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No description of principal activity
2017-08-01
Sage Accounts Production Advanced 2019 - FRS102_2014
xbrli:pure
xbrli:shares
iso4217:GBP
03704573
2017-08-01
2018-12-31
03704573
2018-12-31
03704573
2017-07-31
03704573
2016-08-01
2017-07-31
03704573
2017-07-31
03704573
core:FurnitureFittings
2017-08-01
2018-12-31
03704573
core:MotorVehicles
2017-08-01
2018-12-31
03704573
bus:OrdinaryShareClass1
2017-08-01
2018-12-31
03704573
bus:Director1
2017-08-01
2018-12-31
03704573
core:FurnitureFittings
2017-07-31
03704573
core:MotorVehicles
2017-07-31
03704573
core:FurnitureFittings
2018-12-31
03704573
core:MotorVehicles
2018-12-31
03704573
core:WithinOneYear
2018-12-31
03704573
core:WithinOneYear
2017-07-31
03704573
core:ShareCapital
2018-12-31
03704573
core:ShareCapital
2017-07-31
03704573
core:CapitalRedemptionReserve
2018-12-31
03704573
core:CapitalRedemptionReserve
2017-07-31
03704573
core:RetainedEarningsAccumulatedLosses
2018-12-31
03704573
core:RetainedEarningsAccumulatedLosses
2017-07-31
03704573
core:BetweenOneFiveYears
2018-12-31
03704573
core:BetweenOneFiveYears
2017-07-31
03704573
core:FurnitureFittings
2017-07-31
03704573
core:MotorVehicles
2017-07-31
03704573
bus:SmallEntities
2017-08-01
2018-12-31
03704573
bus:Audited
2017-08-01
2018-12-31
03704573
bus:FullAccounts
2017-08-01
2018-12-31
03704573
bus:SmallCompaniesRegimeForAccounts
2017-08-01
2018-12-31
03704573
bus:PrivateLimitedCompanyLtd
2017-08-01
2018-12-31
03704573
bus:OrdinaryShareClass1
2018-12-31
03704573
bus:OrdinaryShareClass1
2017-07-31
03704573
core:ComputerEquipment
2017-08-01
2018-12-31
03704573
core:ComputerEquipment
2017-07-31
03704573
core:ComputerEquipment
2018-12-31
03704573
core:ShareBuy-backReserve
2017-08-01
2018-12-31
COMPANY REGISTRATION NUMBER:
03704573
MAGGIE SOTTERO DESIGNS LTD
|
|
FILLETED FINANCIAL STATEMENTS
|
|
MAGGIE SOTTERO DESIGNS LTD
|
|
STATEMENT OF FINANCIAL POSITION
|
|
31 December 2018
|
31 Dec 18
|
31 Jul 17
|
Note
|
£
|
£
|
£
|
|
|
|
|
Fixed assets
Tangible assets
|
5
|
|
47,728
|
33,891
|
|
|
|
|
|
Current assets
Stocks
|
995,151
|
|
219,718
|
Debtors
|
6
|
1,390,564
|
|
1,449,561
|
Cash at bank and in hand
|
1,039,226
|
|
636,963
|
|
------------
|
|
------------
|
|
3,424,941
|
|
2,306,242
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
3,153,544
|
|
1,213,182
|
|
------------
|
|
------------
|
Net current assets
|
|
271,397
|
1,093,060
|
|
|
---------
|
------------
|
Total assets less current liabilities
|
|
319,125
|
1,126,951
|
|
|
|
|
|
Provisions
|
|
(
27,379)
|
(
1,946)
|
|
|
---------
|
------------
|
Net assets
|
|
346,504
|
1,128,897
|
|
|
---------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
8
|
|
50
|
50
|
Capital redemption reserve
|
9
|
|
50
|
50
|
Profit and loss account
|
9
|
|
346,404
|
1,128,797
|
|
|
---------
|
------------
|
Shareholders funds
|
|
346,504
|
1,128,897
|
|
|
---------
|
------------
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
30 September 2019
, and are signed on behalf of the board by:
Company registration number:
03704573
MAGGIE SOTTERO DESIGNS LTD
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
PERIOD FROM 1 AUGUST 2017 TO 31 DECEMBER 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 Skiddaw Road, Croft Business Park, Bromborough, Wirral, Merseyside, CH62 3RB.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The period covered by the financial statements is the 17 months to 31 December 2018 whereas the comparative period is the 12 months to 31 July 2017. The period was extended to 31 December 2018 to coincide with the year end of the parent company
.
Revenue recognition
The turnover shown in the income statement represents the invoice value of goods sold, net of value added tax. Turnover is recognised on the day that delivery is made to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings
|
-
|
33% straight line
|
|
Motor vehicles
|
-
|
33% straight line
|
|
Equipment
|
-
|
100% straight line
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Allowances are made against stock for obsolete and slow moving items.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
32
(2017:
34
).
5.
Tangible assets
|
Fixtures and fittings
|
Motor vehicles
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 August 2017
|
117,524
|
48,115
|
431,479
|
597,118
|
Additions
|
28,729
|
–
|
25,876
|
54,605
|
|
---------
|
--------
|
---------
|
---------
|
At 31 December 2018
|
146,253
|
48,115
|
457,355
|
651,723
|
|
---------
|
--------
|
---------
|
---------
|
Depreciation
|
|
|
|
|
At 1 August 2017
|
99,880
|
43,080
|
420,267
|
563,227
|
Charge for the period
|
16,025
|
5,035
|
19,708
|
40,768
|
|
---------
|
--------
|
---------
|
---------
|
At 31 December 2018
|
115,905
|
48,115
|
439,975
|
603,995
|
|
---------
|
--------
|
---------
|
---------
|
Carrying amount
|
|
|
|
|
At 31 December 2018
|
30,348
|
–
|
17,380
|
47,728
|
|
---------
|
--------
|
---------
|
---------
|
At 31 July 2017
|
17,644
|
5,035
|
11,212
|
33,891
|
|
---------
|
--------
|
---------
|
---------
|
|
|
|
|
|
6.
Debtors
|
31 Dec 18
|
31 Jul 17
|
|
£
|
£
|
Trade debtors
|
983,344
|
1,342,073
|
Other debtors
|
407,220
|
107,488
|
|
------------
|
------------
|
|
1,390,564
|
1,449,561
|
|
------------
|
------------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
31 Dec 18
|
31 Jul 17
|
|
£
|
£
|
Trade creditors
|
267,812
|
802,011
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
2,683,748
|
6,870
|
Corporation tax
|
–
|
66,702
|
Social security and other taxes
|
29,941
|
43,101
|
Other creditors
|
172,043
|
294,498
|
|
------------
|
------------
|
|
3,153,544
|
1,213,182
|
|
------------
|
------------
|
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
31 Dec 18
|
31 Jul 17
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
50
|
50
|
50
|
50
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
9.
Reserves
The movement in the profit and loss reserve is an adjustment to the consideration given in respect of a previous purchase of own shares by the company.
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
31 Dec 18
|
31 Jul 17
|
|
£
|
£
|
Not later than 1 year
|
81,228
|
70,000
|
Later than 1 year and not later than 5 years
|
114,385
|
169,167
|
|
---------
|
---------
|
|
195,613
|
239,167
|
|
---------
|
---------
|
|
|
|
11.
Summary audit opinion
The auditor's report for the period dated 30 September 2019 was unqualified.
The senior statutory auditor was
Dustin Grande
, for and on behalf of
Sawford Bullard
.
12.
Controlling party
The ultimate controlling party is Maggie Sottero Designs LLC, a company registered in the USA
.