Medusa Musselburgh Limited - Accounts to registrar (filleted) - small 18.2
Medusa Musselburgh Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31st August 2018 |
| for |
| Medusa Musselburgh Limited |
| Medusa Musselburgh Limited (Registered number: SC194027) |
| Contents of the Financial Statements |
| for the Year Ended 31st August 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Report of the Accountants | 9 |
| Medusa Musselburgh Limited |
| Company Information |
| for the Year Ended 31st August 2018 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 15 East Cromwell Street |
| Edinburgh |
| Midlothian |
| EH6 6HD |
| Medusa Musselburgh Limited (Registered number: SC194027) |
| Balance Sheet |
| 31st August 2018 |
| 31.8.18 | 31.8.17 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Prepayments and accrued income |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| Medusa Musselburgh Limited (Registered number: SC194027) |
| Balance Sheet - continued |
| 31st August 2018 |
| 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 |
| Medusa Musselburgh Limited (Registered number: SC194027) |
| Notes to the Financial Statements |
| for the Year Ended 31st August 2018 |
| 1. | STATUTORY INFORMATION |
| Medusa Musselburgh Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Goodwill |
| There are two amounts of purchased goodwill All purchased goodwill is capitalized and written off to the profit |
| & loss on a straight line basis over either 10 years or 20 years depending on the estimated useful life of the |
| goodwill. At the year end there is only 4 years outstanding on the 20 years goodwill policy. The policy was |
| reviewed in the move to FRS102 1A and to give a true and fair view it is believed the original policy should |
| remain. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less |
| any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Improvements to property | - |
| Fixtures and fittings | - |
| Equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Medusa Musselburgh Limited (Registered number: SC194027) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st August 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
| 'Other Financial Instruments Issues' of FRS102 to all financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
| contractual provision of the instrument. |
| Financial assets and liabilities are offset with the net amounts presented in the financial statements when there is a |
| legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to |
| realise the asset and settle the liability simultaneously. |
| Basic Financial Assets |
| Basic financial assets, which include debtors and cash and bank balances are initially measured at transaction price |
| including transaction costs and are subsequently carried at amortised cost using the effective interest method |
| unless the arrangement constitutes a financing transaction where the transaction is measured at the present value |
| of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one |
| year are not amortised. |
| Classification of Financial Liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual |
| arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
| the company after deducting all of its liabilities. |
| Basic Financial Liabilities |
| Basic financial liabilities including creditors, bank loans, loans from fellow group companies and preference shares |
| that are classified as debt are initially recognised at a transaction price unless the arrangement constitutes a |
| financing transaction, where the debt instrument is measured at the present value of the future receipts discounted |
| at a market value of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
| business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or |
| less and are not amortised. If not, they are presented as non-current liabilities. Trade creditors are recognised |
| initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Equity Instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
| Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of |
| the company. |
| 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. |
| Medusa Musselburgh Limited (Registered number: SC194027) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st August 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| 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 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1st September 2017 |
| and 31st August 2018 |
| AMORTISATION |
| At 1st September 2017 |
| Amortisation for year |
| At 31st August 2018 |
| NET BOOK VALUE |
| At 31st August 2018 |
| At 31st August 2017 |
| Medusa Musselburgh Limited (Registered number: SC194027) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st August 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | and |
| property | fittings | Equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1st September 2017 |
| and 31st August 2018 |
| DEPRECIATION |
| At 1st September 2017 |
| Charge for year |
| At 31st August 2018 |
| NET BOOK VALUE |
| At 31st August 2018 |
| At 31st August 2017 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.18 | 31.8.17 |
| £ | £ |
| Amounts owed by associates |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.18 | 31.8.17 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to associates | 3,773 | 3,773 |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.8.18 | 31.8.17 |
| £ | £ |
| Bank loans |
| Other creditors |
| Medusa Musselburgh Limited (Registered number: SC194027) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st August 2018 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.8.18 | 31.8.17 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.8.18 | 31.8.17 |
| £ | £ |
| Bank loans |
| secured by a bond and floating charge over all company assets. |
| 11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31st August 2018 and |
| 31st August 2017: |
| 31.8.18 | 31.8.17 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| The director' loan is repayable on demand and will be repaid by dividends before 31st May 2019. |
| Medusa Musselburgh Limited |
| Report of the Accountants to the Director of |
| Medusa Musselburgh Limited |
| The following reproduces the text of the report prepared for the director in respect of the company's annual |
| unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
| a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
| Report of the Director are not required to be filed with the Registrar of Companies. |
| As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st August 2018 set out on pages three to thirteen and you consider that the company is exempt from an audit. |
| In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
| 15 East Cromwell Street |
| Edinburgh |
| Midlothian |
| EH6 6HD |