Company Registration No. 12051429 (England and Wales)
The Mad Potter Limited
Unaudited accounts
for the period from 14 June 2019 to 31 March 2020
The Mad Potter Limited
Unaudited accounts
Contents
The Mad Potter Limited
Company Information
for the period from 14 June 2019 to 31 March 2020
Directors
Steve Harrison
Julia Harrison
Company Number
12051429 (England and Wales)
Registered Office
40 Brodie Road
Enfield
Middlesex
EN2.0ET
UK
The Mad Potter Limited
Statement of financial position
as at
31 March 2020
Cash at bank and in hand
250,841
Creditors: amounts falling due within one year
(83,029)
Net current assets
179,227
Total assets less current liabilities
190,172
Provisions for liabilities
Called up share capital
30
Profit and loss account
189,376
Shareholders' funds
189,406
For the period ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 1 May 2020.
Steve Harrison
Director
Company Registration No. 12051429
The Mad Potter Limited
Notes to the Accounts
for the period from 14 June 2019 to 31 March 2020
The Mad Potter Limited is a private company, limited by shares, registered in England and Wales, registration number 12051429. The registered office is 40 Brodie Road, Enfield, Middlesex, EN2.0ET, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets where relevant.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers and when the risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation., at an annual rate of 33.3%.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The Mad Potter Limited
Notes to the Accounts
for the period from 14 June 2019 to 31 March 2020
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Intangible fixed assets
Goodwill
Charge for the period
2,375
5
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
Additions
4,195
865
5,060
At 31 March 2020
4,195
865
5,060
Charge for the period
524
216
740
At 31 March 2020
524
216
740
At 31 March 2020
3,671
649
4,320
7
Creditors: amounts falling due within one year
2020
Taxes and social security
44,971
Loans from directors
35,405
The Mad Potter Limited
Notes to the Accounts
for the period from 14 June 2019 to 31 March 2020
Allotted, called up and fully paid:
30 Ordinary shares of £1 each
30
Shares issued during the period:
30 Ordinary shares of £1 each
30
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Transactions with related parties
The balance on the directors` current accounts with the company at the balance sheet date was: S.C.Harrison £31,728 credit (2019: N/A credit), owed by the company to the director; J.A.Harrison £3,677 credit (2019: N/A credit), owed by the company to the director. These amounts owing are unsecured, interest free and repayable on demand, and were in credit throughout the year.
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Average number of employees
During the period the average number of employees was 2.