MEC LONDON LIMITED 31/03/2022 iXBRL

MEC LONDON LIMITED 31/03/2022 iXBRL

MEC LONDON LIMITED - Company Information

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Company registration number: 5389421
MEC LONDON LIMITED
Unaudited filleted financial statements
31 March 2022
MEC LONDON LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
MEC LONDON LIMITED
Directors and other information
Directors Mr Paul Kelly
Mr Ian Conroy
Secretary Linda Kelly
Company number 5389421
Registered office 70-72 Victoria Road
Ruislip Manor
Middlesex
HA4 0AH
Business address Crows Nest Farm
Breakspear Road South
Harefield
Middlesex
UB9 6LT
Accountants Ashburns Accountants Ltd
70-72 Victoria Road
Ruislip Manor
Middlesex
HA4 0AH
MEC LONDON LIMITED
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of MEC LONDON LIMITED
Year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MEC LONDON LIMITED for the year ended 31 March 2022 which comprise the statement of financial position, statement of changes in equity and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of MEC LONDON LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of MEC LONDON LIMITED and state those matters that we have agreed to state to the board of directors of MEC LONDON LIMITED as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MEC LONDON LIMITED and its board of directors as a body for our work or for this report.
It is your duty to ensure that MEC LONDON 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 profit of MEC LONDON LIMITED. You consider that MEC LONDON 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 MEC LONDON 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.
Ashburns Accountants Ltd
Chartered Accountants
70-72 Victoria Road
Ruislip Manor
Middlesex
HA4 0AH
MEC LONDON LIMITED
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 30,272 18,305
_______ _______
30,272 18,305
Current assets
Stocks 19,703 21,992
Debtors 6 59,994 85,277
Cash at bank and in hand 108,786 62,334
_______ _______
188,483 169,603
Creditors: amounts falling due
within one year 7 ( 157,262) ( 123,985)
_______ _______
Net current assets 31,221 45,618
_______ _______
Total assets less current liabilities 61,493 63,923
Creditors: amounts falling due
after more than one year 8 ( 48,006) ( 50,000)
Provisions for liabilities - ( 3,478)
_______ _______
Net assets 13,487 10,445
_______ _______
Capital and reserves
Called up share capital 99 99
Profit and loss account 13,388 10,346
_______ _______
Shareholders funds 13,487 10,445
_______ _______
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 October 2022 , and are signed on behalf of the board by:
Mr Paul Kelly
Director
Company registration number: 5389421
MEC LONDON LIMITED
Statement of changes in equity
Year ended 31 March 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2020 99 69,013 69,112
Profit for the year 58,333 58,333
_______ _______ _______
Total comprehensive income for the year - 58,333 58,333
Dividends paid and payable ( 117,000) ( 117,000)
_______ _______ _______
Total investments by and distributions to owners - ( 117,000) ( 117,000)
_______ _______ _______
At 31 March 2021 and 1 April 2021 99 10,346 10,445
Profit for the year 73,042 73,042
_______ _______ _______
Total comprehensive income for the year - 73,042 73,042
Dividends paid and payable ( 70,000) ( 70,000)
_______ _______ _______
Total investments by and distributions to owners - ( 70,000) ( 70,000)
_______ _______ _______
At 31 March 2022 99 13,388 13,487
_______ _______ _______
MEC LONDON LIMITED
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 70-72 Victoria Road, Ruislip Manor, Middlesex, HA4 0AH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2021: 5 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2021 6,850 7,877 35,474 50,201
Additions - - 19,285 19,285
_______ _______ _______ _______
At 31 March 2022 6,850 7,877 54,759 69,486
_______ _______ _______ _______
Depreciation
At 1 April 2021 5,838 4,896 21,162 31,896
Charge for the year 152 447 6,719 7,318
_______ _______ _______ _______
At 31 March 2022 5,990 5,343 27,881 39,214
_______ _______ _______ _______
Carrying amount
At 31 March 2022 860 2,534 26,878 30,272
_______ _______ _______ _______
At 31 March 2021 1,012 2,981 14,312 18,305
_______ _______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 59,894 85,277
Other debtors 100 -
_______ _______
59,994 85,277
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 50,608 35,413
Corporation tax 18,451 16,501
Social security and other taxes 48,178 22,905
Other creditors 40,025 49,166
_______ _______
157,262 123,985
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 42,094 50,000
Other creditors 5,912 -
_______ _______
48,006 50,000
_______ _______
9. Controlling party
There is no overall control by any shareholder.