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Unaudited Financial Statements |
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for the Year Ended 31 December 2017 |
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for |
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Michael Caines Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2017 |
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for |
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Michael Caines Limited |
Michael Caines Limited (Registered number: 04890768) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 8 |
Michael Caines Limited |
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Company Information |
for the Year Ended 31 December 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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5 Barnfield Crescent |
Exeter |
Devon |
EX1 1QT |
Michael Caines Limited (Registered number: 04890768) |
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Balance Sheet |
31 December 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Michael Caines Limited (Registered number: 04890768) |
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Balance Sheet - continued |
31 December 2017 |
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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 on
by: |
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Michael Caines Limited (Registered number: 04890768) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Michael Caines Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its |
performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, |
VAT and other sales taxes or duty. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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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. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling cost in |
bringing stocks to their present location and condition. |
Michael Caines Limited (Registered number: 04890768) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
(i) Financial assets |
Basic financial assets, including trade and other debtors are initially recognised at the transaction price and |
therefore stated at amortisation 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 debtors are stated |
at cost less impairment losses for bad and doubtful debts. |
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Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are |
settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another |
party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has |
been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third |
party without imposing additional restrictions. |
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(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans and other loans are initially recognised |
at transaction price, unless the arrangement constitutes a financing transaction. |
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Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of |
business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If |
not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and |
subsequently measured at amortisation cost using the effective interest method. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is |
discharged, cancelled or expires. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet 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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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Michael Caines Limited (Registered number: 04890768) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill | Brands | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
and 31 December 2017 |
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AMORTISATION |
At 1 January 2017 |
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Amortisation for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 January 2017 |
and 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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Michael Caines Limited (Registered number: 04890768) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Hire purchase contracts |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.17 | 31.12.16 |
£ | £ |
Hire purchase contracts | 18,003 | 22,142 |
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Hire purchase contracts are secured on the assets concerned. |
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11. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £120,000 were paid to the directors . |
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Mr M Caines is also a director and shareholder of Lympstone Manor Limited. At the year end there was a |
balance due from Lympstone Manor Limited of £37,076, of which £30,500 represents cash advances made in |
the year and £6,560 represents sales made in the year. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Michael Caines Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and |
the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Michael Caines Limited for the year ended 31 December 2017 which comprise the Income |
Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting |
records and from information and explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Michael Caines Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Michael Caines Limited and state those matters that we have agreed to state to the Board of Directors of Michael Caines Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Michael Caines Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Michael Caines 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 Michael Caines Limited. You consider that Michael Caines Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Michael Caines 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. |
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5 Barnfield Crescent |
Exeter |
Devon |
EX1 1QT |
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Date: ............................................. |