Poseidon Outlets Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06496314 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2020

FOR

POSEIDON OUTLETS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

M Marinou

Mrs P Marinou

SECRETARY:

M Marinou

REGISTERED OFFICE:

573 Chester Road

Sutton Coldfield

Birmingham

West Midlands

B73 5HU

REGISTERED NUMBER:

06496314 (England and Wales)

ACCOUNTANTS:

A K Papadamou & Co

Accountants & Tax Advisors

573 Chester Road

Sutton Coldfield

West Midlands

B73 5HU

BANKERS:

Cynergy Bank

PO Box 17484

87 Chase Side

London

N14 5WH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,109

2,813

2,109

2,813

CURRENT ASSETS

Debtors

6

24,644

25,142

Cash at bank

4,434

3,536

29,078

28,678

CREDITORS

Amounts falling due within one year

7

16,406

27,717

NET CURRENT ASSETS

12,672

961

TOTAL ASSETS LESS CURRENT LIABILITIES

14,781

3,774

CREDITORS

Amounts falling due after more than one year

8

17,943

25,779

NET LIABILITIES

(3,162

)

(22,005

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(4,162

)

(23,005

)

SHAREHOLDERS' FUNDS

(3,162

)

(22,005

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 March 2020 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.

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 25 January 2021 and were signed on its behalf by:

M Marinou - Director

1.	STATUTORY INFORMATION

Poseidon Outlets 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 31 March 2019

and 30 March 2020

211,200

AMORTISATION

At 31 March 2019

and 30 March 2020

211,200

NET BOOK VALUE

At 30 March 2020

-

At 30 March 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 31 March 2019

and 30 March 2020

23,201

DEPRECIATION

At 31 March 2019

20,388

Charge for year

704

At 30 March 2020

21,092

NET BOOK VALUE

At 30 March 2020

2,109

At 30 March 2019

2,813

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

2,000

2,000

Directors' current accounts

22,644

23,142

24,644

25,142

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

6,913

5,990

Trade creditors

-

1

Tax

4,859

16,524

Accrued expenses

4,634

5,202

16,406

27,717

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

7,377

5,340

Bank loans - 2-5 years

10,566

15,460

Bank loans more 5 yr by instal

-

4,979

17,943

25,779

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

4,979

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

24,856

31,769

Bank loan has been secured personally by the directors.