Makasi Imports Limited
Makasi Imports Limited
Registered number: 9073410
Unaudited Financial Statements
For The Year Ended 30 June 2019
Makasi Imports Limited
Unaudited Financial Statements
For The Year Ended 30 June 2019
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—6 |
Makasi Imports Limited
Balance Sheet
As at
30 June 2019
Balance Sheet
Registered number:
9073410
For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
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CURRENT ASSETS | |||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 5 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 6 |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 8 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 167,606 | 138,667 | |||
Page 1
Makasi Imports Limited
Balance Sheet (continued)
As at
30 June 2019
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Makasi Imports Limited
Notes to the Financial Statements
For The Year Ended 30 June 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of value added tax, on an accruals basis. Goods sold on a 'sale or return' basis are adjusted for at year end, with the sales value adjusted for to reduce sales and the cost value of goods adjusted to increase closing stock.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
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Motor Vehicles |
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Fixtures & Fittings |
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1.4.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and are depreciated over their useful lives. Hire purchase contracts are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods.
1.5.
Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Goods sold on a 'sale or return' basis are adjusted for at year end, with the sales value adjusted for to reduce sales and the cost value of goods adjusted to increase closing stock.
Page 3
Makasi Imports Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees during the year was as follows: 2 (2017: )
Page 4
Makasi Imports Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
3.
Tangible Assets
Plant & Machinery etc. | |
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Cost | |
As at |
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Additions |
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As at |
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Depreciation | |
As at |
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Provided during the period |
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As at |
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Net Book Value | |
As at |
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As at |
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4.
Debtors
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Page 5
Makasi Imports Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
5.
Creditors: Amounts Falling Due Within One Year
2019 | 2018 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Trade creditors |
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Bank loans and overdrafts |
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Other taxes and social security |
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Other creditors |
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Accruals and deferred income |
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Included in other creditors is the amount of £37,468 owed to the director. This amount is interest free and repayable upon demand.
6.
Creditors: Amounts Falling Due After More Than One Year
2019 | 2018 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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7.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
2019 | 2018 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts | 12,495 | 30,311 |
9.
General Information
Makasi Imports Limited is a private company, limited by shares, incorporated in England & Wales, registered number 9073410 . The registered office is Hatch Farm, Chertsey Road, Addlestone, Surrey, KT15 2EH. The financial statements are presented in sterling which is the functional currency of the company.
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