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 |
Mr J M H Wildbore Mrs S J Wildbore |
Registered office |
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Accountants |
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Mallory Grant Limited
Balance Sheet
30 September 2020
Note |
2020 |
2019 |
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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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Mallory Grant Limited
Balance Sheet
30 September 2020
For the financial year ending 30 September 2020 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 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: 04284331
Mallory Grant Limited
Notes to the Financial Statements
Year Ended 30 September 2020
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. There are no material departures from FRS102.
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.
Going concern
The directors of Mallory Grant Limited has considered the impact of COVID-19.
In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the forseeable future, and therefore the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax and recognised on despatch of goods to customers.
Government grants
Grant income is included in other operating income, it comprises the fair value of the consideration received as they relate to amounts previously paid.
The total of grants received during the year amounted to £10,675. This has been recognised as revenue grant income and match against the related costs.
Mallory Grant Limited
Notes to the Financial Statements
Year Ended 30 September 2020
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.
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.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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 |
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.
Mallory Grant Limited
Notes to the Financial Statements
Year Ended 30 September 2020
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
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
Mallory Grant Limited
Notes to the Financial Statements
Year Ended 30 September 2020
Intangible assets |
Software costs |
Website costs |
Total |
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Cost or valuation |
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At 1 October 2019 |
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Additions acquired separately |
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At 30 September 2020 |
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Amortisation |
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At 1 October 2019 |
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Amortisation charge |
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At 30 September 2020 |
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Carrying amount |
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At 30 September 2020 |
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At 30 September 2019 |
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Mallory Grant Limited
Notes to the Financial Statements
Year Ended 30 September 2020
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 2019 |
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Additions |
- |
- |
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- |
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Disposals |
- |
- |
- |
- |
( |
( |
At 30 September 2020 |
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Depreciation |
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At 1 October 2019 |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
- |
- |
- |
( |
( |
At 30 September 2020 |
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Carrying amount |
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At 30 September 2020 |
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- |
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At 30 September 2019 |
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- |
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Mallory Grant Limited
Notes to the Financial Statements
Year Ended 30 September 2020
Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts due from group undertakings |
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- |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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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 |
- |
17,700 |
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Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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5,000 |
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5,000 |