Management Learning Resources Limited 31/01/2020 iXBRL

Management Learning Resources Limited 31/01/2020 iXBRL

MANAGEMENT LEARNING RESOURCES LIMITED - Company Information

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Company registration number: 01982529
Management Learning Resources Limited
Unaudited filleted financial statements
31 January 2020
Management Learning Resources Limited
Contents
Statement of financial position
Notes to the financial statements
Management Learning Resources Limited
Statement of financial position
31 January 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 1,260 1,439
Investments 6 13,820 13,820
_______ _______
15,080 15,259
Current assets
Stocks 26,094 25,268
Debtors 7 54,976 71,907
Cash at bank and in hand 6,255 5,858
_______ _______
87,325 103,033
Creditors: amounts falling due
within one year 8 ( 89,344) ( 102,446)
_______ _______
Net current (liabilities)/assets ( 2,019) 587
_______ _______
Total assets less current liabilities 13,061 15,846
Provisions for liabilities ( 63) ( 58)
_______ _______
Net assets 12,998 15,788
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account 12,798 15,588
_______ _______
Shareholders funds 12,998 15,788
_______ _______
For the year ending 31 January 2020 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.
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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 October 2020 , and are signed on behalf of the board by:
Mrs Glenys Mary Robertson
Director
Company registration number: 01982529
Management Learning Resources Limited
Notes to the financial statements
Year ended 31 January 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 19 Murray Street, Llanelli, Carmarthenshire, SA15 1AQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
Leasehold property - 4 % straight line
Fittings fixtures and equipment - 30 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2019: 5 ).
5. Tangible assets
Leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 February 2019 121,443 35,666 157,109
Additions - 350 350
_______ _______ _______
At 31 January 2020 121,443 36,016 157,459
_______ _______ _______
Depreciation
At 1 February 2019 121,443 34,228 155,671
Charge for the year - 528 528
_______ _______ _______
At 31 January 2020 121,443 34,756 156,199
_______ _______ _______
Carrying amount
At 31 January 2020 - 1,260 1,260
_______ _______ _______
At 31 January 2019 - 1,438 1,438
_______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 February 2019 and 31 January 2020 13,820 13,820
_______ _______
Impairment
At 1 February 2019 and 31 January 2020 - -
_______ _______
Carrying amount
At 31 January 2020 13,820 13,820
_______ _______
At 31 January 2019 13,820 13,820
_______ _______
7. Debtors
2020 2019
£ £
Trade debtors 13,880 13,461
Other debtors 41,096 58,446
_______ _______
54,976 71,907
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 9,066 34,273
Trade creditors 66,385 52,007
Corporation tax 8,759 10,653
Social security and other taxes 235 222
Other creditors 4,899 5,291
_______ _______
89,344 102,446
_______ _______
9. Other financial commitments
At 31 January 2020 the company had a commitment under non-cancellable operating leases over the remaining life of the leases of £ 8,072
10. Events after the end of the reporting period
In September 2020 the company paid its directors a dividend of £ 30,000 . .
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Paul Robertson 22,563 14,574 ( 20,000) 17,137
Mrs Glenys Mary Robertson 22,563 14,574 ( 20,000) 17,137
_______ _______ _______ _______
45,126 29,148 ( 40,000) 34,274
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Paul Robertson 27,716 17,347 ( 22,500) 22,563
Mrs Glenys Mary Robertson 27,715 17,348 ( 22,500) 22,563
_______ _______ _______ _______
55,431 34,695 ( 45,000) 45,126
_______ _______ _______ _______
The directors loans are interest free and are repayable on demand.
12. Covid -19 impact
The company experienced a fall in product sales as a result of the Covid-19 pandemic but its consultancy work has continued and the various measures put in place by the government has allowed the company to continue to trade profitably .