Registration number:
Midland Furniture Auctions Limited
for the Year Ended 31 December 2016
AIMS Accountants for Business
Oakswood
Wingfield Road
Oakerthorpe
Alfreton
DE55 7LH
Midland Furniture Auctions Limited
Contents
Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Midland Furniture Auctions Limited
Company Information
Director |
Roger Darrington-Mosley |
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 Accounts of
Midland Furniture Auctions Limited
for the Year Ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Midland Furniture Auctions Limited for the year ended 31 December 2016 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
It is your duty to ensure that Midland Furniture Auctions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Midland Furniture Auctions Limited. You consider that Midland Furniture Auctions 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 accounts of Midland Furniture Auctions 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 accounts.
......................................
Oakswood
Wingfield Road
Oakerthorpe
Alfreton
DE55 7LH
Page 2 |
Midland Furniture Auctions Limited
Statement of Comprehensive Income for the Year Ended 31 December 2016
Note |
2016 |
2015 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 3 |
Midland Furniture Auctions Limited
(Registration number: 5329795)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
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Current assets |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Roger Darrington-Mosley
Director
Page 4 |
Midland Furniture Auctions Limited
Statement of Changes in Equity for the Year Ended 31 December 2016
Share capital |
Profit and loss account |
Total |
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At 1 January 2016 |
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|
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 December 2016 |
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|
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Share capital |
Profit and loss account |
Total |
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At 1 January 2015 |
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|
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Profit for the year |
- |
|
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Total comprehensive income |
- |
|
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Dividends |
- |
( |
( |
At 31 December 2015 |
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Page 5 |
Midland Furniture Auctions Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England .
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% straight line |
Office equipment |
33% straight line |
Motor vehicles |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 6 |
Midland Furniture Auctions Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.
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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 7 |
Midland Furniture Auctions Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2016 |
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Disposals |
- |
( |
- |
( |
At 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
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|
|
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Charge for the year |
|
|
|
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Eliminated on disposal |
- |
( |
- |
( |
At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
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At 31 December 2015 |
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Debtors |
2016 |
2015 |
|
Trade debtors |
- |
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Other debtors |
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Total current trade and other debtors |
|
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Creditors |
Note |
2016 |
2015 |
|
Due within one year |
|||
Trade creditors |
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Taxation and social security |
|
|
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Other creditors |
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Page 8 |
Midland Furniture Auctions Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Dividends |
Final dividends paid
2016 |
2015 |
|
Final dividend of £
|
|
|
Transition to FRS 102 |
Balance Sheet at 1 January 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Capital and reserves |
|||||
Total equity |
- |
- |
- |
- |
Page 9 |
Midland Furniture Auctions Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Balance Sheet at 31 December 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Capital and reserves |
|||||
Total equity |
- |
- |
- |
- |
Page 10 |
Midland Furniture Auctions Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Profit and Loss Account for the year ended 31 December 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
- |
- |
- |
- |
|
Operating profit/(loss) |
- |
- |
- |
- |
|
Profit/(loss) before tax |
- |
- |
- |
- |
|
Profit/(loss) for the financial year |
- |
- |
- |
- |
Page 11 |
Midland Furniture Auctions Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2016
2016 |
2015 |
|
Turnover (analysed below) |
2,293,924 |
2,454,905 |
Cost of sales (analysed below) |
(1,533,835) |
(1,675,866) |
Gross profit |
760,089 |
779,039 |
Gross profit (%) |
33.13% |
31.73% |
Distribution costs (analysed below) |
(87,203) |
(78,967) |
Administrative expenses |
||
Employment costs (analysed below) |
(341,815) |
(292,221) |
Establishment costs (analysed below) |
(82,758) |
(82,454) |
General administrative expenses (analysed below) |
(22,682) |
(30,333) |
Finance charges (analysed below) |
(14,704) |
(7,308) |
Depreciation costs (analysed below) |
(8,481) |
(19,691) |
Other expenses (analysed below) |
(7,484) |
(28,586) |
(477,924) |
(460,593) |
|
Operating profit |
194,962 |
239,479 |
Interest payable and similar charges (analysed below) |
(79) |
(31) |
Profit before tax |
194,883 |
239,448 |
Page 12 |
Midland Furniture Auctions Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2016
2016 |
2015 |
Turnover |
||
Sale of goods, UK |
1,895,239 |
2,023,559 |
Rendering of services, UK |
398,685 |
431,346 |
2,293,924 |
2,454,905 |
Cost of sales |
||
Purchases |
1,533,835 |
1,675,866 |
Distribution costs |
||
Freight and carriage |
87,203 |
78,967 |
Employment costs |
||
Wages and salaries |
(205,818) |
(181,731) |
Staff NIC (Employers) |
(26,223) |
(22,463) |
Directors remuneration |
(108,743) |
(88,027) |
Staff pensions (Defined contribution) |
(761) |
- |
Directors pensions (Defined contribution) |
(270) |
- |
(341,815) |
(292,221) |
Establishment costs |
||
Rent |
(47,500) |
(47,379) |
Rates |
(21,330) |
(21,080) |
Water rates |
(452) |
(463) |
Light, heat and power |
(4,157) |
(4,452) |
Insurance |
(9,319) |
(9,080) |
(82,758) |
(82,454) |
General administrative expenses |
||
Telephone and fax |
(2,407) |
(1,942) |
Office expenses |
- |
(118) |
Computer software and maintenance costs |
(1,275) |
(1,228) |
Printing, postage and stationery |
(1,551) |
(1,704) |
Trade subscriptions |
(230) |
(225) |
Sundry expenses |
(827) |
(604) |
Health and safety |
(1,308) |
- |
Advertising |
(11,512) |
(10,924) |
Staff entertaining (allowable for tax) |
- |
(8,886) |
Customer entertaining (disallowable for tax) |
(888) |
(994) |
Accountancy fees |
(2,400) |
(2,400) |
Consultancy fees |
- |
(1,308) |
Legal and professional fees |
(284) |
- |
(22,682) |
(30,333) |
Page 13 |
Midland Furniture Auctions Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2016
Finance charges |
||
VAT surcharges |
(6,822) |
- |
Bank charges |
(5,470) |
(5,107) |
Credit card charges |
(2,412) |
(2,201) |
(14,704) |
(7,308) |
Depreciation costs |
||
Depreciation of plant and machinery (owned) |
(1,227) |
(1,269) |
Depreciation of motor vehicles (owned) |
(6,975) |
(17,954) |
Depreciation of office equipment (owned) |
(279) |
(468) |
(8,481) |
(19,691) |
Other expenses |
||
Repairs and maintenance |
(14,290) |
(13,994) |
General maintenance |
(2,194) |
(9,467) |
(Profit)/loss on disposal of tangible fixed assets |
9,000 |
(5,125) |
(7,484) |
(28,586) |
Interest payable and similar expenses |
||
Bank interest payable |
79 |
- |
Other interest payable |
- |
31 |
79 |
31 |
Page 14 |