Morecambe Antiques Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04992560 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2018

FOR

MORECAMBE ANTIQUES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T Martin

Mrs H Martin

SECRETARY:

Mrs H Martin

REGISTERED OFFICE:

1 Paper Mews

330 High Street

Dorking

Surrey

RH4 2TU

REGISTERED NUMBER:

04992560 (England and Wales)

ACCOUNTANTS:

Ellis Atkins

Chartered Accountants

1 Paper Mews

330 High Street

Dorking

Surrey

RH4 2TU

CURRENT ASSETS

Stocks

5

95,000

155,500

Debtors

6

6

-

Cash at bank

178

211

95,184

155,711

CREDITORS

Amounts falling due within one year

7

208,824

208,104

NET CURRENT LIABILITIES

(113,640

)

(52,393

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(113,640

)

(52,393

)

CREDITORS

Amounts falling due after more than one year

8

502,465

502,465

NET LIABILITIES

(616,105

)

(554,858

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(616,205

)

(554,958

)

SHAREHOLDERS' FUNDS

(616,105

)

(554,858

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 7th September 2019 and were signed on its behalf by:

T Martin - Director

Mrs H Martin - Director

1.	STATUTORY INFORMATION

Morecambe Antiques 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.

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 as modified by the revaluation of certain assets.

The accounts have been prepared on the going concern basis on the assumption that the company will continue

to receive the support of its directors.

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2018

and 31st December 2018

125,000

AMORTISATION

At 1st January 2018

and 31st December 2018

125,000

NET BOOK VALUE

At 31st December 2018

-

At 31st December 2017

-

5.

STOCKS

31/12/18

31/12/17

£

£

Stocks

95,000

155,500

Stock has been revalued based on the sales price achieved for some of the stock after the reporting date. The

resulting loss on revaluation was £60,500.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/18

31/12/17

£

£

VAT

6

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/18

31/12/17

£

£

Other creditors

208,224

207,504

Accrued expenses

600

600

208,824

208,104

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/18

31/12/17

£

£

Directors' loan accounts

502,465

502,465