Max Barney Development Limited - Filleted accounts
Max Barney Development Limited - Filleted accounts
| Registered number |
| for the year ended |
| Company Information |
| Directors |
| Registered office |
| 168 Shoreditch High Street |
| 4th Floor |
| London |
| E1 6HU |
| Registered number |
| Registered number: 09988335 | |||||||
| Statement of Financial Position | |||||||
| as at |
|||||||
| Notes | 2020 | 2019 | |||||
| £ | £ | ||||||
| Current assets | |||||||
| Debtors | 3 | ||||||
| Cash at bank and in hand | |||||||
| Creditors: amounts falling due within one year | 4 | ( |
( |
||||
| Net current assets | |||||||
| Net assets | |||||||
| Capital and reserves | |||||||
| Called up share capital | 5 | ||||||
| Profit and loss reserves | 6 | ||||||
| Total equity | |||||||
| In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered. | |||||||
| The financial statements were approved by the board of directors and authorised for issue on |
|||||||
| P Milner | |||||||
| Director | |||||||
| Notes to the Accounts | |||||||||
| for the year ended |
|||||||||
| 1 | Accounting policies | ||||||||
| Company information | |||||||||
| Max Barney Development Limited (“the company”) is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is 168 Shoreditch High Street, 4th Floor, London, E1 6HU. | |||||||||
| Accounting convention | |||||||||
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. | |||||||||
| The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. | |||||||||
| Going concern | |||||||||
| The directors have, at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements. | |||||||||
| Turnover | |||||||||
| Cash and cash equivalents | |||||||||
| Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. | |||||||||
| Financial instruments | |||||||||
| The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
|||||||||
| Trade and other debtors | |||||||||
| Trade and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. A provision for impairment of trade debtors is established when there is evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit and loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows. Subsequent reversals of an impairment loss that relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss. |
|||||||||
| Derecognition of financial assets | |||||||||
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. | |||||||||
| Classification of financial liabilities | |||||||||
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. | |||||||||
| Trade and other creditors | |||||||||
| Trade and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. | |||||||||
| Derecognition of financial liabilities | |||||||||
| Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. | |||||||||
| Equity instruments | |||||||||
| Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. | |||||||||
| Taxation | |||||||||
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised 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 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 rates and laws that have been enacted or substantively enacted by the period 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. |
|||||||||
| Critical accounting estimates and areas of judgement | |||||||||
| 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. | |||||||||
| 2 | Employees | 2020 | 2019 | ||||||
| Average number of employees | |||||||||
| 3 | Debtors | 2020 | 2019 | ||||||
| £ | £ | ||||||||
| Amounts falling due within one year: | |||||||||
| Trade debtors | - | 1,266,261 | |||||||
| Amounts due from related parties | 82,421 | - | |||||||
| Other debtors | 580,319 | 1,662,847 | |||||||
| Prepayments and accrued income | 1,057,646 | - | |||||||
| 1,720,386 | 2,929,108 | ||||||||
| 4 | Creditors: amounts falling due within one year | 2020 | 2019 | ||||||
| £ | £ | ||||||||
| Trade creditors | 541,443 | 1,375,220 | |||||||
| Corporation tax | 95,374 | 128,078 | |||||||
| Other creditors | - | 1,105,114 | |||||||
| Accruals and deferred income | 11,232 | - | |||||||
| 648,049 | 2,608,412 | ||||||||
| 5 | Share capital | 2020 | 2019 | ||||||
| £ | £ | ||||||||
| Ordinary share capital | |||||||||
| Issued and fully paid | |||||||||
| 2 Ordinary of £1 each | 2 | 2 | |||||||
| 6 | Reserves | ||||||||
| Profit and loss reserves | |||||||||
| Profit and loss reserves represents cumulative profit and loss, net of distribution to owners. | |||||||||