Year Ended
Registration number:
Mango Trading Company Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Mango Trading Company Limited
Company Information
Director |
B A Yule |
Company secretary |
A M Agnew |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Mango Trading Company Limited
Balance Sheet
31 December 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
Mango Trading Company Limited
Balance Sheet
31 December 2017
For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 04124780
Page 3 |
Mango Trading Company Limited
Notes to the Financial Statements
Year Ended 31 December 2017
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, returns, rebates and discounts in respect of the wholesale of goods to customers. Revenue is recognised on the day the goods are delivered to the customer or when the goods are collected by the customers haulier from the warehouse.
Foreign currency transactions and balances
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 4 |
Mango Trading Company Limited
Notes to the Financial Statements
Year Ended 31 December 2017
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
Straight line over 5 years |
Stocks
The cost of finished goods comprises direct materials and, where applicable, overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 5 |
Mango Trading Company Limited
Notes to the Financial Statements
Year Ended 31 December 2017
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Stocks |
2017 |
2016 |
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Finished goods and goods for resale |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Page 6 |
Mango Trading Company Limited
Notes to the Financial Statements
Year Ended 31 December 2017
Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Corporation tax |
7,356 |
17,696 |
Accrued expenses |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
Advances to directors |
2017 |
At 1 January 2017 |
Advances to director |
Repayments by director |
At 31 December 2017 |
B A Yule |
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Interest free loan repayable on demand |
(27,682) |
( |
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( |
2016 |
At 1 January 2016 |
Advances to director |
Repayments by director |
At 31 December 2016 |
B A Yule |
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Interest free loan repayable on demand |
(26,337) |
( |
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( |
Page 7 |
Mango Trading Company Limited
Notes to the Financial Statements
Year Ended 31 December 2017
Dividends paid to directors |
2017 |
2016 |
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B A Yule |
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Ordinary shares |
41,500 |
22,500 |
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A M Agnew |
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Ordinary shares |
41,500 |
22,500 |
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Page 8 |