MD Affinity Schemes Ltd - Accounts to registrar (filleted) - small 18.2

MD Affinity Schemes Ltd - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 08214231 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2019

for

MD Affinity Schemes Ltd

MD Affinity Schemes Ltd (Registered number: 08214231)






Contents of the Financial Statements
for the Year Ended 31 December 2019




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

MD Affinity Schemes Ltd

Company Information
for the Year Ended 31 December 2019







DIRECTORS: G J Devaney
I M Turnick





SECRETARY: Ms J A Goodman





REGISTERED OFFICE: 2 Shore Lines Building
Shore Road
Birkenhead
Merseyside
CH41 1AU





REGISTERED NUMBER: 08214231 (England and Wales)





ACCOUNTANTS: Haines Watts
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

MD Affinity Schemes Ltd (Registered number: 08214231)

Balance Sheet
31 December 2019

31.12.19 31.12.18
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 329 -

CURRENT ASSETS
Debtors 5 1,340,594 1,290,860
Cash at bank 345,657 982,270
1,686,251 2,273,130
CREDITORS
Amounts falling due within one year 6 1,157,664 2,139,383
NET CURRENT ASSETS 528,587 133,747
TOTAL ASSETS LESS CURRENT
LIABILITIES

528,916

133,747

CREDITORS
Amounts falling due after more than one year 7 100,000 100,000
NET ASSETS 428,916 33,747

CAPITAL AND RESERVES
Called up share capital 80 80
Retained earnings 428,836 33,667
SHAREHOLDERS' FUNDS 428,916 33,747

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

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.

MD Affinity Schemes Ltd (Registered number: 08214231)

Balance Sheet - continued
31 December 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2020 and were signed on its behalf by:





G J Devaney - Director


MD Affinity Schemes Ltd (Registered number: 08214231)

Notes to the Financial Statements
for the Year Ended 31 December 2019

1. STATUTORY INFORMATION

MD Affinity Schemes Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are not considered to be any critical judgements in applying the company's accounting policies.

Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

MD Affinity Schemes Ltd (Registered number: 08214231)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours.

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 loans to related parties.

Debt instruments (other than those wholly repayable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised 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 the income statement and retained earnings.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
Additions 474
At 31 December 2019 474
DEPRECIATION
Charge for year 145
At 31 December 2019 145
NET BOOK VALUE
At 31 December 2019 329

MD Affinity Schemes Ltd (Registered number: 08214231)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.19 31.12.18
£ £
Trade debtors 1,333,711 1,284,209
Other debtors 6,883 6,651
1,340,594 1,290,860

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.19 31.12.18
£ £
Trade creditors 1,053,593 964,034
Taxation and social security 5,739 12,916
Other creditors 98,332 1,162,433
1,157,664 2,139,383

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.19 31.12.18
£ £
Other creditors 100,000 100,000

8. RELATED PARTY DISCLOSURES

In 2014, the company took on a subordinated loan from MD Insurance Services Ltd in the sum of £100,000. At 31 December 2019 the amount was still outstanding. The director and shareholder of the company Mr G Devaney, is also a director and shareholder of MD Insurance Services Limited.

During the year, MD Insurance Services Limited traded with MD Affinity Schemes Ltd. At 31 December 2019, the
company owed MD Insurance Services Ltd £nil (2018 - £1,059,632).

The director and shareholder of the company Mr G Devaney, is also a director of MD Warranty Inspection Services Ltd. At 31 December 2019, the company owed MD Warranty Inspection Services Ltd £1,080 (2018 - £1,080).

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr G Devaney on the basis of his majority shareholding in the company.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
MD Affinity Schemes Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MD Affinity Schemes Ltd for the year ended 31 December 2019 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of MD Affinity Schemes Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MD Affinity Schemes Ltd and state those matters that we have agreed to state to the Board of Directors of MD Affinity Schemes Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MD Affinity Schemes Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that MD Affinity Schemes Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MD Affinity Schemes Ltd. You consider that MD Affinity Schemes Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of MD Affinity Schemes Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Haines Watts
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ


Date: .............................................