MAILAFRICA LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03116478 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2020

FOR

MAILAFRICA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

L M G Piddington

Miss C Van Der Heyden

REGISTERED OFFICE:

Fiscal House

367 London Road

Camberley

Surrey

GU15 3HQ

REGISTERED NUMBER:

03116478 (England and Wales)

ACCOUNTANTS:

Sowerbutts and Co Ltd

Fiscal House

367 London Road

Camberley

Surrey

GU15 3HQ

FIXED ASSETS

Tangible assets

4

19,526

11,487

CURRENT ASSETS

Debtors

5

672,985

812,447

Cash at bank

73,287

167,635

746,272

980,082

CREDITORS

Amounts falling due within one year

6

295,588

521,365

NET CURRENT ASSETS

450,684

458,717

TOTAL ASSETS LESS CURRENT LIABILITIES

470,210

470,204

PROVISIONS FOR LIABILITIES

7

3,635

2,090

NET ASSETS

466,575

468,114

CAPITAL AND RESERVES

Called up share capital

8

210

210

Capital redemption reserve

10

10

Retained earnings

466,355

467,894

SHAREHOLDERS' FUNDS

466,575

468,114

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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 22nd March 2021 and were signed on its behalf by:

L M G Piddington - Director

1.	STATUTORY INFORMATION

MAILAFRICA 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

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

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

Improvements to property

-

20% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Government grants

Government grants are accounted for in the period of receipt. The grants received are all coronavirus related.

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.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits

The company has a stakeholder pension scheme, The MailAfrica Stakeholder Scheme, as well as a defined contribution scheme. All contributions to these pension schemes are being charged in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1st July 2019

60,094

7,577

12,138

36,050

115,859

Additions

3,954

1,160

-

10,079

15,193

At 30th June 2020

64,048

8,737

12,138

46,129

131,052

DEPRECIATION

At 1st July 2019

51,178

7,577

12,138

33,479

104,372

Charge for year

4,057

232

-

2,865

7,154

At 30th June 2020

55,235

7,809

12,138

36,344

111,526

NET BOOK VALUE

At 30th June 2020

8,813

928

-

9,785

19,526

At 30th June 2019

8,916

-

-

2,571

11,487

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/20

30/6/19

£

£

Trade debtors

103,846

248,542

Other debtors

569,139

563,905

672,985

812,447

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/20

30/6/19

£

£

Trade creditors

255,822

489,853

Taxation and social security

8,132

784

Other creditors

31,634

30,728

295,588

521,365

7.	PROVISIONS FOR LIABILITIES

30/6/20

30/6/19

£

£

Deferred tax

3,635

2,090

Deferred

tax

£

Balance at 1st July 2019

2,090

Accelerated capital allowances

1,545

Balance at 30th June 2020

3,635

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/6/20

30/6/19

value:

£

£

200

Ordinary

£1

200

200

100

B Ordinary

10p

10

10

210

210

9.	ULTIMATE CONTROLLING PARTY

From 19.07.2014 the company was ultimately controlled by the parent company Afri-mail Limited.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MAILAFRICA LIMITED for the year ended 30th June 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of MAILAFRICA LIMITED, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MAILAFRICA LIMITED and state those matters that we have agreed to state to the Board of Directors of MAILAFRICA LIMITED, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MAILAFRICA LIMITED and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that MAILAFRICA LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of MAILAFRICA LIMITED. You consider that MAILAFRICA LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of MAILAFRICA LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sowerbutts and Co Ltd

Fiscal House

367 London Road

Camberley

Surrey

GU15 3HQ

Date: .............................................