Company Registration No. 06276900 (England and Wales)
MAMADO INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
MAMADO INTERNATIONAL LIMITED
COMPANY INFORMATION
Director
Mr G Nasser
Secretary
Mrs F Nasser
Company number
06276900
Registered office
UCB House
3 George Street
Watford
Hertfordshire
England
WD18 0BX
Auditor
FLS Accounting Solutions Limited T/A SP Vinshaw
UCB House
3 George Street
Watford
Hertfordshire
England
WD18 0BX
MAMADO INTERNATIONAL LIMITED
CONTENTS
Page
Statement of comprehensive income
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
MAMADO INTERNATIONAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2016
- 1 -
2016
2015
£
£
Profit/(loss) for the year
65,001
(71,870)
Other comprehensive income
-
-
Total comprehensive income for the year
65,001
(71,870)
MAMADO INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
4
39,341
23,662
Current assets
Debtors
5
85,102
32,862
Cash at bank and in hand
3,831
9,585
88,933
42,447
Creditors: amounts falling due within one year
6
(200,962)
(203,798)
Net current liabilities
(112,029)
(161,351)
Total assets less current liabilities
(72,688)
(137,689)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(72,689)
(137,690)
Total equity
(72,688)
(137,689)
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
MAMADO INTERNATIONAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2016
31 December 2016
- 3 -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 29 September 2017
Mr G Nasser
Director
Company Registration No. 06276900
MAMADO INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2016
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2015
1
(65,820)
(65,819)
Year ended 31 December 2015:
Loss and total comprehensive income for the year
-
(71,870)
(71,870)
Balance at 31 December 2015
1
(137,690)
(137,689)
Year ended 31 December 2016:
Profit and total comprehensive income for the year
-
65,001
65,001
Balance at 31 December 2016
1
(72,689)
(72,688)
MAMADO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 5 -
1
Accounting policies
Company information
Mamado International Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
UCB House, 3 George Street, Watford, Hertfordshire, England, WD18 0BX.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland).
The company has made a profit of £65,001 (2015: £71,870 loss) during the year to 31 December 2016 and has a net deficit on reserves of £72,688 (2015: £137,689). The company's parent undertaking has agreed to provide continuous financial support to enable the company to continue trading and meet its obligations as and when they fall due. The director therefore considers that the financial statements have been appropriately prepared on a going concern basis.
1.2
Turnover
Re
v
enue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue from sale of goods is recognised when all of the following conditions are satisfied:
-
the company has transferred the significant risks and rewards of ownership to the buyer;
-
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
-
the amount of revenue can be measured reliably;
-
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred
.
MAMADO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 6 -
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:
Plant and machinery
25% straight line
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
.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
MAMADO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2015 - 3).
3
Intangible fixed assets
Other
£
Cost
At 1 January 2016 and 31 December 2016
57,202
Amortisation and impairment
At 1 January 2016 and 31 December 2016
57,202
Carrying amount
At 31 December 2016
-
At 31 December 2015
-
4
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2016
56,047
Additions
21,595
At 31 December 2016
77,642
Depreciation and impairment
At 1 January 2016
32,385
Depreciation charged in the year
5,916
At 31 December 2016
38,301
Carrying amount
At 31 December 2016
39,341
At 31 December 2015
23,662
5
Debtors
2016
2015
Amounts falling due within one year:
£
£
Amounts due from group undertakings
32,862
32,862
Other debtors
52,240
-
85,102
32,862
MAMADO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 8 -
6
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
22,241
25,077
Amounts due to group undertakings
170,418
170,418
Other creditors
8,303
8,303
200,962
203,798
7
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Sadikali Gulamabbas Premji FCCA.
The auditor was FLS Accounting Solutions Limited T/A SP Vinshaw.
MAMADO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 9 -
9
Related party transactions
The company has taken advantage of exemption under section 33.1A of FRS 102, from the requirement to disclose transactions with wholly owned members of the group.
Included within other creditors is an amount of £1,005 (2014: £1,005) owed to G Nasser, a director of the company.
10
Parent company
The company's parent undertaking is KMS Holdings Limited, a company incorporated in England and Wales under company registration number 06276544.
The ultimate controlling party is Mr G Nasser, by the virtue of holding the entire issued share capital of KMS Holdings Limited.
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