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REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 AUGUST 2017 |
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MARBLE & JOINERY WORKSHOP LIMITED |
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REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 AUGUST 2017 |
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FOR |
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MARBLE & JOINERY WORKSHOP LIMITED |
MARBLE & JOINERY WORKSHOP LIMITED (REGISTERED NUMBER: 07836724) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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MARBLE & JOINERY WORKSHOP LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
www.michaelfiliou.com |
Salisbury House |
81 High Street |
Potters Bar |
Hertfordshire |
EN6 5AS |
MARBLE & JOINERY WORKSHOP LIMITED (REGISTERED NUMBER: 07836724) |
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ABRIDGED BALANCE SHEET |
31 AUGUST 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
( |
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( |
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PROVISIONS FOR LIABILITIES | 5 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges her responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MARBLE & JOINERY WORKSHOP LIMITED (REGISTERED NUMBER: 07836724) |
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ABRIDGED BALANCE SHEET - continued |
31 AUGUST 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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MARBLE & JOINERY WORKSHOP LIMITED (REGISTERED NUMBER: 07836724) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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1. | STATUTORY INFORMATION |
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Marble & Joinery Workshop Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historic cost convention. |
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The financial statements are presented in sterling (£) which is the functional currency of the company. |
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These financial statements for the year ended 31 August 2017 are the first financial statements of Marble & |
Joinery Workshop Limited that comply with FRS102. The date of transition to FRS 102 is 1 September 2015. |
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The transition to FRS 102 has not affected the reported financial position and financial performance as reported |
on the reconciliation of equity as at 1 September 2015 and 31 August 2016, and also on the reconciliation of |
profit for the year ended 31 August 2016. |
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Going concern |
The director has expressed her intention to provide sufficient funds to the company as and when needed to |
enable it to continue operating and also to meet its liabilities as they fall due. |
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At the time of approving the financial statements, the directors have a reasonable expectation that the company |
has adequate resources to continue in operational existence for the foreseeable future. The company therefore |
continues to adopt the going concern basis of accounting in preparing the financial statements. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates |
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors that are |
considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates |
are recognised in the period in which the estimates is revised where the revision affects only that period or in the |
period of the revision and future periods where the revision affects both current and future periods. |
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There were no judgements and estimates that had significant effect on the amounts recognised in the financial |
statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Rental income from operating lease is recognised to profit or loss on a straight-line basis over the term of the |
lease. |
MARBLE & JOINERY WORKSHOP LIMITED (REGISTERED NUMBER: 07836724) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Short leasehold | - |
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Plant and machinery | - |
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Fixtures & fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such |
cost includes costs directly attributable to making the asset capable of operating as intended. |
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The carrying values of tangible fixed assets are reviewed for impairment when events or changes in |
circumstances indicate that the carrying value may not be recoverable. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds |
and the carrying amount of the asset and is recognised in the profit and loss account. |
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Impairment of assets |
The company assess at each reporting date whether an asset may be impaired. If any such indication exists the |
company estimates the recoverable amount of the assets. If it is not possible to estimate the recoverable amount |
of the individual asset, the company estimates the recoverable amount of the cash-generating unit to which the |
asset belongs. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs |
to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the |
asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the |
asset is carried at a revalued amount where the impairment loss of a revalued asset is a revaluation decrease. |
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An impairment loss recognised for all assets, in goodwill, is reversed in a subsequent period only if the reasons |
for the impairment have ceased to apply. |
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Stocks and work in progress |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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MARBLE & JOINERY WORKSHOP LIMITED (REGISTERED NUMBER: 07836724) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs |
The company contributes to individual employee's workplace personal pension plans. Contributions payable are |
charged to the income statement in the period to which they relate to. The assets of the plan are held separately |
from those of the company in independently administered funds. |
MARBLE & JOINERY WORKSHOP LIMITED (REGISTERED NUMBER: 07836724) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
he company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties. |
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Basic financial assets, which include trade and other receivables and cash and bank balances, are initially |
measured at transaction price including transaction costs and are subsequently carried at amortised cost using the |
effective interest method unless the arrangement constitute a financing transaction, where the transaction is |
measured at the present value of the future receipts discounted at a market rate of interest. |
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Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of |
impairment at each reporting end date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that |
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If |
an asset id impaired, the impairment loss is the difference between the carrying amount and the present value of |
the estimated cash flows discounted at the asset's original effective rate. The impairment loss is recognised in |
profit or loss. |
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If there is a decrease in impairment loss arising from the event occurring after the impairment was recognised, |
the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the |
carrying amount would have been, had the impairment not previously been recognised. The impairment reversal |
is recognised in profit or loss. |
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Financial assets are derecognised only when the contractual rights to cash flow from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership |
to another entity, of if some significant risks and rewards of ownership are retained but control of the asset has |
transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
the company after deducting all of its liabilities. |
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Basic financial liabilities, including trade and other payables and bank loans, 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 receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised costs, using the effective interest rate method. |
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Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of |
business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest method. |
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Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
MARBLE & JOINERY WORKSHOP LIMITED (REGISTERED NUMBER: 07836724) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 September 2016 |
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Additions |
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At 31 August 2017 |
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DEPRECIATION |
At 1 September 2016 |
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Charge for year |
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At 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Totals |
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COST |
At 1 September 2016 | 27,795 |
Additions | 67,625 |
At 31 August 2017 | 95,420 |
DEPRECIATION |
At 1 September 2016 | 4,924 |
Charge for year | 18,100 |
At 31 August 2017 | 23,024 |
NET BOOK VALUE |
At 31 August 2017 | 72,396 |
At 31 August 2016 | 22,871 |
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5. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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MARBLE & JOINERY WORKSHOP LIMITED (REGISTERED NUMBER: 07836724) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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5. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 September 2016 |
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Accelerated capital allowances | 1,594 |
Balance at 31 August 2017 |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
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7. | RELATED PARTY DISCLOSURES |
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Loan to director |
At the reporting date, Miss N Kassouf, was owed £10,000 (2016: £Nil) by the company. |
This is an unsecured interest-free loan which is repayable on demand. |
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8. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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The director Nancy Kassouf is considered to be the ultimate controlling party by virtue of the fact that she owns |
100% of the issued share capital of the company. |
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9. | FIRST YEAR ADOPTION |
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Transitional relief |
On transition to FRS 102, the company has taken advantage of the following transitional relief: |
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• | to use a previous GAAP revaluation as deemed cost on an item of property, plant and equipment; |
• | to determine existence of leases on basis of existing facts and circumstances. |