OUTSTANDING MAP DISTRIBUTORS LTD - Filleted accounts

OUTSTANDING MAP DISTRIBUTORS LTD - Filleted accounts

OUTSTANDING MAP DISTRIBUTORS LTD - Company Information

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Registered number
05598151
OUTSTANDING MAP DISTRIBUTORS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2019
OUTSTANDING MAP DISTRIBUTORS LTD
CONTENTS
Page
Balance sheet 1
Notes to the financial statements 3 - 7
OUTSTANDING MAP DISTRIBUTORS LTD
Balance Sheet
as at 30 July 2019
Company Registration No. 05598151
Notes 2019 2018
£ £
Fixed assets
Intangible assets 3 8,001 1
Tangible assets 4 65,977 75,366
Investments 5 113,488 113,488
187,466 188,855
Current assets
Stocks 294,460 342,161
Debtors 6 748,518 374,200
Cash at bank and in hand 379 37,406
1,043,357 753,767
Creditors: amounts falling due within one year 7 (478,737) (657,321)
Net current assets 564,620 96,446
Total assets less current liabilities 752,086 285,301
Creditors: amounts falling due after more than one year 8 (524,807) -
Net assets 227,279 285,301
Capital and reserves
Called up share capital 2 2
Profit and loss account 227,277 285,299
Shareholders' funds 227,279 285,301
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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 and delivered in accordance with the special provisions applicable to companies subject to the small companies' regime. The profit and loss account has not been delivered to the Registrar of Companies.
…………………………………..
Cornelia Thompson
Director
Approved by the board on 29 May 2020
OUTSTANDING MAP DISTRIBUTORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2019
1 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to the small companies regime. The disclosure requirements of section 1A have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Financial instruments
The company only enters into basic financial statements 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.

Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried amortised cost using effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using effective interest method. Financial liabilities classified as payable within one year are not amortised.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of the assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Retirement benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2019 2018
Number Number
Average number of persons employed by the company 9 9
3 Intangible fixed assets £
Goodwill:
Cost
At 31 July 2018 301,668
Additions 10,000
At 30 July 2019 311,668
Amortisation
At 31 July 2018 301,667
Provided during the year 2,000
At 30 July 2019 303,667
Net book value
At 30 July 2019 8,001
At 30 July 2018 1
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Fixtures, fittings and equipment Total
£ £ £
Cost
At 31 July 2018 32,244 250,127 282,371
Additions - 3,094 3,094
At 30 July 2019 32,244 253,221 285,465
Depreciation
At 31 July 2018 - 207,005 207,005
Charge for the year - 12,483 12,483
At 30 July 2019 - 219,488 219,488
Net book value
At 30 July 2019 32,244 33,733 65,977
At 30 July 2018 32,244 43,122 75,366
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 31 July 2018 113,488
At 30 July 2019 113,488
6 Debtors 2019 2018
£ £
Trade debtors 278,703 297,384
Intercompany account - Yellow Publications Ltd 44,434 65,487
Other debtors 425,381 11,329
748,518 374,200
7 Creditors: amounts falling due within one year 2019 2018
£ £
Bank loans and overdrafts 19,303 106,033
Trade creditors 439,430 425,872
Corporation tax - 1,198
Directors' current account 204 1,279
Other taxes and social security costs 8,803 7,931
Other creditors 10,997 115,008
478,737 657,321
8 Creditors: amounts falling due after one year 2019 2018
£ £
Bank loans 524,807 -
9 Other information
Outstanding Map Distributors Ltd is a private company limited by shares and incorporated in England and Wales. The registered office is: 37 Warren Street, London, W1T 6AD.
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