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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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MYTIME ENTERPRISES LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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MYTIME ENTERPRISES LIMITED |
MYTIME ENTERPRISES LIMITED (REGISTERED NUMBER: 04851004) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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MYTIME ENTERPRISES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors and Chartered Accountants |
Bank Chambers |
1 Central Avenue |
Sittingbourne |
Kent |
ME10 4AE |
MYTIME ENTERPRISES LIMITED (REGISTERED NUMBER: 04851004) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2020 |
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31.3.20 | 31.3.19 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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MYTIME ENTERPRISES LIMITED (REGISTERED NUMBER: 04851004) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Mytime Enterprises Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
MYTIME ENTERPRISES LIMITED (REGISTERED NUMBER: 04851004) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
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a) Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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b) Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
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c) Impairment of financial assets |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
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d) Trade and other creditors |
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
MYTIME ENTERPRISES LIMITED (REGISTERED NUMBER: 04851004) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Going concern |
The directors have assessed the major risks to which the company is exposed and assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of approval of the financial statements. |
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The outbreak of COVID-19, has resulted in a pandemic causing extensive disruption across the globe. The COVID-19 pandemic developed rapidly in 2020. The resulting impact of the virus on the operations of the company and measures taken by the government to contain the virus have negatively affected the company's results in the current financial year. The currently known impacts of Covid 19 on the company are: |
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- The closure of venues in line with the UK Government restrictions resulted in no income from the trading activities for large parts of the year. |
When allowed to reopen: |
- the UK Government imposed significant limitations on the number of wedding guests who could attend the events. |
- Receptions and celebrations had to be a sit-down meal. |
- Venues hosting wedding receptions and celebrations were required be closed between 10pm and 5am. |
- Groups of more than 6 people from different households could not meet up in England thus preventing the booking of parties at the venue for the foreseeable future. |
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The full extent of the impact of COVID-19 on the subsidiary is still unknown: |
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- Restrictions imposed by the government over guests and celebrations which restrict the size and duration of weddings is expected to continue until at least 21 June 2021. This has and will continue to impact the company's ability to deliver contracted services. |
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In response to these matters, the entity has taken the following actions: |
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- Limited costs to only those that are essential in keeping the venue running and in a reasonable state of repair. |
- We have a continued relationship with the parent, Mytime Active |
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The company has been operating profitably for a number of years, and has limited fixed costs. The majority of costs incurred directly relate to events (wages and catering costs) and as such our costs have decreased proportionately. |
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There is nothing within the Company's current strategy which suggests that the Company's activities will cease. For these reasons the directors continue to adopt the going concern basis in preparing the financial statements. |
MYTIME ENTERPRISES LIMITED (REGISTERED NUMBER: 04851004) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.20 | 31.3.19 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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