3 Man Limited 31/03/2018 iXBRL

3 Man Limited 31/03/2018 iXBRL

3 MAN LIMITED - Company Information

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Company registration number: 01873607
3 Man Limited
Unaudited filleted financial statements
31 March 2018
3 Man Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
3 Man Limited
Directors and other information
Director Mr B C Freeman
Secretary Mrs L A Freeman
Company number 01873607
Registered office Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
3 Man Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of 3 Man Limited
Period ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 3 Man Limited for the period ended 31 March 2018 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the director of 3 Man Limited, as a body, in accordance with the terms of our engagement letter dated 28 June 2017. Our work has been undertaken solely to prepare for your approval the financial statements of 3 Man Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 3 Man Limited and its director as a body for our work or for this report.
It is your duty to ensure that 3 Man Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of 3 Man Limited. You consider that 3 Man Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of 3 Man Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
28 February 2019
3 Man Limited
Statement of financial position
31 March 2018
31/03/18 30/09/16
Note £ £ £ £
Fixed assets
Tangible assets 5 - 1
_______ _______
- 1
Current assets
Stocks 8,672 15,843
Debtors 6 105,157 113,896
Cash at bank and in hand 1 751
_______ _______
113,830 130,490
Creditors: amounts falling due
within one year 7 ( 166,731) ( 152,218)
_______ _______
Net current liabilities ( 52,901) ( 21,728)
_______ _______
Total assets less current liabilities ( 52,901) ( 21,727)
_______ _______
Net liabilities ( 52,901) ( 21,727)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 53,001) ( 21,827)
_______ _______
Shareholders deficit ( 52,901) ( 21,727)
_______ _______
For the period 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:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 February 2019 , and are signed on behalf of the board by:
Mr B C Freeman
Director
Company registration number: 01873607
3 Man Limited
Notes to the financial statements
Period ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, Hertfordshire, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2016: 2 ).
5. Tangible assets
Computer equipment Total
£ £
Cost
At 1 October 2016 6,389 6,389
Disposals ( 6,389) ( 6,389)
_______ _______
At 31 March 2018 - -
_______ _______
Depreciation
At 1 October 2016 6,388 6,388
Disposals ( 6,388) ( 6,388)
_______ _______
At 31 March 2018 - -
_______ _______
Carrying amount
At 31 March 2018 - -
_______ _______
At 30 September 2016 1 1
_______ _______
6. Debtors
31/03/18 30/09/16
£ £
Other debtors 105,157 113,896
_______ _______
7. Creditors: amounts falling due within one year
31/03/18 30/09/16
£ £
Bank loans and overdrafts 12,351 10,474
Trade creditors 98 1,705
Social security and other taxes 154,052 139,839
Other creditors 230 200
_______ _______
166,731 152,218
_______ _______
8. Directors advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
Period ended 31/03/18
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr B C Freeman 89,313 ( 6,748) 82,565
_______ _______ _______
Year ended 30/09/16
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr B C Freeman 89,976 ( 663) 89,313
_______ _______ _______
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the period
No transitional adjustments were required.