Company Registration No. 03670877 (England and Wales)
MOKARABIA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
MOKARABIA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
MOKARABIA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,685,739
3,691,989
Tangible assets
4
113,535
163,157
Investments
5
49,431
49,431
3,848,705
3,904,577
Current assets
Stocks
92,900
94,508
Debtors
6
1,084,519
975,851
Cash at bank and in hand
46,982
4,494
1,224,401
1,074,853
Creditors: amounts falling due within one year
7
(520,506)
(630,030)
Net current assets
703,895
444,823
Total assets less current liabilities
4,552,600
4,349,400
Creditors: amounts falling due after more than one year
8
(3,983,079)
(3,690,244)
Net assets
569,521
659,156
Capital and reserves
Called up share capital
9
3,155,000
3,155,000
Share premium account
2,787,542
2,787,542
Profit and loss reserves
(5,373,021)
(5,283,386)
Total equity
569,521
659,156
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 year 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 year 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.
MOKARABIA 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 7 October 2019 and are signed on its behalf by:
Mr M Zanetti
Director
Company Registration No. 03670877
MOKARABIA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 31 December 2017:
Balance at 1 January 2017
3,155,000
2,787,542
(5,085,512)
857,030
As restated
3,155,000
2,787,542
(5,085,512)
857,030
Year ended 31 December 2017:
Loss and total comprehensive income for the year
-
-
(197,874)
(197,874)
Balance at 31 December 2017
3,155,000
2,787,542
(5,283,386)
659,156
Year ended 31 December 2018:
Loss and total comprehensive income for the year
-
-
(89,635)
(89,635)
Balance at 31 December 2018
3,155,000
2,787,542
(5,373,021)
569,521
MOKARABIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
1
Accounting policies
Company information
Mokarabia Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 1, Moor Mead Road, St Margarets Business Centre, Twickenham, Middlesex, TW1 1JS.
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
The following assets are not amortised as the company is expected to experience the economic benefits of the assets on an ongoing basis:
Trademarks
0%
The directors understand that this policy is in contravention of FRS102 which states that such assets should have an identifiable useful life and should be amortised on this basis. Where an entity is unable to make a reliable estimate of the asset's useful life, they should be amortised over 10 years.
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:
Plant and equipment
over 5 to 10 years
Fixtures and fittings
15% on reducing balance
Computers
over 3 years
Motor vehicles
25% on reducing balance
MOKARABIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments
Interests in subsidiaries
and
associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.6
Impairment of fixed assets
At each reporting
period
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future 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 the asset for which the estimates of future cash flows have not been adjusted.
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.
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.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.8
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.
MOKARABIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 6 -
1.9
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.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, loans from
fellow group companies that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction
.
Financial liabilities classified as payable within one year are not amortised
.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
MOKARABIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 7 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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 year was 8 (2017 - 8).
3
Intangible fixed assets
Trademarks
£
Cost
At 1 January 2018
3,691,989
Transfers
(6,250)
At 31 December 2018
3,685,739
Amortisation and impairment
At 1 January 2018 and 31 December 2018
-
Carrying amount
At 31 December 2018
3,685,739
At 31 December 2017
3,691,989
Intangible assets contain trademarks, which under FRS102 should be written off over their useful lives. The directors believe that these trademarks will continue to be renewed in the foreseeable future and that the company will continue to experience economic benefits from them in the long term. The directors therefore feel that it would not be appropriate to amoritise these assets.
MOKARABIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 8 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2018 and 31 December 2018
475,487
26,069
615,946
15,179
1,132,681
Depreciation and impairment
At 1 January 2018
319,419
23,810
612,739
13,556
969,524
Depreciation charged in the year
47,267
370
1,579
406
49,622
At 31 December 2018
366,686
24,180
614,318
13,962
1,019,146
Carrying amount
At 31 December 2018
108,801
1,889
1,628
1,217
113,535
At 31 December 2017
156,068
2,259
3,207
1,623
163,157
5
Fixed asset investments
2018
2017
£
£
Investments
49,431
49,431
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
217,591
108,777
Amounts owed by group undertakings
764,845
809,780
Other debtors
102,083
57,294
1,084,519
975,851
7
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Amounts due to group undertakings
342,280
432,985
Trade creditors
34,512
24,493
Other taxation and social security
4,712
14,936
Other creditors
89,629
69,910
Accruals and deferred income
49,373
87,706
520,506
630,030
MOKARABIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 9 -
8
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
3,983,079
3,690,244
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
3,155,000 Ordinary shares of £1 each
3,155,000
3,155,000
3,155,000
3,155,000
10
Events after balance sheet date
On 30 September 2019,
£2,845,000 of the loan with the company's parent entity was converted to share capital.
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
-
26,500
12
Related party transactions
At the reporting date, the company owed £
65,370
(201
7
:
£68,954
) to
the directors of the company.
13
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2017
2017
Notes
£
£
Equity as previously reported
857,030
786,307
Adjustments to prior year
Cost of sales adjustment
(a)
-
(127,151)
Equity as adjusted
857,030
659,156
MOKARABIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
13
Prior period adjustment
(Continued)
- 10 -
Reconciliation of changes in loss for the previous financial period
2017
Notes
£
Loss as previously reported
(70,723)
Adjustments to prior year
Cost of sales adjustment
(a)
(127,151)
Loss as adjusted
(197,874)
Notes to reconciliation
(a)
During the preparation of the 2018 accounts, management discovered direct costs posted in the year that related to the prior year.
A prior year adjustment of £
127,151 has therefore been made and the 2017 accounts are restated.
2018-12-31
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false
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08 October 2019
Mr M Zanetti
Mr F Omoboni
G Laurel Sami
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