Myriad AudioVisual Sales Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01390367 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2018

for

Myriad AudioVisual Sales Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

A Shah

SECRETARY:

Mrs L M Watling

REGISTERED OFFICE:

Innovation House

17-27 Stirling Road

London

W3 8DJ

REGISTERED NUMBER:

01390367 (England and Wales)

FIXED ASSETS

Tangible assets

5

2,956,398

3,023,393

Investment property

6

2,600,000

2,600,000

5,556,398

5,623,393

CURRENT ASSETS

Debtors

7

2,430,818

2,390,301

Cash at bank and in hand

618,043

979,902

3,048,861

3,370,203

CREDITORS

Amounts falling due within one year

8

82,874

233,186

NET CURRENT ASSETS

2,965,987

3,137,017

TOTAL ASSETS LESS CURRENT LIABILITIES

8,522,385

8,760,410

CREDITORS

Amounts falling due after more than one year

9

-

(375,151

)

PROVISIONS FOR LIABILITIES

(45,606

)

(39,534

)

NET ASSETS

8,476,779

8,345,725

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Other reserves

3,933,026

3,933,026

Retained earnings

4,493,753

4,362,699

8,476,779

8,345,725

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 4 February 2019 and were signed by:

A Shah - Director

1.	STATUTORY INFORMATION

Myriad AudioVisual Sales Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements cover the company as an individual entity, have been prepared under the

historical cost convention and are presented in Pounds Sterling (£) being the functional currency.

The financial statements have been prepared on the assumption that the company is able to carry on

business as a going concern, which the directors consider appropriate having regard to the company's

current and expected performance.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the

company and the revenue can be reliably measured. Revenue is measured as the fair value of the

consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;-

- the Company retains neither continuing managerial involvement to the degree usually associated with

ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided

in accordance with the stage of completion of the contract when all of the following conditions are

satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost

less accumulated depreciation and any accumulated impairment losses. Historical cost includes

expenditure that is directly attributable to bringing the asset to the location and condition necessary for

it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated

useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold buildings - 2% straight line

Fixtures, fittings & equipment - 25% reducing balance

Computer equipment - 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted

prospectively if appropriate, or if there is an indication of a significant change since the last reporting

date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are

recognised in the Statement of Comprehensive Income.

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the

current market rents and investment property yields for comparable real estate, adjusted if necessary for

any difference in the nature, location or condition of the specific asset. No depreciation is provided.

Changes in fair value are recognised in the Statement of Comprehensive Income.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in

profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value

with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates

and laws that have been enacted or substantively enacted by the year end and that are expected to apply

to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

4.

EMPLOYEES

The average number of employees during the year was 2 (2017 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 June 2017

3,130,000

132,548

174,499

3,437,047

Additions

-

312

26

338

At 31 May 2018

3,130,000

132,860

174,525

3,437,385

DEPRECIATION

At 1 June 2017

125,200

129,972

158,482

413,654

Charge for year

62,600

722

4,011

67,333

At 31 May 2018

187,800

130,694

162,493

480,987

NET BOOK VALUE

At 31 May 2018

2,942,200

2,166

12,032

2,956,398

At 31 May 2017

3,004,800

2,576

16,017

3,023,393

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2017

and 31 May 2018

2,600,000

NET BOOK VALUE

At 31 May 2018

2,600,000

At 31 May 2017

2,600,000

Fair value at 31 May 2018 is represented by:

£

Valuation in 2018

1,987,799

Cost

612,201

2,600,000

The 2018 valuations were made by the directors, on an open market value for existing use basis.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

4,023

6,367

Amounts owed by group undertakings

1,507,148

1,593,775

Amounts owed by joint ventures

913,500

788,500

Other debtors

6,147

1,659

2,430,818

2,390,301

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

108,628

Trade creditors

27,432

47,466

Taxation and social security

36,066

56,907

Other creditors

19,376

20,185

82,874

233,186

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

-

375,151

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

87,501

10.	SECURED DEBTS

Bank loans were secured by legal charges over the commercial premises at:

2 Antrobus Road, Acton Green, london and its associated assets; and 17-21 Sterling Road, South Acton,

London and its associated assets.