Registration number:
Molly's Limited
for the Year Ended 31 May 2017
Belfry House
Champions Way
Hendon
London
NW4 1PX
Molly's Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Molly's Limited
Company Information
Director |
Mrs M Patel |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Molly's Limited
for the Year Ended 31 May 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Molly's Limited for the year ended 31 May 2017 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Molly's Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Molly's Limited and state those matters that we have agreed to state to the Board of Directors of Molly's Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Molly's Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Molly's Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Molly's Limited. You consider that Molly's Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Molly's Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
......................................
Champions Way
Hendon
London
NW4 1PX
Page 2 |
Molly's Limited
(Registration number: 04419765)
Balance Sheet as at 31 May 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Investments |
43,500 |
43,500 |
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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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Retained earnings |
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Shareholders' funds |
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For the financial year ended 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The director acknowledges her 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 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. The statement of income and the director's report are not delivered to the Registrar of Companies.
Approved and authorised for issue by the
.........................................
Mrs M Patel
Director
Page 3 |
Molly's Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
General information |
The company is a private company limited by share capital incorporated in England. The registered office is shown on page 1.
The principal place of business is:
14-15 St Dominic's Square
Lewsey Farm
Luton
Bedfordshire
LU4 0UN
England
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that where as disclosed in the accounting policies certain items are shown at fair value.
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.
Tax
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences arising between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Current and deferred tax assets and liabilities are not discounted.
Page 4 |
Molly's Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
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, less any estimated residual value, over their estimated useful lives as follows:
Asset class |
Depreciation rate and method |
Motor vehicles |
25% straight line basis |
Fixtures, fittings & equipment |
25% reducing balance basis |
Short leasehold land & buildings |
14% straight line basis |
Freehold land & buildings |
2% straight line basis |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.
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 rate and method |
Goodwill |
10 % and 20% straight line basis |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services provided in the ordinary course of business.
Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 5 |
Molly's Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Net realisable value is based on estimated selling price less additional costs of disposal.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
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.
Dividends
Equity dividends are recognised when they become payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at the annual general meeting.
Pension costs
Contributions to the company's defined contribution pension scheme are charged to the statement of income in the year. The assets of the scheme are held separately from those of the company in an independently administered fund.
In addition, the pension costs also include the amount paid by the company into the directors' personal pension plans.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 6 |
Molly's Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Intangible assets |
Goodwill |
Total |
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Cost |
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At 1 June 2016 |
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At 31 May 2017 |
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Amortisation |
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At 1 June 2016 |
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At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
- |
- |
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost |
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At 1 June 2016 |
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Additions |
- |
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- |
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Disposals |
- |
( |
- |
( |
At 31 May 2017 |
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Depreciation |
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At 1 June 2016 |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
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- |
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At 31 May 2016 |
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- |
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Included within the net book value of land and buildings above is £335,989 (2016 - £343,173) in respect of freehold land and buildings and £Nil (2016 - £Nil) in respect of short leasehold land and buildings.
Page 7 |
Molly's Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Investments |
Unlisted investments |
Total |
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Unlisted shares |
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Cost |
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At 1 June 2016 |
43,500 |
43,500 |
At 31 May 2017 |
43,500 |
43,500 |
Carrying amount |
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At 31 May 2017 |
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43,500 |
Stocks |
2017 |
2016 |
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Finished goods |
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Debtors |
2017 |
2016 |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Corporation tax |
385 |
27,987 |
Other taxes and social security |
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Directors loans |
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Other creditors |
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Accruals |
54,950 |
38,583 |
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Page 8 |
Molly's Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Deferred tax and other provisions |
Deferred tax |
Total |
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At 1 June 2016 |
|
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Increase (decrease) in existing provisions |
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At 31 May 2017 |
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Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2017 |
2016 |
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Remuneration |
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Contributions paid to personal pensions |
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65,419 |
87,353 |
Dividends paid to directors
Interim dividends totalling £8,000 (2016 - £36,500) were paid during the year.
Loans from director
2017 |
£ |
At start of period |
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Repaid |
( |
At end of period |
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2016 |
£ |
At start of period |
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Repaid |
( |
At end of period |
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Terms of loans from director
Transition to FRS 102 |
Page 9 |