Company Registration No. 05946322 (England and Wales)
MEDWAY DRUMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
MEDWAY DRUMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MEDWAY DRUMS LIMITED (REGISTERED NUMBER: 05946322)
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
334,465
340,713
Current assets
Debtors
4
153,518
131,377
Cash at bank and in hand
85,745
85,664
239,263
217,041
Creditors: amounts falling due within one year
5
(145,886)
(146,108)
Net current assets
93,377
70,933
Total assets less current liabilities
427,842
411,646
Creditors: amounts falling due after more than one year
6
(83,591)
(86,304)
Provisions for liabilities
(55,819)
(61,456)
Net assets
288,432
263,886
Capital and reserves
Called up share capital
7
5
5
Profit and loss reserves
288,427
263,881
Total equity
288,432
263,886
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MEDWAY DRUMS LIMITED (REGISTERED NUMBER: 05946322)
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 September 2019 and are signed on its behalf by:
Mrs J L French
N French
Director
Director
MEDWAY DRUMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Medway Drums Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
19-21 Swan Street, West Malling, Kent, ME19 6JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit..
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MEDWAY DRUMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2018 - 7).
3
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2018
272,795
405,057
677,852
Additions
59,388
33,543
92,931
Disposals
(11,760)
-
(11,760)
At 31 March 2019
320,423
438,600
759,023
Depreciation and impairment
At 1 April 2018
101,721
235,419
337,140
Depreciation charged in the year
44,056
45,322
89,378
Eliminated in respect of disposals
(1,960)
-
(1,960)
At 31 March 2019
143,817
280,741
424,558
Carrying amount
At 31 March 2019
176,606
157,859
334,465
At 31 March 2018
171,075
169,638
340,713
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
127,018
105,377
Other debtors
26,500
26,000
153,518
131,377
MEDWAY DRUMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Obligations under finance leases
37,035
50,071
Trade creditors
48,082
36,247
Corporation tax
10,827
-
Other taxation and social security
12,118
16,818
Other creditors
34,923
40,171
Accruals and deferred income
2,901
2,801
145,886
146,108
6
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Obligations under finance leases
83,591
86,304
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary A of £1 each
2
2
1 Ordinary B of £1 each
1
1
1 Ordinary C of £1 each
1
1
1 Ordinary D of £1 each
1
1
5
5