Malone and Fox Family Funerals Limited Filleted accounts for Companies House (small and micro)

MALONE AND FOX FAMILY FUNERALS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC400496

Malone and Fox Family Funerals Limited

Filleted Unaudited Financial Statements

30 September 2019

Malone and Fox Family Funerals Limited

Statement of Financial Position

30 September 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		115,898	128,756

Current assets

Debtors	6	105,099	104,854
Cash at bank and in hand		16,702	5,787
		---------	---------
		121,801	110,641

Creditors: amounts falling due within one year	7	154,926		165,081
		---------		---------
Net current liabilities			33,125	54,440
			---------	---------
Total assets less current liabilities			82,773	74,316

Provisions

Taxation including deferred tax	17,906	–
	--------	--------
Net assets	64,867	74,316
	--------	--------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	63,867	73,316
	--------	--------
Shareholders funds	64,867	74,316
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Malone and Fox Family Funerals Limited

Statement of Financial Position (continued)

30 September 2019

These financial statements were approved by the board of directors and authorised for issue on 31 July 2020 , and are signed on behalf of the board by:

Mr S Fox

Director

Company registration number: SC400496

Malone and Fox Family Funerals Limited

Notes to the Financial Statements

Year ended 30 September 2019

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 51 Rossendale Road, Shawlands, Glasgow, G41 3RH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgements or estimates were necessary in the preparation of the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Fixture and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2018: 5 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Oct 2018	4,188	138,906	10,249	18,212	6,746	178,301
Additions	–	–	–	–	1,677	1,677
	-------	---------	--------	--------	-------	---------
At 30 Sep 2019	4,188	138,906	10,249	18,212	8,423	179,978
	-------	---------	--------	--------	-------	---------
Depreciation
At 1 Oct 2018	–	31,765	5,697	7,494	4,589	49,545
Charge for the year	–	10,714	911	2,143	767	14,535
	-------	---------	--------	--------	-------	---------
At 30 Sep 2019	–	42,479	6,608	9,637	5,356	64,080
	-------	---------	--------	--------	-------	---------
Carrying amount
At 30 Sep 2019	4,188	96,427	3,641	8,575	3,067	115,898
	-------	---------	--------	--------	-------	---------
At 30 Sep 2018	4,188	107,141	4,552	10,718	2,157	128,756
	-------	---------	--------	--------	-------	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	37,471	38,724
Other debtors	67,628	66,130
	---------	---------
	105,099	104,854
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	28,474	27,076
Corporation tax	4,994	454
Social security and other taxes	9,437	–
Other creditors	24,459	25,022
Other creditors	87,562	112,529
	---------	---------
	154,926	165,081
	---------	---------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr S Fox	42,521	8,293	50,814
Mr A Malone	( 103,322)	26,954	( 76,368)
	---------	--------	--------
	( 60,801)	35,247	( 25,554)
	---------	--------	--------

	2018
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr S Fox	44,896	( 2,374)	42,522
Mr A Malone	( 111,118)	7,796	( 103,322)
	---------	-------	---------
	( 66,222)	5,422	(60,800)
	---------	-------	---------

9. Related party transactions

The company was under the control of Mr S Fox and Mr A Malone throughout the current year. Mr S Fox and Mr A Malone both hold 500 shares in the company. Interest is charged at 4% on the average method of calculation on any amounts owed by the directors to the Company. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.