Registration number:
for the Year Ended
M Y A Solutions Ltd
Contents
Balance Sheet |
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Notes to the Financial Statements |
M Y A Solutions Ltd
(Registration number: 09485348)
Balance Sheet as at 31 March 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
Page 1 |
M Y A Solutions Ltd
(Registration number: 09485348)
Balance Sheet as at 31 March 2018
For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
C Savigar
Director
Page 2 |
M Y A Solutions Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
41/42 Shrivenham Hundred Business Park
Majors Road
Watchfield
Shrivenham
Wilts
SN6 8TZ
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.
Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 3 |
M Y A Solutions Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
20% reducing balance |
Office equipment |
25% reducing balance |
Plant and machinery |
20% reducing balance |
Parking area |
15% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 4 |
M Y A Solutions Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
Tangible assets |
Parking area |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Additions |
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- |
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Disposals |
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( |
- |
- |
( |
At 31 March 2018 |
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- |
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Depreciation |
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At 1 April 2017 |
- |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
( |
- |
- |
( |
At 31 March 2018 |
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- |
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Carrying amount |
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At 31 March 2018 |
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- |
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At 31 March 2017 |
- |
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Page 5 |
M Y A Solutions Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
Stocks |
2018 |
2017 |
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Stock of cars |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Page 6 |
M Y A Solutions Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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- |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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- |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
Other borrowings |
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Page 7 |
M Y A Solutions Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
Related party transactions |
Transactions with directors |
C Savigar had a loan with the company. At the balance sheet date the amount due to C Savigar was £18,141 (2017: £25,782).
In addition to the above, C Savigar made the following long term loan to the company:
At 1 April 2017 |
Repayments to director |
Advances by director |
At 31 March 2018 |
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C Savigar |
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(111,200) |
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( |
( |
Going concern |
The company has sufficient financial support from the director together with a number of customers and suppliers across different geographic areas. As a consequence, the director believes that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus she continues to adopt the going concern basis of accounting in preparing the financial statements.
Page 8 |