Madol Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02514141 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Madol Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I E Jones

Ms T A Llewellyn

SECRETARY:

Mrs E A Jones

REGISTERED OFFICE:

Unit 4, Quay Point

Ocean Park

Cardiff Bay

Cardiff

CF24 5HF

REGISTERED NUMBER:

02514141 (England and Wales)

ACCOUNTANTS:

Phil Bessant Limited

Chartered Management Accountants

72 Caerau Road

Newport

SOUTH WALES

NP20 4HJ

FIXED ASSETS

Tangible assets

4

34,660

45,150

CURRENT ASSETS

Stocks

41,000

41,000

Debtors

5

167,452

131,336

Cash at bank and in hand

834

3,300

209,286

175,636

CREDITORS

Amounts falling due within one year

6

156,800

132,126

NET CURRENT ASSETS

52,486

43,510

TOTAL ASSETS LESS CURRENT LIABILITIES

87,146

88,660

CREDITORS

Amounts falling due after more than one year

7

(32,239

)

(32,239

)

PROVISIONS FOR LIABILITIES

(864

)

(864

)

NET ASSETS

54,043

55,557

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

53,943

55,457

SHAREHOLDERS' FUNDS

54,043

55,557

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 applicable to companies subject to the small companies regime.

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 18 December 2019 and were signed on its behalf by:

I E Jones - Director

1.	STATUTORY INFORMATION

Madol 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2018

13,561

26,635

56,230

400

96,826

Additions

-

-

-

492

492

At 31 March 2019

13,561

26,635

56,230

892

97,318

DEPRECIATION

At 1 April 2018

13,561

22,630

15,152

333

51,676

Charge for year

-

601

10,269

112

10,982

At 31 March 2019

13,561

23,231

25,421

445

62,658

NET BOOK VALUE

At 31 March 2019

-

3,404

30,809

447

34,660

At 31 March 2018

-

4,005

41,078

67

45,150

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

35,712

34,690

Other debtors

125,613

90,519

Prepayments

6,127

6,127

167,452

131,336

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

24,503

17,937

Hire purchase contracts

9,923

9,923

Trade creditors

41,381

27,289

Social security and other taxes

9,812

4,100

Pension control

245

-

VAT

2,502

11,843

Credit card

7,359

-

Directors' current accounts

59,455

59,414

Accrued expenses

1,620

1,620

156,800

132,126

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts

32,239

32,239

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank overdrafts

24,503

17,937

Floating charge over all the company's assets.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

100

Ordinary

1

100

100