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MARTIN & PLEASANCE UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
Martin & Pleasance UK Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The Company's functional and presentational currency is GBP.
The principal accounting policies adopted in the preparation of annual statements are set out below and have remained unchanged from the previous year, and have also been applied consistently in the same accounts.
Going concern
At the balance sheet date the company made a loss of £18,965 (2016: £24,932) and had net liabilities of £115,374 (2016: £96,409). The company's major supplier is its sole shareholder, they have confirmed their support of the company for the foreseeable future. The director therefore considers it appropriate to prepare the accounts on the going concern basis.
The turnover shown in the profit and loss account represents amounts receivable for goods sold, net of trade discounts, VAT and other sales and related taxes.
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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 rate of exchange ruling at the date of the transaction. Exchange differences are taking into account at arriving at the operating profit.
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The average monthly number of employees, including directors, during the year was
2
(2016 -
2
)
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Finished goods and goods for resale
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Page 2
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