Moreau Enterprises Limited 31/01/2019 iXBRL

Moreau Enterprises Limited 31/01/2019 iXBRL

MOREAU ENTERPRISES LIMITED - Company Information

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Company registration number: 08865629
Moreau Enterprises Limited
Unaudited filleted financial statements
31 January 2019
Moreau Enterprises Limited
Contents
Statement of financial position
Notes to the financial statements
Moreau Enterprises Limited
Statement of financial position
31 January 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 47,789 41,648
_______ _______
47,789 41,648
Current assets
Stocks 6,000 2,000
Debtors 6 16,375 12,877
Cash at bank and in hand 14,085 6,016
_______ _______
36,460 20,893
Creditors: amounts falling due
within one year 7 ( 131,922) ( 95,478)
_______ _______
Net current liabilities ( 95,462) ( 74,585)
_______ _______
Total assets less current liabilities ( 47,673) ( 32,937)
Creditors: amounts falling due
after more than one year 8 ( 130,492) ( 66,879)
_______ _______
Net liabilities ( 178,165) ( 99,816)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 178,265) ( 99,916)
_______ _______
Shareholders deficit ( 178,165) ( 99,816)
_______ _______
For the year ending 31 January 2019 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 year 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 May 2019 , and are signed on behalf of the board by:
Miss Kirsty McAlpine
Director
Company registration number: 08865629
Moreau Enterprises Limited
Notes to the financial statements
Year ended 31 January 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 79 Tib Street, Manchester, M4 1LS.
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the reporting date the liabilities of the company exceeded its assets by £178,165. The accounts have been prepared on a going concern basis on the assumption that the support of the company by its directors and creditors will continue for the foreseeable future.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % reducing balance
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2018: 7 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2018 14,862 38,244 13,810 66,916
Additions 19,098 11,649 - 30,747
Disposals - - ( 13,810) ( 13,810)
_______ _______ _______ _______
At 31 January 2019 33,960 49,893 - 83,853
_______ _______ _______ _______
Depreciation
At 1 February 2018 4,278 19,839 1,151 25,268
Charge for the year 5,936 6,011 - 11,947
Disposals - - ( 1,151) ( 1,151)
_______ _______ _______ _______
At 31 January 2019 10,214 25,850 - 36,064
_______ _______ _______ _______
Carrying amount
At 31 January 2019 23,746 24,043 - 47,789
_______ _______ _______ _______
At 31 January 2018 10,584 18,405 12,659 41,648
_______ _______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 2,038 615
Other debtors 14,337 12,262
_______ _______
16,375 12,877
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 5,413 4,636
Trade creditors 36,230 21,464
Social security and other taxes 32,011 2,944
Other creditors 58,268 66,434
_______ _______
131,922 95,478
_______ _______
The initial bank loan was provided by Barclays Bank PLC. This loan is secured with fixed and floating charges over the assets of the company.A further loan was provided by Alfandari Private Equities Limited. This loan is also secured with fixed and floating charges over the assets of the company, along with a personal guarantee from the parent of the director of the company, Alex McAlpine.The total secured liability outstanding at the reporting date is £155,610.
8. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 3,532 8,682
Other creditors 126,960 58,197
_______ _______
130,492 66,879
_______ _______
The initial bank loan was provided by Barclays Bank PLC. This loan is secured with fixed and floating charges over the assets of the company.A further loan was provided by Alfandari Private Equities Limited. This loan is also secured with fixed and floating charges over the assets of the company, along with a personal guarantee from the parent of the director of the company, Alex McAlpine.The total secured liability outstanding at the reporting date is £155,610.