Company Registration No. 08810059 (England and Wales)
MARY BERRY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
MARY BERRY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MARY BERRY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2019
30 June 2019
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Debtors
3
1,545,660
1,213,227
Cash at bank and in hand
49,817
643,265
1,595,477
1,856,492
Creditors: amounts falling due within one year
4
(120,696)
(330,778)
Net current assets
1,474,781
1,525,714
Capital and reserves
Called up share capital
5
26,000
26,000
Profit and loss reserves
1,448,781
1,499,714
Total equity
1,474,781
1,525,714
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 year ended 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 year 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 20 March 2020 and are signed on its behalf by:
M R A Hunnings
Director
Company Registration No. 08810059
MARY BERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 2 -
1
Accounting policies
Company information
Mary Berry Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
As stated in note
6
, the directors have considered the effect of the Covid-19 outbreak.
Although t
he directors
consider that the outbreak is
likely to cause a significant disruption to the company’s business, they are confident that the company can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered and royalties earned in the normal course of business, stated net of discounts and VAT.
Revenue from the rendering of services is measured in reference to the stage of completion of the service transaction at the end of reporting period.
Revenue from royalties is recognised for all royalties earned in respect of the reporting period.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets
and
include cash in hand, deposits held at call with banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors 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 constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
MARY BERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
There were no employees during the year.
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
1,540,619
1,208,186
Prepayments and accrued income
5,041
5,041
1,545,660
1,213,227
MARY BERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 4 -
4
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
-
3,120
Corporation tax
23,267
268,975
Other taxation and social security
-
16,680
Other creditors
87,205
37,205
Accruals and deferred income
10,224
4,798
120,696
330,778
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
500 Ordinary A shares of £1 each
500
500
500 Ordinary B shares of £1 each
500
500
15,000 Ordinary C shares of £1 each
15,000
15,000
10,000 Ordinary D shares of £1 each
10,000
10,000
26,000
26,000
6
Post balance sheet event
The directors have considered the effect of the Covid-19 outbreak, that has been spreading
throughout the world in early 2020, on the company’s activities.
Although the
outbreak is likely to cause a significant disruption to the company’s business
,
at the date of
approval of these financial statements, the extent and quantum of the disruption remains uncertain.
7
Related party transactions
At the year end, the director owed £1,243,718 (2018: £911,838) to the company.
The loan was cleared after the year end.