Mad Harry's Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09136333 (England and Wales)

MAD HARRY'S LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

Mrs A Arabin

R S Arabin

REGISTERED OFFICE:

27-29 Lumley Avenue

Skegness

Lincolnshire

PE25 2AT

REGISTERED NUMBER:

09136333 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

27-29 Lumley Avenue

Skegness

Lincolnshire

PE25 2AT

BANKERS:

National Westminster Bank Plc

97 Lumley Road

Skegness

Lincolnshire

PE25 3LY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

5,248

6,236

5,248

6,236

CURRENT ASSETS

Stocks

82,500

95,800

Debtors

6

7,699

-

Cash at bank and in hand

38,331

18,994

128,530

114,794

CREDITORS

Amounts falling due within one year

7

43,725

64,226

NET CURRENT ASSETS

84,805

50,568

TOTAL ASSETS LESS CURRENT LIABILITIES

90,053

56,804

PROVISIONS FOR LIABILITIES

802

949

NET ASSETS

89,251

55,855

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

89,151

55,755

SHAREHOLDERS' FUNDS

89,251

55,855

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 21 July 2022 and were signed on its behalf by:

R S Arabin - Director

1.	STATUTORY INFORMATION

Mad Harry's 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Tangible fixed assets are held at cost less depreciation.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2020

and 31 July 2021

20,000

AMORTISATION

At 1 August 2020

and 31 July 2021

20,000

NET BOOK VALUE

At 31 July 2021

-

At 31 July 2020

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2020

and 31 July 2021

13,337

DEPRECIATION

At 1 August 2020

7,101

Charge for year

988

At 31 July 2021

8,089

NET BOOK VALUE

At 31 July 2021

5,248

At 31 July 2020

6,236

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

7,699

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

14,056

29,737

Taxation and social security

14,578

5,055

Other creditors

15,091

29,434

43,725

64,226

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

35,000

35,000

Between one and five years

14,583

49,583

49,583

84,583

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

39

Ordinary A

£1

39

39

51

Ordinary B

£1

51

51

10

Redeemable C

£1

10

10

100

100

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The Directors have provided an interest free loan to the company of £13,191 (2020: 27,621).