Mybond Pawnbrokers Limited - Accounts to registrar (filleted) - small 18.2
Mybond Pawnbrokers Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2020 |
for |
Mybond Pawnbrokers Limited |
Mybond Pawnbrokers Limited (Registered number: 02526856) |
Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Mybond Pawnbrokers Limited |
Company Information |
for the Year Ended 31 March 2020 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
5 Technology Park |
Colindeep Lane |
Colindale |
London |
NW9 6BX |
Mybond Pawnbrokers Limited (Registered number: 02526856) |
Statement of Financial Position |
31 March 2020 |
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Mybond Pawnbrokers Limited (Registered number: 02526856) |
Statement of Financial Position - continued |
31 March 2020 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on signed on its behalf by: |
Mybond Pawnbrokers Limited (Registered number: 02526856) |
Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
1. | STATUTORY INFORMATION |
Mybond Pawnbrokers Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts |
receivable for goods and services and interest income provided in the normal course of business, net of |
discounts, VAT and other sales-related taxes |
Interest receivable on loans is recognised as interest accrues by reference to the principal outstanding and the |
effective interest rate applicable, which is the rate that discounts the estimated future cash receipts through the |
expected life of the financial asset to that asset’s net carrying amount. |
Revenue on the sale of second hand goods is recognised at the point of sale. |
Tangible fixed assets |
Short leasehold improvements | - |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are stated at historical costs less accumulated depreciation and any accumulated |
impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the |
location and condition necessary for it to be capable of operating in the manner intended by management. |
Gain and losses on disposals are determined by comparing the proceeds with the carrying amount and are |
recognised in profit or loss. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on |
the cost of purchase on a first in first out basis. |
At each balance sheet date, stocks are assessed for impairment. If stocks are impaired the carrying amount is |
reduced to its selling price less cost to complete and sell. The impairment loss is recognised in profit or loss. |
Mybond Pawnbrokers Limited (Registered number: 02526856) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company only enters into basic financial instruments 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 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 evidence of impairment is found, an impairment loss is recognised |
in profit or loss. |
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. |
Debtors |
Debtors represent amounts due from customers in the normal course of business. Trade debtors include debtors |
pledge receivables which are interest bearing. The accrued interest arising on these interest bearing assets is |
included in prepayments and accrued income using the effective interest method. All other amounts which are |
not interest bearing are stated at their nominal value as reduced by appropriate allowances for estimated |
irrecoverable amounts, which are charged to the Profit and Loss account. |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related |
parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. |
Such instruments are subsequently carried at amortised cost using the effective interest method, less any |
impairment. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position 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. |
Mybond Pawnbrokers Limited (Registered number: 02526856) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Short | Fixtures |
leasehold | and | Computer |
improvements | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2019 |
Additions |
At 31 March 2020 |
DEPRECIATION |
At 1 April 2019 |
Charge for year |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 1,637 | 745 |
Deferred income |
Accrued expenses |
Mybond Pawnbrokers Limited (Registered number: 02526856) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
Between one and five years |