Company Registration No. 06276900 (England and Wales)
MAMADO INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019
MAMADO INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
MAMADO INTERNATIONAL LIMITED
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 1 -
2019
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
530,370
33,425
Current assets
Stocks
1,631,523
550,050
Debtors
5
1,071,944
340,102
Cash at bank and in hand
915,033
9,331
3,618,500
899,483
Creditors: amounts falling due within one year
6
(3,224,034)
(802,596)
Net current assets
394,466
96,887
Total assets less current liabilities
924,836
130,312
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
924,835
130,311
Total equity
924,836
130,312
The director of the company has 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 MARCH 2019
31 March 2019
- 2 -
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 1 June 2020
Mr G Nasser
Director
Company Registration No. 06276900
MAMADO INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2019
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2017
1
(72,689)
(72,688)
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
203,000
203,000
Balance at 31 December 2017
1
130,311
130,312
Period ended 31 March 2019:
Profit and total comprehensive income for the period
-
794,524
794,524
Balance at 31 March 2019
1
924,835
924,836
MAMADO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019
- 4 -
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).
1.2
Going concern
The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future. The director regards the forseeable future as no less than twelve months following the publication of the company's annual financial statements. The director has considered the company's balance sheet position as at the year end, its working capital forecasts and projections, and the impact of the current COVID 19 crisis, taking account of reasonably possible changes in trading performance and the current state of its operating market and is satisfied that the company has sufficient resources to remain in operational existence. Accordingly, the director has adopted the going concern basis in preparing these financial statements.
true
1.3
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.
MAMADO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
1.4
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
.
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
Motor vehicles
25% 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
.
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
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
1.6
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
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.
MAMADO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 6 -
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was 18 (2017 - 4).
2019
2017
Number
Number
Total
18
4
3
Intangible fixed assets
Other
£
Cost
At 1 January 2018 and 31 March 2019
57,202
Amortisation and impairment
At 1 January 2018 and 31 March 2019
57,202
Carrying amount
At 31 March 2019
-
At 31 December 2017
-
MAMADO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
- 7 -
4
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2018
77,642
Additions
535,608
At 31 March 2019
613,250
Depreciation and impairment
At 1 January 2018
44,217
Depreciation charged in the Period
38,663
At 31 March 2019
82,880
Carrying amount
At 31 March 2019
530,370
At 31 December 2017
33,425
5
Debtors
2019
2017
Amounts falling due within one year:
£
£
Trade debtors
1,021,944
-
Amounts owed by group undertakings
-
287,862
Other debtors
50,000
52,240
1,071,944
340,102
6
Creditors: amounts falling due within one year
2019
2017
£
£
Trade creditors
1,501,192
581,825
Amounts owed to group undertakings
1,591,911
170,418
Corporation tax
48,950
42,050
Other creditors
81,981
8,303
3,224,034
802,596
MAMADO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
- 8 -
7
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 Gulamabas Premji FCCA.
The auditor was FLS Accounting Solutions Limited T/A SP Vinshaw.
8
Events after the reporting date
The current COVID-19 Pandemic occurred after the Company's year end. The director has carefully considered the likely effect of the COVID-19 pandemic on the future performance of the company and considers that the company has adequate resources and plans to minimise any adverse impact and remain in operational existence.
MAMADO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
- 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 £49,683 (2017: £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.