MDesigns Associates Ltd Filleted accounts for Companies House (small and micro)

MDESIGNS ASSOCIATES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08045595

MDesigns Associates Ltd

Filleted Unaudited Abridged Financial Statements

30 April 2020

MDesigns Associates Ltd

Abridged Statement of Financial Position

30 April 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	–	80

Current assets

Cash at bank and in hand	4,838	5,376

Creditors: amounts falling due within one year	10,349	10,114
	--------	--------
Net current liabilities	5,511	4,738
	-------	-------
Total assets less current liabilities	( 5,511)	( 4,658)
	-------	-------
Net liabilities	( 5,511)	( 4,658)
	-------	-------

Capital and reserves

Called up share capital	20	20
Profit and loss account	( 5,531)	( 4,678)
	-------	-------
Shareholders deficit	( 5,511)	( 4,658)
	-------	-------

These abridged 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 Section 1A of 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2020 in accordance with Section 444(2A) of the Companies Act 2006.

MDesigns Associates Ltd

Abridged Statement of Financial Position (continued)

30 April 2020

These abridged financial statements were approved by the board of directors and authorised for issue on 2 September 2020 , and are signed on behalf of the board by:

Miss T Mander
Director

Company registration number: 08045595

MDesigns Associates Ltd

Notes to the Abridged Financial Statements

Year ended 30 April 2020

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Midway House, Herrick Way, Staverton Technology Park, Cheltenham, Gloucestershire, GL51 6TQ, England.

2. Statement of compliance

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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:

	Computer Equipment	-	33% straight line

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).

5. Tangible assets

	£
Cost
At 1 May 2019 and 30 April 2020	2,365
	-------
Depreciation
At 1 May 2019	2,285
Charge for the year	80
	-------
At 30 April 2020	2,365
	-------
Carrying amount
At 30 April 2020	–
	-------
At 30 April 2019	80
	-------

6. Director's advances, credits and guarantees

There were no material transactions with Directors during the year that were not concluded under normal market conditions.

7. Related party transactions

The company was under the control of Miss T M Mander throughout the current and previous year. Miss T M Mander is the managing director and majority shareholder. Included in creditors falling due within one year are amounts due to the director, Miss T M Mander of £9,905 (2019: £9,670). These amounts have no repayment terms and attract no interest.