MFVD UK Limited
MFVD UK Limited
Registered number: 08887411
ABRIDGED Financial Statements
For The Year Ended
31 March 2020
HCB Accountants LLP
29 Wood Street
Stratford-upon-Avon
Warwickshire
CV37 6JG
MFVD UK Limited
Financial Statements
For The Year Ended
31 March 2020
Financial Statements
| Contents | |
| Page | |
|---|---|
| Abridged Balance Sheet | 1—2 |
| Notes to the Abridged Financial Statements | 3—5 |
MFVD UK Limited
Abridged Balance Sheet
As at
31 March 2020
Abridged Balance Sheet
Registered number:
08887411
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| CURRENT ASSETS | |||||
| Stocks |
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| Debtors |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
( |
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| NET LIABILITIES |
( |
( |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 4 |
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| Profit and Loss Account |
( |
( |
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| SHAREHOLDERS' FUNDS | (1,214,123) | (956,413) | |||
Page 1
MFVD UK Limited
Abridged Balance Sheet (continued)
As at
31 March 2020
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
-
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 March 2020 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
|
Director
|
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|
The notes on pages 3 to 5 form part of these financial statements.
Page 2
MFVD UK Limited
Notes to the Abridged Financial Statements
For The Year Ended
31 March 2020
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The accounts have been prepared on a break up basis rather than the going concern basis, since the shop closed at the end of December 2019, after which date the company has not traded.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
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| Fixtures & Fittings |
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| Office Equipment |
|
1.5.
Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2020 | 2019 | ||
|---|---|---|---|
| Office and administration |
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Page 3
MFVD UK Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 March 2020
3.
Tangible Assets
| Total | |
|---|---|
| £ | |
| Cost | |
| As at
|
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| Disposals |
( |
| As at
|
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| Depreciation | |
| As at
|
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| Disposals |
( |
| As at
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| Net Book Value | |
| As at
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| As at
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5.
Related Party Transactions
Dorshare Limited
(Parent)
During the year Dorshare Limited made an interest free loan to the company. The amount outstanding at the year end was £960,793 (2019 - £892,263).
Windows of Asia Limited
(A company under the common control of the director)
During the year there were purchases made from Windows of Asia Limited of £5,726 (2019 - 55,176). The amount outstanding at the year end was £260,274 (2019 - £245,754).
During the year company sold fixed assets and inventory of £151,581 to Windows of Asia. It also wrote off loans which were considered to be not recoverable. The loans written off amounted to £151,581.
Page 4
MFVD UK Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 March 2020
6.
General Information
MFVD UK Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08887411
. The registered office is 29 Wood Street, Stratford Upon Avon, Warwickshire, CV37 6JG.
Page 5