M.S. Shirts Box Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02066040 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

M.S. SHIRTS BOX COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Shirt

G A J Shirt

K L Hutchinson

SECRETARY:

S J Shirt

REGISTERED OFFICE:

Finchwell Road

Handsworth

Sheffield

S13 9AS

REGISTERED NUMBER:

02066040 (England and Wales)

ACCOUNTANTS:

Marriott Gibbs Rees Wallis Limited

Chartered Certified Accountants

13-17 Paradise Square

Sheffield

South Yorkshire

S1 2DE

FIXED ASSETS

Tangible assets

4

56,396

76,310

CURRENT ASSETS

Stocks

1,800

1,500

Debtors

5

166,204

106,874

Cash at bank and in hand

33,294

34,565

201,298

142,939

CREDITORS

Amounts falling due within one year

6

223,199

172,578

NET CURRENT LIABILITIES

(21,901

)

(29,639

)

TOTAL ASSETS LESS CURRENT LIABILITIES

34,495

46,671

CREDITORS

Amounts falling due after more than one year

7

(1,800

)

(5,220

)

PROVISIONS FOR LIABILITIES

(10,715

)

(14,499

)

NET ASSETS

21,980

26,952

CAPITAL AND RESERVES

Called up share capital

50

50

Capital redemption reserve

54

54

Retained earnings

21,876

26,848

21,980

26,952

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

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

The directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 25 June 2019 and were signed on its behalf by:

S J Shirt - Director

1.	STATUTORY INFORMATION

M.S. Shirts Box Company 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

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

sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probably that future economic benefits will flow to the entity; and

specific criteria have been met for each of the company's activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net

realisable value). Cost is determined using the first-in, first-out (FIFO) method. Overheads are charged

to profit and loss as incurred. Net realisable value is based on the estimated selling price less any

estimated completion or selling costs.

When stocks are sold, the carrying value of those stocks is recognised as an expense in the period in

which the related revenue is recognised. At each reporting date, stocks are assessed for impairment. If

stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell;

the impairment loss is recognised immediately in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss

Account, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2017 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2018

38,380

6,400

65,623

110,403

Additions

754

-

-

754

Disposals

(10,250

)

-

-

(10,250

)

At 31 December 2018

28,884

6,400

65,623

100,907

DEPRECIATION

At 1 January 2018

19,944

3,160

10,989

34,093

Charge for year

2,159

486

13,659

16,304

Eliminated on disposal

(5,886

)

-

-

(5,886

)

At 31 December 2018

16,217

3,646

24,648

44,511

NET BOOK VALUE

At 31 December 2018

12,667

2,754

40,975

56,396

At 31 December 2017

18,436

3,240

54,634

76,310

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2018

and 31 December 2018

37,210

DEPRECIATION

At 1 January 2018

5,427

Charge for year

7,946

At 31 December 2018

13,373

NET BOOK VALUE

At 31 December 2018

23,837

At 31 December 2017

31,783

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

162,879

104,165

Other debtors

150

150

Corporation tax

-

2,009

Prepayments

3,175

550

166,204

106,874

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

1,179

Hire purchase contracts

3,420

3,242

Trade creditors

141,771

118,173

Corporation tax

12,257

-

Social security and other taxes

1,335

1,185

VAT

14,778

8,349

Other creditors

181

53

Directors' current accounts

49,457

40,397

223,199

172,578

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Preference shares

20

20

Hire purchase contracts

1,780

5,200

1,800

5,220

2018

2017

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

20

20