M.G. Caravan Company Limited Filleted accounts for Companies House (small and micro)

M.G.CARAVAN COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00415841

M.G. Caravan Company Limited

Filleted Unaudited Financial Statements

31 January 2019

M.G. Caravan Company Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of M.G. Caravan Company Limited

for the year ended 31st January 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M.G. Caravan Company Limited for the year ended 31st January 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of M.G. Caravan Company Limited, as a body, in accordance with the terms of our engagement letter dated 24th July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of M.G. Caravan Company Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M.G. Caravan Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that M.G. Caravan Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M.G. Caravan Company Limited. You consider that M.G. Caravan Company Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of M.G. Caravan Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MOORE THOMPSON Chartered Accountants

Bank Chambers 27a Market Place Market Deeping Peterborough PE6 8EA

Dated: 23 October 2019

M.G. Caravan Company Limited

Statement of Financial Position

as at 31 January 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Tangible assets	5		15,530		69,029

Current assets

Stocks		659,564	419,725
Debtors	6	9,120	8,064
Cash at bank and in hand		282,659	82,422
		-------------	-------------
		951,343	510,211

Creditors: amounts falling due within one year	7	591,418		432,720
		-------------		-------------
Net current assets			359,925		77,491
			-------------		-------------
Total assets less current liabilities			375,455		146,520

Creditors: amounts falling due after more than one year	8		–		1,816

Provisions	3,106	–
	-------------	-------------
Net assets	372,349	144,704
	-------------	-------------

Capital and reserves

Called up share capital	2,510	3,920
Profit and loss account	369,839	140,784
	-------------	-------------
Shareholders funds	372,349	144,704
	-------------	-------------

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 comprehensive income has not been delivered.

For the year ending 31st 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 .

M.G. Caravan Company Limited

Statement of Financial Position (continued)

as at 31 January 2019

These financial statements were approved by the board of directors and authorised for issue on 17 October 2019 , and are signed on behalf of the board by:

M J Greenwood	J M Greenwood
Director	Director

Company registration number: 00415841

M.G. Caravan Company Limited

Notes to the Financial Statements

for the year ended 31st 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 Glenroyd, Burnley Road, Todmorden, Lancashire, OL14 7DJ.

2. Statement of compliance

These 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 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.

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:

Freehold property	-	Not depreciated
Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 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

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 are 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2018: 5 ).

5. Tangible assets

Freehold property	Plant and machinery	Motor vehicles	Total
£	£	£	£

Cost or valuation
At 1 02 18	73,118	42,191	43,464	158,773
Additions	–	1,000	–	1,000
Disposals	( 297,585)	–	( 16,090)	( 313,675)
Revaluations	253,404	–	–	253,404
Transfers	( 28,937)	28,937	–	–
	-------------	-----------	-----------	-------------
At 31 01 19	–	72,128	27,374	99,502
	-------------	-----------	-----------	-------------
Depreciation
At 1 02 18	14,468	38,690	36,586	89,744
Charge for the year	–	7,959	1,506	9,465
Disposals	–	–	( 15,237)	( 15,237)
Transfers	( 14,468)	14,468	–	–
	-------------	-----------	-----------	-------------
At 31 01 19	–	61,117	22,855	83,972
	-------------	-----------	-----------	-------------
Carrying amount
At 31 01 19	–	11,011	4,519	15,530
	-------------	-----------	-----------	-------------
At 31 01 18	58,650	3,501	6,878	69,029
	-------------	-----------	-----------	-------------

6. Debtors

	2019	2018
	£	£

Trade debtors	1,109	1,890
Other debtors	8,011	6,174
	-----------	-----------
	9,120	8,064
	-----------	-----------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£

Trade creditors	121,039	110,058
Corporation tax	21,657	–
Social security and other taxes	2,748	1,570
Other creditors	312,775	150,000
Other creditors	133,199	171,092
	-------------	-------------
	591,418	432,720
	-------------	-------------

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£

Other creditors	–	1,816
	-----------	-----------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

2019
Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
£	£	£	£

Director	( 115,533)	–	–	( 115,533)
Director	( 44,365)	45,803	( 4,684)	( 3,246)
	-------------	-----------	-----------	-------------
	( 159,898)	45,803	( 4,684)	( 118,779)
	-------------	-----------	-----------	-------------

2018
Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
£	£	£	£

Director	( 65,533)	( 50,000)	–	( 115,533)
Director	–	( 44,365)	–	( 44,365)
	-----------	-----------	-----------	-------------
	( 65,533)	( 94,365)	–	( 159,898)
	-----------	-----------	-----------	-------------