Mandarin Licensing Limited 31/08/2018 iXBRL

Mandarin Licensing Limited 31/08/2018 iXBRL

MANDARIN LICENSING LIMITED - Company Information

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Company registration number: 09684575
Mandarin Licensing Limited
Unaudited filleted financial statements
31 August 2018
MANDARIN LICENSING LIMITED
Contents
Statement of financial position
Notes to the financial statements
MANDARIN LICENSING LIMITED
STATEMENT OF FINANCIAL POSITION
31 AUGUST 2018
31/08/18 31/07/17
Note £ £ £ £
Current assets
Debtors 5 35,797 12,449
Cash at bank and in hand 259 101
_______ _______
36,056 12,550
Creditors: amounts falling due
within one year 6 ( 7,032) ( 6,964)
_______ _______
Net current assets 29,024 5,586
_______ _______
Total assets less current liabilities 29,024 5,586
_______ _______
Net assets 29,024 5,586
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 7 29,023 5,585
_______ _______
Shareholders funds 29,024 5,586
_______ _______
For the period ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 April 2019 , and are signed on behalf of the board by:
Mr David Gower
Director
Company registration number: 09684575
MANDARIN LICENSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 31 AUGUST 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 10 Sisna Park, Estover, Plymouth, Devon, PL6 7FH.
Principal activity
The principal activity of the company is the leasing of intellectual property and similar products.
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.The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 3 (2017: 3 ).
5. Debtors
31/08/18 31/07/17
£ £
Trade debtors 1,788 6,000
Amounts owed by group undertakings 34,009 1,790
Other debtors - 4,659
_______ _______
35,797 12,449
_______ _______
6. Creditors: amounts falling due within one year
31/08/18 31/07/17
£ £
Trade creditors 1,163 5,599
Social security and other taxes 5,869 1,365
_______ _______
7,032 6,964
_______ _______
7. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.