 December 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ |
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TURNOVER |
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OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
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Tax on profit |
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PROFIT FOR THE FINANCIAL
YEAR |
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MLS Ltd (Registered number: 03324737) |
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Balance Sheet |
31 December 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 3 |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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MLS Ltd (Registered number: 03324737) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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MLS Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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 |
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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Going concern |
The company transferred its trade, assets and liabilities to an associated company on 30 December |
2012 respectively and has consequently ceased trading. As required by FRS 18 Accounting Policies, |
the directors have prepared the financial statements on the basis that the company is no longer a going |
concern. No material adjustments arose as a result of ceasing to apply the going concern basis. All |
assets and liabilities were transferred to the associated companies at their book value. |
MLS Ltd (Registered number: 03324737) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Impairment of fixed assets |
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible |
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). Where it is not possible to estimate the recoverable amount of |
an individual asset, the company estimates the recoverable amount of the cash-generating unit to |
which the asset belongs. |
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Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in |
use, the estimated cash flows are discounted to their present value using a pre-tax discount rate that |
reflects current market assessments of the time value of money and the risks specific to each asset for |
which the estimates of future cash flows have not been adjusted. |
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If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying |
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable |
amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is |
carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease |
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Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have |
ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or |
cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the |
increased carrying amount does not exceed the carrying amount that would have been determined had |
no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of |
an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a |
revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase |
MLS Ltd (Registered number: 03324737) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The Company only enters into basic financial instruments that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors, loans from banks and other third |
parties, loans to related parties and investments in non-puttable ordinary shares |
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For financial assets measured at amortised cost, the impairment cost is measured at the difference |
between an asset's carrying amount and the present value of estimated cash flows discounted at the |
assets effective interest rate. If the financial asset has a variable interest rate, the discount rate for |
measuring any impairment loss is the current effective interest rate determined under the contract |
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For assets measured at cost less impairment, the impairment loss is measured as the difference |
between an asset's carrying amount and best estimate, which is an approximation of the amount that |
the Company would receive for the asset if it were to be sold at the balance sheet date |
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Creditors |
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Short term creditors are measured at the transaction price. Other financial liabilities, including bank |
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at |
amortised cost using the effective interest method. |
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Finance costs |
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Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective |
interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are |
initially recognised as a reduction in the proceeds of the associated capital instrument |
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Dividends |
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Equity dividends are recognised when they legally become payable. Interim equity dividends are |
recognised when paid. Final equity dividends are recognised when approved by the shareholdersat an |
annual general meeting. |
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Judgements in applying accounting policies and key sources of estimation uncertainty |
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In the process of applying the company's accounting policies, management are required to make |
certain estimates and judgements. The key estimates and judgements are as follows: |
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Depreciation and residual values |
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The directors have reviewed the asset lives and associated residual values of all fixed asset classes, |
and has concluded that asset lives and residual values are appropriate |
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3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Amounts owed by group undertakings |
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MLS Ltd (Registered number: 03324737) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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4. | ULTIMATE CONTROLLING PARTY |
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The company is a wholly owned subsidiary of Domino's Pizza West Country Limited . This |
company is a joint venture between Domino's Pizza Group plc and Mr & Mrs David Rose. The two |
parties to the joint venture each own 50% of the share capital and have joint control. |