ACCOUNTS - Final Accounts preparation

MEL SMITH ENTERPRISES LIMITED - Company Information

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Registered number: 01518013

MEL SMITH ENTERPRISES LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2019

MEL SMITH ENTERPRISES LTD

REGISTERED NUMBER: 01518013

BALANCE SHEET

AS AT 31 MARCH 2019

		2019		2018
Note		£		£


Current assets
Debtors: amounts falling due within one year	3	72,980		85,498
Cash at bank and in hand	4	17,669		3,048
		90,649		88,546
Creditors: amounts falling due within one year	5	(657)		(1,367)
Net current assets			89,992		87,179
Total assets less current liabilities			89,992		87,179

Net assets			89,992		87,179

Capital and reserves
Called up share capital	100	100
Profit and loss account	89,892	87,079
	89,992	87,179

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

J Gay-Rees

Director

Date: 16 October 2019

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MEL SMITH ENTERPRISES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

1.	General information

Mel Smith Enterprises Ltd is a private company limited by shares. The company is incorporated in England and Wales and has a registered office of Aston House, Cornwall Avenue, London, N3 1LF. The company registration number is 01518013.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

2.4

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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MEL SMITH ENTERPRISES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Debtors

					2019	2018
					£	£


Trade debtors	130	-
Other debtors	71,984	85,308
Tax recoverable	866	190
	72,980	85,498

4.	Cash and cash equivalents
		2019	2018
		£	£

Cash at bank and in hand	17,669	3,048
	17,669	3,048

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MEL SMITH ENTERPRISES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

5.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Corporation tax	657	1,367
	657	1,367

6.	Related party transactions
	Included in other debtors is the balance of £69,554 owed by (2018: £85,308) the director. Interest was charged at 2.5% per annum on the loan. This loan will be repaid within 9 months.

7.	Controlling party

The company is controlled by the director, J Gay-Rees by virtue of his sole shareholding.

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