Munroes (Upholstery) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06960638 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2020

for

Munroes (Upholstery) Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D L Munroe

REGISTERED OFFICE:

22-28 Willow Street

Accrington

Lancashire

BB5 1LP

BUSINESS ADDRESS:

Hibberts Farm

44 Broadfield

Fielding Lane

Oswaldtwistle

Lancashire

BB5 3RY

REGISTERED NUMBER:

06960638 (England and Wales)

ACCOUNTANTS:

Mayes Business Partnership Ltd

Chartered Certified Accountants

22-28 Willow Street

Accrington

Lancashire

BB5 1LP

FIXED ASSETS

Tangible assets

4

7,728

9,013

CURRENT ASSETS

Stocks

9,280

-

Debtors

832

5,844

Cash at bank and in hand

102,341

73,281

112,453

79,125

CREDITORS

Amounts falling due within one year

19,075

8,633

NET CURRENT ASSETS

93,378

70,492

TOTAL ASSETS LESS CURRENT LIABILITIES

101,106

79,505

PROVISIONS FOR LIABILITIES

1,468

1,707

NET ASSETS

99,638

77,798

CAPITAL AND RESERVES

Called up share capital

5

1

1

Retained earnings

99,637

77,797

SHAREHOLDERS' FUNDS

99,638

77,798

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 13 January 2021 and were signed by:

D L Munroe - Director

1.	STATUTORY INFORMATION

Munroes (Upholstery) Limited 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.

Turnover

The company provides upholstery services to businesses and individuals. Revenue is recognised in the accounting period in which the services are rendered when the outcome of contract can be estimated reliably. The company uses the percentage of completion method based on the actual service performed as a percentage of the total services to be provided.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Computer equipment

-

15% on reducing balance

Government grants

Covid-19 grants provided by the government are revenue-based grants and have been accounted for using the Accrual model. The grant has been recognised as income on a systematic basis over the period in which the entity recognises the related loss for which the grant is intended to compensate.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2019

21,042

Additions

80

At 31 July 2020

21,122

DEPRECIATION

At 1 August 2019

12,029

Charge for year

1,365

At 31 July 2020

13,394

NET BOOK VALUE

At 31 July 2020

7,728

At 31 July 2019

9,013

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/7/20

31/7/19

value:

£

£

1

Ordinary

1

1

1