COMPANY REGISTRATION NO. 08841090 (England and Wales)
MOKSH SPICE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
MOKSH SPICE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MOKSH SPICE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
2
134
202
Current assets
Debtors
3
770
1,839
Cash at bank and in hand
-
931
770
2,770
Creditors: amounts falling due within one year
4
(5,979)
(5,979)
Net current liabilities
(5,209)
(3,209)
Total assets less current liabilities
(5,075)
(3,007)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(5,076)
(3,008)
Total equity
(5,075)
(3,007)
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 Period ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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 Period 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 December 2017 and are signed on its behalf by:
Mr S J Gomes
Director
Company Registration No. 08841090
MOKSH SPICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Moksh Spice Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Mermaid Quay, Bute Crescent, Cardiff, CF10 5AN.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company recorded a
loss
for the year ended 31 March 201
7
of
£2,068
. At 31 March 201
7
the company's current liabilities exceeded its
current
assets by £
5,209
, and its total
liabilities
exceeded its total assets by £
5,075.
The directors and shareholders have pledged their continuing support and are confident on the continuing support of the company's trade creditors. The directors have reviewed the company's budget and future cashflow forecasts and have concluded that it is appropriate to continue to adopt the going concern basis for the preparation of these financial statements.
1.3
Reporting period
[ FRS 102
3.10 An entity shall present a complete set of financial statements (including comparative
information as set out in paragraph 3.14) at least annually. When the end of an entity’s
reporting period changes and the annual financial statements are presented for a
period longer or shorter than one year, the entity shall disclose the following:
(a) that fact;
(b) the reason for using a longer or shorter period; and
(c) the fact that comparative amounts presented in the financial statements (including
the related notes) are not entirely comparable.
]
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
MOKSH SPICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets
Tangible fixed assets
are measured at cost, net of depreciation and any impairment losses.
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:
Fixtures and fittings
- 25% straight line
1.6
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2016 and 31 March 2017
270
Depreciation and impairment
At 1 February 2016
68
Depreciation charged in the Period
68
At 31 March 2017
136
Carrying amount
At 31 March 2017
134
At 31 January 2016
202
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
770
1,839
MOKSH SPICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
- 4 -
4
Creditors: amounts falling due within one year
2017
2016
£
£
Other taxation and social security
5,379
5,379
Other creditors
600
600
5,979
5,979
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
1
1
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
2,000
4,000
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
1,839
931
(2,000)
770
1,839
931
(2,000)
770