Year Ended
Registration number:
Mallory Grant Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Mallory Grant Limited
Company Information
Directors |
Mrs E J Merson Mr M Haywood |
Registered office |
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Accountants |
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Page 1 |
Mallory Grant Limited
Balance Sheet
30 September 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible 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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Total assets less current liabilities |
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Provisions for liabilities |
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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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Other reserves |
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Profit and loss account |
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Total equity |
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Page 2 |
Mallory Grant Limited
Balance Sheet
30 September 2017
For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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.
Approved and authorised by the
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Mrs E J Merson
Director
Company Registration Number: 04284331
Page 3 |
Mallory Grant Limited
Notes to the Financial Statements
Year Ended 30 September 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A 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.
Change in basis of accounting
The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 October 2015. Comparatives have been restated, and an explanation of how transition to FRS102 has affected the reported financial position and financial performance in given in note 10.
Foreign currency transactions and balances
Intangible assets
Intangible assets have a finite useful life and are carried at cost less accumulated amortisation.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Software costs |
20% straight line |
Page 4 |
Mallory Grant Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Website costs |
20% straight line |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
14.29% straight line |
Plant and machinery |
15% straight line |
Fixtures and fittings |
20% straight line |
Motor vehicles |
25% straight line |
Office equipment |
20% straight line |
Stocks
Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to complete and sell.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 5 |
Mallory Grant Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Software costs |
Website costs |
Total |
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Cost or valuation |
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At 1 October 2016 |
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At 30 September 2017 |
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Amortisation |
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At 1 October 2016 |
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Amortisation charge |
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At 30 September 2017 |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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Page 6 |
Mallory Grant Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Tangible assets |
Leasehold improvements |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Office equipment |
Total |
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Cost or valuation |
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At 1 October 2016 |
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Additions |
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At 30 September 2017 |
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Depreciation |
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At 1 October 2016 |
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Charge for the year |
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At 30 September 2017 |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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Page 7 |
Mallory Grant Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Creditors |
2017 |
2016 |
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Due within one year |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Corporation tax |
49,650 |
38,300 |
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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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5,000 |
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5,000 |
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Page 8 |
Mallory Grant Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Transition to FRS 102 |
To comply with the new FRS102 accounting standards the company has reclassified computer software from tangible fixed assets to intangible fixed assets. In the comparative year, tangible asset costs of £16,370 and depreciation of £11,459 have been reallocated to intangible fixed assets.
Reconciliation of Equity at 30 September 2016 |
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£ |
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Funds attributable to members at 30 September 2016 under previous UK GAAP |
1,128,388 |
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Holiday Pay Accrual |
(909) |
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Funds attributable to members at 30 September 2016 under FRS 102 |
1,127,479 |
Reconciliation of Profit and Loss at 30 September 2016 |
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£ |
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Profit for the year ended 30 September 2016 under previous UK GAAP |
147,574 |
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Holiday Pay Accrual |
(909) |
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Profit for the year ended 30 September 2016 under FRS 102 |
146,665 |
Page 9 |