Company Registration No. 04788708 (England and Wales)
Maidens Limited
Unaudited accounts
for the year ended 31 July 2017
Maidens Limited
Unaudited accounts
Contents
Maidens Limited
Company Information
for the year ended 31 July 2017
Directors
Mrs Julie Clare
Mr Nigel O W Clare
Company Number
04788708 (England and Wales)
Registered Office
43 Chapel street
Chorley
Lancashire
PR7 1BU
Maidens Limited
Statement of financial position
as at
31 July 2017
Tangible assets
155,230
155,586
Inventories
49,342
68,905
Cash at bank and in hand
34,032
21,902
Creditors: amounts falling due within one year
(205,227)
(213,735)
Net current liabilities
(118,179)
(114,193)
Total assets less current liabilities
37,051
41,393
Provisions for liabilities
Called up share capital
100
100
Profit and loss account
36,526
40,868
Shareholders' funds
36,626
40,968
For the year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 21 March 2018.
Mr Nigel O W Clare
Director
Company Registration No. 04788708
Maidens Limited
Notes to the Accounts
for the year ended 31 July 2017
Maidens Limited is a private company, limited by shares, registered in England and Wales, registration number 04788708. The registered office is 43 Chapel street, Chorley, Lancashire, PR7 1BU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 July 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 August 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover represents the value of goods sold, excluding value added tax.
Goodwill is being written off evenly over its estimated useful life of ten years.
Tangible fixed assets policy
Tangible fixed assets are stated at cost less depreciation.
Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures and fittings 25% reducing balance basis
Website 20% straight line basis
Office equipment 25% reducing balance basis
Freehold buildings are not depreciated on the grounds that the directors keep the property in good condition with regular repairs and maintenance, and the current market value of the property is estimated to exceed its original cost.
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Maidens Limited
Notes to the Accounts
for the year ended 31 July 2017
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2016
154,161
7,869
10,507
172,537
At 31 July 2017
154,161
7,869
10,507
172,537
At 1 August 2016
-
7,400
9,551
16,951
Charge for the year
-
117
239
356
At 31 July 2017
-
7,517
9,790
17,307
At 31 July 2017
154,161
352
717
155,230
At 31 July 2016
154,161
469
956
155,586
Finished goods
49,342
68,905
Maidens Limited
Notes to the Accounts
for the year ended 31 July 2017
Trade debtors
1,327
3,750
Other debtors
2,347
4,985
8
Creditors: amounts falling due within one year
2017
2016
Trade creditors
31,156
34,637
Taxes and social security
13,072
14,707
Other creditors
160,999
164,391
9
Share capital
2017
2016
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Transactions with related parties
The company has a trading account with NOW Clare Limited, a related company under common control. The amount due is included in other creditors.
The company is under the control of the directors who own 100% of the share capital.
12
Average number of employees
During the year the average number of employees was 4 (2016: 4).