Company Registration No. 06276900 (England and Wales)
MAMADO INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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 2017
- 1 -
2017
2016
£
£
Profit for the year
203,000
65,001
Other comprehensive income
-
-
Total comprehensive income for the year
203,000
65,001
MAMADO INTERNATIONAL LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2017
31 December 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
33,425
39,341
Current assets
Stocks
550,050
-
Debtors
5
340,102
85,102
Cash at bank and in hand
9,331
3,831
899,483
88,933
Creditors: amounts falling due within one year
6
(802,596)
(200,962)
Net current assets/(liabilities)
96,887
(112,029)
Total assets less current liabilities
130,312
(72,688)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
130,311
(72,689)
Total equity
130,312
(72,688)
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 DECEMBER 2017
31 December 2017
- 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 28 January 2019
Mr G Nasser
Director
Company Registration No. 06276900
MAMADO INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2016
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)
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
MAMADO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 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).
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 2017
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
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.
1.5
Cash and cash equivalents
Cash at bank and in hand
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.
1.6
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.
MAMADO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2016 - 3).
3
Intangible fixed assets
Other
£
Cost
At 1 January 2017 and 31 December 2017
57,202
Amortisation and impairment
At 1 January 2017 and 31 December 2017
57,202
Carrying amount
At 31 December 2017
-
At 31 December 2016
-
4
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2017 and 31 December 2017
77,642
Depreciation and impairment
At 1 January 2017
38,301
Depreciation charged in the year
5,916
At 31 December 2017
44,217
Carrying amount
At 31 December 2017
33,425
At 31 December 2016
39,341
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
287,862
32,862
Other debtors
52,240
52,240
340,102
85,102
MAMADO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 8 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
581,825
22,241
Amounts owed to group undertakings
170,418
170,418
Corporation tax
42,050
-
Other creditors
8,303
8,303
802,596
200,962
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
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 2017
- 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 (2016: £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.
2017-12-31
2017-01-01
false
CCH Software
CCH Accounts Production 2018.310
No description of principal activity
28 January 2019
This audit opinion is unqualified
Mr G Nasser
Mrs F Nasser
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