Company Registration No. 09501074 (England and Wales)
Mr Bao Limited
Unaudited accounts
for the year ended 31 March 2020
Mr Bao Limited
Unaudited accounts
Contents
Mr Bao Limited
Company Information
for the year ended 31 March 2020
Directors
Francis Yeung
Nicholas Birkett
Abhinav Malde
Company Number
09501074 (England and Wales)
Registered Office
293 Rye Lane
Peckham
London
SE15 4UA
Accountants
Bromley Consultancy Ltd trading as Bromley Accounting
8 Lilah Mews
Bromley
Kent
BR2 0BZ
Mr Bao Limited
Statement of financial position
as at 31 March 2020
Tangible assets
95,991
72,410
Cash at bank and in hand
53,742
157,527
Creditors: amounts falling due within one year
(179,042)
(249,426)
Net current assets
117,801
142,504
Total assets less current liabilities
213,793
214,915
Creditors: amounts falling due after more than one year
-
(19,900)
Provisions for liabilities
Deferred tax
(8,070)
(10,881)
Net assets
205,723
184,134
Called up share capital
1
1
Profit and loss account
205,722
184,133
Shareholders' funds
205,723
184,134
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2021 and were signed on its behalf by
Francis Yeung
Director
Company Registration No. 09501074
Mr Bao Limited
Notes to the Accounts
for the year ended 31 March 2020
Mr Bao Limited is a private company, limited by shares, registered in England and Wales, registration number 09501074. The registered office is 293 Rye Lane, Peckham, London, SE15 4UA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The company has taken advantage of the option not to prepare consolidated financial statements contained in section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertaking comprise a small group.
After due consideration, the directors do not expect that COVID-19 will impact the company's operations to the extent that it would cast doubt on the ability of the company to continue as a going concern.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
4 years straight-line
Fixtures & fittings
4 years straight-line
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Mr Bao Limited
Notes to the Accounts
for the year ended 31 March 2020
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.
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Contributions to defined contribution plans are expensed in the period to which they relate.
Government grants of a revenue nature are credited to the profit and loss account in the same period as the related expenditure.
4
Tangible fixed assets
Total
Charge for the year
18,690
Mr Bao Limited
Notes to the Accounts
for the year ended 31 March 2020
Allotted, called up and fully paid:
100 Ordinary shares of £0.01 each
1
1
6
Operating lease commitments
2020
2019
At 31 March 2020 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
More than five years
619,167
656,667
7
Transactions with related parties
Included within debtors is £191,532 (2019 - £188,783) due from group undertakings and included within creditors: amounts falling due within one year is £101,486 (2019 - £112,050) due to group undertakings. No interest has been applied to the balances.
Mr Bao Holdings Limited is the parent company and its registered address is 293 Rye Lane, London, United Kingdom, SE15 4UA.
9
Average number of employees
During the year the average number of employees was 22 (2019: 22).
