MC TURNIP LTD
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Notes to the Accounts |
for the year ended 31 January 2019
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Leasehold land and buildings |
Nil |
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Improvement |
over the lease term |
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Fixtures, fittings and equipment |
over 5 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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2 |
Intangible fixed assets |
£ |
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Lease premium: |
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Cost |
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At 1 February 2018 |
40,000 |
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At 31 January 2019 |
40,000 |
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Amortisation |
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At 1 February 2018 |
4,000 |
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Provided during the year |
2,000 |
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At 31 January 2019 |
6,000 |
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Net book value |
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At 31 January 2019 |
34,000 |
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At 31 January 2018 |
36,000 |
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Lease premium for a short-term lease is being written off in equal annual instalments over the term of lease of 20 years. |
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3 |
Tangible fixed assets |
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Land and buildings |
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Improvement |
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Fixture and fittings |
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Total |
£ |
£ |
£ |
£ |
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Cost |
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At 1 February 2018 |
12,648 |
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82,142 |
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142,135 |
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236,925 |
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Additions |
- |
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- |
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5,015 |
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5,015 |
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At 31 January 2019 |
12,648 |
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82,142 |
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147,150 |
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241,940 |
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Depreciation |
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At 1 February 2018 |
- |
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4,858 |
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29,826 |
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34,684 |
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Charge for the year |
- |
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4,293 |
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29,429 |
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33,722 |
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At 31 January 2019 |
- |
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9,151 |
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59,255 |
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68,406 |
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Net book value |
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At 31 January 2019 |
12,648 |
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72,991 |
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87,895 |
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173,534 |
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At 31 January 2018 |
12,648 |
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77,284 |
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112,309 |
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202,241 |
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4 |
Debtors |
2019 |
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2018 |
£ |
£ |
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Other debtors |
62,018 |
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55,524 |
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5 |
Creditors: amounts falling due within one year |
2019 |
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2018 |
£ |
£ |
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Trade creditors |
67,855 |
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101,401 |
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Taxation and social security costs |
79,395 |
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53,423 |
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Other creditors |
290,429 |
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359,268 |
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437,679 |
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514,092 |
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6 |
Related party transactions |
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Included in the other creditors at the period end is an amount of£155,458 (2018: £188,729) due to the director of the company, Mr C Alkan.
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7 |
Controlling party |
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The ultimate controlling party is Mr C Alkan as a director and shareholder throughout the current period.
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8 |
Other information |
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MC TURNIP LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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THE NAIPER ARMS |
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WOODFORD NEW ROAD |
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LONDON |
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E18 2QD |