Mercian Labels Limited Filleted accounts for Companies House (small and micro)

Mercian Labels Limited Filleted accounts for Companies House (small and micro)

MERCIAN LABELS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00951963
Mercian Labels Limited
Filleted Unaudited Abridged Financial Statements
31 December 2018
Mercian Labels Limited
Abridged Statement of Financial Position
31 December 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
1,176,181
1,133,720
Current assets
Stocks
199,136
208,313
Debtors
916,713
866,787
Cash at bank and in hand
58,784
111,887
------------
------------
1,174,633
1,186,987
Creditors: amounts falling due within one year
1,029,577
988,176
------------
------------
Net current assets
145,056
198,811
------------
------------
Total assets less current liabilities
1,321,237
1,332,531
Creditors: amounts falling due after more than one year
577,435
611,909
Provisions
Taxation including deferred tax
96,708
100,652
------------
------------
Net assets
647,094
619,970
------------
------------
Capital and reserves
Called up share capital
384
384
Profit and loss account
646,710
619,586
---------
---------
Shareholders funds
647,094
619,970
---------
---------
These abridged 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.
For the year ending 31 December 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Mercian Labels Limited
Abridged Statement of Financial Position (continued)
31 December 2018
These abridged financial statements were approved by the board of directors and authorised for issue on 10 March 2019 , and are signed on behalf of the board by:
Dr A Steele
Director
Company registration number: 00951963
Mercian Labels Limited
Notes to the Abridged Financial Statements
Year ended 31 December 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 Unit 2 Plant Lane Business Park, Plant Lane, Burntwood, Staffordshire, WS7 3GN.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged 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 abridged 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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
-
10% straight line
Fixtures and fittings
-
20% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 48 (2017: 47 ).
5. Tangible assets
£
Cost
At 1 January 2018
1,408,435
Additions
87,880
Disposals
( 235,758)
------------
At 31 December 2018
1,260,557
------------
Depreciation
At 1 January 2018
274,715
Charge for the year
45,419
Disposals
( 235,758)
------------
At 31 December 2018
84,376
------------
Carrying amount
At 31 December 2018
1,176,181
------------
At 31 December 2017
1,133,720
------------
6. Financial instruments at fair value
Financial instruments such as trade debtors, cash and trade creditors arise directly from the company's operations.
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Dr A Steele
–
–
–
Mr H Gell
–
–
–
----
----
----
–
–
–
----
----
----
2017
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Dr A Steele
( 30,000)
30,000
–
Mr H Gell
( 30,000)
30,000
–
--------
--------
----
( 60,000)
60,000
–
--------
--------
----
8. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities.
9. Controlling party
The company's ultimate parent undertaking at the balance sheet date was Mercian Group Enterprises Limited, a company incorporated in England.