ACCOUNTS - Final Accounts

LADIES MAC NAB CHALLENGE LTD - Company Information

Registered number: 08426868

LADIES MAC NAB CHALLENGE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

LADIES MAC NAB CHALLENGE LIMITED

COMPANY INFORMATION

DIRECTORS	Mrs L Boedts
	Y A Janssen (appointed 1 November 2018)


REGISTERED NUMBER	08426868


REGISTERED OFFICE	55 Cheval Place
	London
	United Kingdom
	SW7 1EW


ACCOUNTANTS	EQ Accountants LLP
	Chartered Accountants
	Westby
	64 West High Street
	Forfar
	Angus
	DD8 1BJ

LADIES MAC NAB CHALLENGE LIMITED

REGISTERED NUMBER: 08426868

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2019

		2019		2018
		£		£

FIXED ASSETS
Tangible assets	4		628		785
			628		785
CURRENT ASSETS
Debtors: amounts falling due within one year	5	322		260
Cash at bank and in hand		418		320
		740		580
Creditors: amounts falling due within one year	6	(11,231)		(10,386)
NET CURRENT LIABILITIES			(10,491)		(9,806)
TOTAL ASSETS LESS CURRENT LIABILITIES			(9,863)		(9,021)

NET LIABILITIES			(9,863)		(9,021)

CAPITAL AND RESERVES
Called up share capital	1	1
Profit and loss account	(9,864)	(9,022)
	(9,863)	(9,021)

The directors consider 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 directors acknowledge their 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 on 31 October 2019.

Mrs L Boedts

Director

The notes on pages 2 to 4 form part of these financial statements.

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LADIES MAC NAB CHALLENGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

1.	GENERAL INFORMATION

Ladies Mac Nab Challenge Limited is a private company, limited by shares, incorporated in England with the registration number 08426868. The registered office is Cheval Place, 55, London, England, SW7 1EW.

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

GOING CONCERN

The accounts have been prepared under the going concern basis. The company has net liabilities and is dependent on the continued support of the director, L Boedts. It is envisaged that this support will continue for the foreseeable future.

2.3

TURNOVER

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

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

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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LADIES MAC NAB CHALLENGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.ACCOUNTING POLICIES (CONTINUED)

2.4

TANGIBLE FIXED ASSETS (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery

20%

reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

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

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2018 - 1).

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LADIES MAC NAB CHALLENGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

4.	TANGIBLE FIXED ASSETS

		Plant and machinery
		£
	COST OR VALUATION
	At 1 April 2018	2,221
	At 31 March 2019	2,221
	DEPRECIATION
	At 1 April 2018	1,436
	Charge for the year on owned assets	157
	At 31 March 2019	1,593
	NET BOOK VALUE
	At 31 March 2019	628
	At 31 March 2018	785

DEBTORS

					2019	2018
					£	£


Other debtors	322	260
	322	260

6.	CREDITORS: Amounts falling due within one year
		2019	2018
		£	£

Other creditors	10,421	9,581
Accruals and deferred income	810	805
	11,231	10,386

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