Marketspace Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03836127 (England and Wales)

MARKETSPACE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Miss F E Attwell

REGISTERED OFFICE:

63-65 City Road

Cardiff

SOUTH GLAMORGAN

CF24 3BL

REGISTERED NUMBER:

03836127 (England and Wales)

FIXED ASSETS

Intangible assets

4

747

855

Tangible assets

5

2,239

2,986

2,986

3,841

CURRENT ASSETS

Stocks

6

42,824

79,027

Debtors

7

30,420

21,663

Cash at bank

5

5

73,249

100,695

CREDITORS

Amounts falling due within one year

8

52,288

65,464

NET CURRENT ASSETS

20,961

35,231

TOTAL ASSETS LESS CURRENT LIABILITIES

23,947

39,072

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

11

23,945

39,070

SHAREHOLDERS' FUNDS

23,947

39,072

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 20 February 2019 and were signed by:

Miss F E Attwell - Director

1.	STATUTORY INFORMATION

Marketspace 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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 balance sheet date.

Deferred tax

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

the balance sheet 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.

Foreign currencies

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 transaction. Exchange differences are taken into account in arriving at

the operating result.

Trademarks

Amortisation is provided to at the following annual rate in order to write off each asset over its

estimated useful life.

Trademarks - over 20 years

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss

account in other administration expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at

each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets

cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount

exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is

carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of

a past event, it is probable that an outflow of economic benefit will be required in settlement and the

amount can be reliable estimated.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 September 2016

and 31 August 2017

2,151

AMORTISATION

At 1 September 2016

1,296

Charge for year

108

At 31 August 2017

1,404

NET BOOK VALUE

At 31 August 2017

747

At 31 August 2016

855

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 September 2016

and 31 August 2017

35,899

DEPRECIATION

At 1 September 2016

32,913

Charge for year

747

At 31 August 2017

33,660

NET BOOK VALUE

At 31 August 2017

2,239

At 31 August 2016

2,986

6.

STOCKS

2017

2016

£

£

Stocks

42,824

79,027

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

6,279

12,798

Other debtors

669

-

Directors' current accounts

13,692

-

Prepayments

9,780

8,865

30,420

21,663

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts (see note 9)

12,538

14,363

Trade creditors

17,635

22,216

Tax

676

669

Social security and other taxes

7,477

4,360

Other creditors

13,962

19,496

Directors' current accounts

-

4,360

52,288

65,464

9.

LOANS

An analysis of the maturity of loans is given below:

2017

2016

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

12,538

14,363

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

2

Ordinary

£1

2

2

11.

RESERVES

Retained

earnings

£

At 1 September 2016

39,070

Deficit for the year

(9,125

)

Dividends

(6,000

)

At 31 August 2017

23,945

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year ended 31 August 2017, the Director maintained an interest free loan account with the

Company. The movement in the loan account was as follows:

Miss F E Attwell

2017

2016

£

£

Balance brought forward

4,360

14,489

Amounts introduced

52,574

43,861

Amounts withdrawn

(70,626)

(53,990)

Balance carried forward

(13,692)

4,360

Maximum balance in debit during the year was (£13,692) (2016 - in credit £4,360).

13.	RELATED PARTY DISCLOSURES

14.	FIRST YEAR ADOPTION

Transitional relief

On transition to FRS 102, the company has taken advantage of the following transitional relief:

•

to measure fair value at date of transition to FRS 102 and use as deemed cost on an item of property, plant and equipment.