Mackenzie's of Piccadilly Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02812812 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

MACKENZIE'S OF PICCADILLY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E ABDULEZER

E N SHAHRABANI

REGISTERED OFFICE:

Rear of no 2

Glenthorne Road

Friern Barnet

N11 3HT

REGISTERED NUMBER:

02812812 (England and Wales)

ACCOUNTANTS:

Gynch Shaw Maurice & Co

Chartered Certified Accountants

Rear of No 2

SPM House

Glenthorne Road

Friern Barnet

London

N11 3HT

FIXED ASSETS

Tangible assets

4

-

1,477

CURRENT ASSETS

Stocks

32,156

183,195

Debtors

5

7,395

49,342

Cash at bank and in hand

60,958

2,939

100,509

235,476

CREDITORS

Amounts falling due within one year

6

54,920

204,849

NET CURRENT ASSETS

45,589

30,627

TOTAL ASSETS LESS CURRENT LIABILITIES

45,589

32,104

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

9

200,000

-

Retained earnings

(155,411

)

31,104

SHAREHOLDERS' FUNDS

45,589

32,104

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 30 December 2019 and were signed on its behalf by:

E ABDULEZER - Director

E N SHAHRABANI - Director

1.	STATUTORY INFORMATION

Mackenzie's of Piccadilly 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary

amounts in these financial statements are rounded to the nearest £.

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 recognised at the fair value of the consideration received or receivable for goods and services

provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value

of consideration takes into account trade discounts, settlement discounts and volume rebates.

Tangible fixed assets

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

The fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation

and any impairment losses.

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

Plant and machinery - 20% reducing balance

Fixtures, fittings and equipment - 15% reducing balance

Computer equipment - 20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and

the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises

of direct materials and where applicable, direct labour costs and those overheads that have been incurred in

bringing the stocks to their present location and condition.

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.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with

banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Bank overdrafts are shown within the borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial liabilities.

Financial instruments are recognised when the company becomes party to the contractual provisions of the

instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net baisis or to

realise the asset and settle the liability simultaneously.

Basic financial asstes

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured

at transaction price including transaction costs and are subsequently carried at amortised cost using the effective

interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured

at the present value of the future receipts discounted at a market rate if interest.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, include trade and other creditors, bank loans, loans from fellow group companies and

preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement

constitutes a financing transaction, where the debt instrument is measured at the present value of the future

payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

32,158

Disposals

(1,477

)

At 31 March 2019

30,681

DEPRECIATION

At 1 April 2018

and 31 March 2019

30,681

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

1,477

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

4,266

10,562

Other debtors

3,129

38,780

7,395

49,342

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts (see note 7)

-

31,817

Trade creditors

30,721

147,446

Taxation and social security

17,229

7,627

Other creditors

6,970

17,959

54,920

204,849

7.

LOANS

An analysis of the maturity of loans is given below:

31.3.19

31.3.18

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

31,817

Bank overdraft is secured by directors' guarantees.

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.19

31.3.18

£

£

Within one year

-

135,000

Between one and five years

-

438,750

-

573,750

9.

RESERVES

Fair

value

reserve

£

No description

200,000

At 31 March 2019

200,000

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other creditors is an amount of £2,284 (2018: £798) owed to the director, E Abdulezer. The balance

is repayable on demand.