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Sage Accounts Production Advanced 2017 Update 3 - FRS
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2017-04-30
COMPANY REGISTRATION NUMBER:
04853677
Filleted Unaudited Financial Statements
|
|
Year ended 30 April 2017
Officers and professional advisers
|
1
|
|
|
Statement of financial position
|
2
|
|
|
Notes to the financial statements
|
3
|
|
|
The following pages do not form part of the financial statements
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
|
7
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|
Officers and Professional Advisers
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|
The board of directors
|
P J Mullen
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|
K Mullen
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Registered office
|
Napier Road
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|
Elms Farm Industrial Estate
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|
Bedford
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MK41 0RB
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Accountants
|
Collett Hulance LLP
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|
Chartered Certified Accountants
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|
40 Kimbolton Road
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|
Bedford
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MK40 2NR
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|
|
Bankers
|
Lloyds TSB Bank Plc
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|
34 High Street
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|
Bedford
|
|
|
Statement of Financial Position
|
|
30 April 2017
Fixed assets
Current assets
Creditors: amounts falling due within one year
|
6
|
2
|
|
2
|
|
----
|
|
----
|
Net current assets
|
|
96
|
96
|
|
|
----
|
----
|
Total assets less current liabilities
|
|
100
|
100
|
|
|
----
|
----
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|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
100
|
|
|
----
|
----
|
Shareholders funds
|
|
100
|
100
|
|
|
----
|
----
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
15 June 2018
, and are signed on behalf of the board by:
Company registration number:
04853677
Notes to the Financial Statements
|
|
Year ended 30 April 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Napier Road, Elms Farm Industrial Estate, Bedford, MK41 0RB.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Investments
|
Shares in group undertakings
|
|
£
|
Cost
|
|
At 1 May 2016 and 30 April 2017
|
4
|
|
----
|
Impairment
|
|
At 1 May 2016 and 30 April 2017
|
–
|
|
----
|
|
|
Carrying amount
|
|
At 30 April 2017
|
4
|
|
----
|
At 30 April 2016
|
4
|
|
----
|
|
|
The company owns 100% of the issued share capital of the companies listed below,
Mullen Electrical Services Limited
Pat Mullen Properties Limited
As the company is subject to the small companies regime, group accounts have not been prepared.
5.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Other debtors
|
98
|
98
|
|
----
|
----
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
2
|
2
|
|
----
|
----
|
|
|
|
7.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Year ended 30 April 2017
The following pages do not form part of the financial statements.
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Mullen Holdings Limited
|
|
Year ended 30 April 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 Mullen Holdings Limited for the year ended 30 April 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at: www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Mullen Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 23 October 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Mullen Holdings Limited and state those matters that we have agreed to state you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at: www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mullen Holdings Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Mullen Holdings 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 Mullen Holdings Limited. You consider that Mullen Holdings 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 Mullen Holdings 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.
Collett Hulance LLP
Chartered Certified Accountants
40 Kimbolton Road
Bedford
MK40 2NR
13 June 2018