Poseidon Outlets Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06496314 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2019

FOR

POSEIDON OUTLETS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Report of the Accountants

7

DIRECTORS:

M Marinou

Mrs P Marinou

SECRETARY:

M Marinou

REGISTERED OFFICE:

573 Chester Road

Sutton Coldfield

Birmingham

West Midlands

B73 5HU

REGISTERED NUMBER:

06496314 (England and Wales)

ACCOUNTANTS:

A K Papadamou & Co

Accountants & Tax Advisors

573 Chester Road

Sutton Coldfield

West Midlands

B73 5HU

BANKERS:

Bank of Cyprus UK

PO Box 17484

London

N14 5WH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,813

3,750

2,813

3,750

CURRENT ASSETS

Debtors

6

25,142

14,783

Cash at bank

3,536

576

28,678

15,359

CREDITORS

Amounts falling due within one year

7

27,717

23,650

NET CURRENT ASSETS/(LIABILITIES)

961

(8,291

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,774

(4,541

)

CREDITORS

Amounts falling due after more than one year

8

25,779

31,896

NET LIABILITIES

(22,005

)

(36,437

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(23,005

)

(37,437

)

SHAREHOLDERS' FUNDS

(22,005

)

(36,437

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22 November 2019 and were signed on its behalf by:

M Marinou - Director

1.	STATUTORY INFORMATION

Poseidon Outlets Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 2 ).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 31 March 2018

and 30 March 2019

211,200

AMORTISATION

At 31 March 2018

and 30 March 2019

211,200

NET BOOK VALUE

At 30 March 2019

-

At 30 March 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 31 March 2018

and 30 March 2019

23,201

DEPRECIATION

At 31 March 2018

19,451

Charge for year

937

At 30 March 2019

20,388

NET BOOK VALUE

At 30 March 2019

2,813

At 30 March 2018

3,750

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

2,000

2,000

Directors' current accounts

23,142

12,783

25,142

14,783

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

5,990

6,090

Trade creditors

1

-

Tax

16,524

12,836

Accrued expenses

5,202

4,724

27,717

23,650

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans - 1-2 years

5,340

5,470

Bank loans - 2-5 years

15,460

16,410

Bank loans more 5 yr by instal

4,979

10,016

25,779

31,896

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

4,979

10,016

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

31,769

37,986

Bank loan has been secured personally by the directors.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary

statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Poseidon Outlets Limited for the year ended 30 March 2019 which comprise the Income

Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

This report is made solely to the director of Poseidon Outlets Limited in accordance with our terms of engagement. Our

work has been undertaken solely to prepare for your approval the financial statements of Poseidon Outlets Limited and

state those matters that we have agreed to state to the director of Poseidon Outlets Limited. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our

work or for this report.

It is your duty to ensure that Poseidon Outlets 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 Angel

Midlands Limited. You consider that Poseidon Outlets 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 Poseidon Outlets 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.

A K Papadamou & Co

Accountants & Tax Advisors

573 Chester Road

Sutton Coldfield

West Midlands

B73 5HU

22 November 2019