M AND M TRADING (CAMBRIDGE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 07119733 (England and Wales)
M AND M TRADING (CAMBRIDGE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
M AND M TRADING (CAMBRIDGE) LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2018
28 February 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Debtors
3
1,439,895
1,671,022
1,439,895
1,671,022
Creditors: amounts falling due within one year
4
(3,212,270)
(3,209,872)
Net current liabilities
(1,772,375)
(1,538,850)
Creditors: amounts falling due after more than one year
5
(1,222,950)
(1,411,926)
Provisions for liabilities
6
(1,144,514)
(1,077,934)
Net liabilities
(4,139,839)
(4,028,710)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(4,139,840)
(4,028,711)
Total equity
(4,139,839)
(4,028,710)
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 28 February 2018 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.
The financial statements were approved by the board of directors and authorised for issue on
22 November 2018
22 November 2018
22 November 2018
and are signed on its behalf by:
J R Crickmore
Director
Company Registration No. 07119733
M AND M TRADING (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 2 -
1
Accounting policies
Company information
M and M Trading (Cambridge) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
166 College Road, Harrow, Middlesex, HA1 1RA.
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.
1.2
Going concern
The financial statements have been prepared on a going concern basis even though at the Balance Sheet date the company's current liabilities exceeded its current assets by £
true
1,772,375
.
If the company was unable to continue to obtain sufficient funding to enable it to pay its debts as they fell due, it would be unable to continue trading and adjustments would have to be made reduce the value of the assets to their realisable amount, to provide for any further liabilities which may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors are measured at transaction price including transaction costs.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
M AND M TRADING (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 3 -
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Retirement benefits
The company provides pension benefits for senior employees. Under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company’s contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in note 7 to the financial statements.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2017 - 3).
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Corporation tax recoverable
20,118
20,118
Other debtors
1,419,777
1,650,904
1,439,895
1,671,022
4
Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
51,520
46,633
Other creditors
3,160,750
3,163,239
3,212,270
3,209,872
Included within other creditors is an amount of £1,816,115 (2017: £1,795,864) owed to M & M (Cambridge) LLP in respect of the company's overdrawn capital account.
5
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
1,222,950
1,411,926
M AND M TRADING (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 4 -
6
Provisions for liabilities
2018
2017
£
£
Retirement benefit obligations
1,144,514
1,077,934
The company has entered into agreements and is contractually obliged to expend fixed sums in the future to provide retirement benefits to senior employees under the terms of their pension agreements.
Movements on provisions:
£
At 1 March 2017
1,077,934
Additional provisions in the year
66,580
At 28 February 2018
1,144,514
7
Retirement benefit schemes
2018
2017
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
66,580
48,780
The company
also
provided pension benefits in respect of senior employees.
Amounts payable are charged to the profit and loss account in the year the contracts are entered into between the company and the employees. The number of directors to whom
pension
benefits are accruing under
these pension agreements
is
2
(2017:
2
).
The contributions and potential liabilities of the company in respect of the pension agreements are fixed at least until the date of retirement of the employees which is over 35 years from the year end date.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors are of the opinion that it does not bear any of the hallmarks of what is usually considered to be a defined benefit scheme and therefore no further disclosures are considered necessary in order to understand the nature and measurement of the liability.
The directors are also of the opinion that the liability as disclosed in the financial statements represents the full and final amount which could be expected, at this stage, to be paid in the future to settle the pension agreement liabilities
.
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
1
1
M AND M TRADING (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 5 -
9
Related party transactions
The company is a member of M & M (Cambridge) LLP. During the year the company was allocated £21,444 in respect of its share of loss from the LLP.
Included in creditors
due after more than one year
are balances of £
508,982
(201
7
: £
572,966
) and £
283,832
(201
7
: £
409,688
) due to the directors C Crickmore and J R Crickmore respectively.
During the period the company had the following transactions and balances with companies and individuals connected to C Crickmore and J R Crickmore:
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Anglia Caravan Parks
Limited
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Crickmore
Development
s Limited
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Kings Lynn Mobile Home Park Limit
ed
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Leisure Parks Real Estate Limited
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Plumtree Mobile Home Park Limited
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