ACCOUNTS - Final Accounts

M.A.D. DESIGN CO. LIMITED - Company Information

Company Registration Number 03811976

	M A D DESIGN CO LIMITED

	UNAUDITED FINANCIAL STATEMENTS

	31 DECEMBER 2019

M A D DESIGN CO LIMITED

REGISTERED NUMBER: 03811976

BALANCE SHEET

AS AT 31 DECEMBER 2019

		2019		2018
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	28,911		25,311
		28,911		25,311
Creditors: amounts falling due within one year	5	(2,131)		(1,447)
Net current assets			26,780		23,864
Total assets less current liabilities			26,780		23,864

Net assets			26,780		23,864

Capital and reserves
Called up share capital	100	100
Profit and loss account	26,680	23,764
	26,780	23,864

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

A D Longstaffe

Director

Date: 20 November 2020

The notes on pages 2 to 3 form part of these financial statements.

Page 1

M A D DESIGN CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

1.	General information

The principal activity of the company during the year was the design and sale of furniture,
The registered office is Third Floor, 10 South Parade, Leeds, LS1 5QS.
The company is a private limited company incorporated and domiciled in the United Kingdom. The company is tax resident in the United Kingdom.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The directors recognise and have considered the impact of COVID-19 on the business and have concluded that the company remains a going concern.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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M A D DESIGN CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

2.Accounting policies (continued)

2.7

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.

Employees

The average monthly number of employees, including directors, during the year was 3 (2018 - 3).

Debtors

					2019	2018
					£	£


Amounts owed by joint ventures and associated undertakings	28,911	25,311
	28,911	25,311

5.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Corporation tax	731	47
Other creditors	1,400	1,400
	2,131	1,447

6.	Related party transactions
	Both M A D Design Co Limited and ABF Europe Limited are under control of Muzo Works Limited. During the year ended 31 December 2019, M A D Design Co Limited made sales to ABF Europe Limited amounting to £5,000 (2018: £5,000). Included in debtors is an amount owing from ABF Europe Limited totalling £28,911 (2018: £25,311).

7.	Controlling party

The ultimate holding company is Muzo Works Limited, which is under the control of D L Buttle and M A Prendergast.

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