D Mack Holdings Limited Filleted accounts for Companies House (small and micro)

D MACK HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10551108

D Mack Holdings Limited

Filleted Unaudited Financial Statements

31 January 2019

D Mack Holdings Limited

Statement of Financial Position

31 January 2019

	2019	2018
Note	£	£

Fixed assets

Intangible assets	4	–	10,000

Current assets

Debtors	5	121,645	281,032
Cash at bank and in hand		–	313
		---------	---------
		121,645	281,345

Creditors: amounts falling due within one year	6	138,975	227,200
		---------	---------
Net current (liabilities)/assets		( 17,330)	54,145
		--------	--------
Total assets less current liabilities		( 17,330)	64,145
		--------	--------
Net (liabilities)/assets		( 17,330)	64,145
		--------	--------

Capital and reserves

Called up share capital	100,202	100,202
Share premium account	898	898
Profit and loss account	( 118,430)	( 36,955)
	---------	---------
Shareholders (deficit)/funds	( 17,330)	64,145
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 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 .

D Mack Holdings Limited

Statement of Financial Position (continued)

31 January 2019

These financial statements were approved by the board of directors and authorised for issue on 31 October 2019 , and are signed on behalf of the board by:

D Carruthers

Director

Company registration number: 10551108

D Mack Holdings Limited

Notes to the Financial Statements

Year ended 31 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 47 Marylebone Lane, London, W1U 2NT.

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.

Going concern

The directors have considered the future cashflow position of the company and the parent company has indicated their continued support. As such the directors believe that preparing the accounts on the going concern basis is wholly appropriate.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Patents, trademarks and licences	-	Over the period of the licence agreement

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. 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. 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. Intangible assets

	Patents, trademarks and licences
	£
Cost
At 1 February 2018 and 31 January 2019	50,000
	--------
Amortisation
At 1 February 2018	40,000
Charge for the year	10,000
	--------
At 31 January 2019	50,000
	--------
Carrying amount
At 31 January 2019	–
	--------
At 31 January 2018	10,000
	--------

5. Debtors

	2019	2018
	£	£
Trade debtors	–	6,000
Other debtors	121,645	275,032
	---------	---------
	121,645	281,032
	---------	---------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	550	–
Trade creditors	2,385	–
Amounts owed to group undertakings and undertakings in which the company has a participating interest	134,000	224,000
Social security and other taxes	–	1,000
Other creditors	2,040	2,200
	---------	---------
	138,975	227,200
	---------	---------

Amounts due to group undertakings ar secured by a debenture containing fixed and floating charges over the company's assets.

7. 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 written off	Balance outstanding
	£	£	£	£
R Cormack	51,226	1,281	(52,507)	–
	--------	-------	--------	----

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts written off	Balance outstanding
	£	£	£	£
R Cormack	–	51,226	–	51,226
	----	--------	----	--------

Director' advances are repayable on demand. Interest has been charged at a rate of 2.5% on advances to directors. At 31 January 2019, the loan to R Cormack was written off.

8. Controlling party

The company's immediate parent company is Ajanta Oy, a company incorporated in Finland. The parent of the smallest group in which these finacial statements are condolidated is Ajanta Oy. The address of Anjanta Oy is Pohjoisranta 4, 00170 Helsinki, Finland.