MOP (Portsmouth) Limited - Period Ending 2021-07-31
MOP (Portsmouth) Limited - Period Ending 2021-07-31
Registration number:
MOP (Portsmouth) Limited
for the Period from 1 May 2020 to 31 July 2021
MOP (Portsmouth) Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
MOP (Portsmouth) Limited
(Registration number: 11308719)
Balance Sheet as at 31 July 2021
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15 months ended |
Year ended |
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Fixed assets |
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Investment property |
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Current assets |
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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 |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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MOP (Portsmouth) Limited
(Registration number: 11308719)
Balance Sheet as at 31 July 2021
For the financial period ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Director
MOP (Portsmouth) Limited
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 31 July 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements have not been prepared on a going concern basis as the company was closed and liquidated shortly after the period end.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants are accounted for under the accruals model.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
MOP (Portsmouth) Limited
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 31 July 2021
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
MOP (Portsmouth) Limited
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 31 July 2021
Staff numbers |
The average number of persons employed by the company (including directors) during the period was
Investment properties |
15 months ended |
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At 1 May |
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Disposals |
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At 31 July |
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There has been no valuation of investment property by an independent valuer.
Debtors |
Note |
15 months ended |
Year ended |
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Receivables from related parties |
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Other debtors |
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MOP (Portsmouth) Limited
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 31 July 2021
Creditors |
Due within one year |
Note |
15 months ended |
Year ended |
Other creditors |
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Accruals |
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Corporation tax liability |
21,027 |
21,169 |
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Due after one year |
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Loans and borrowings |
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15 months ended |
Year ended |
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Due after more than five years |
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After more than five years not by instalments |
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Loans and borrowings |
15 months ended |
Year ended |
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Non-current loans and borrowings |
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Bank borrowings |
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MOP (Portsmouth) Limited
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 31 July 2021
Related party transactions |
Transactions with directors |
2021 |
At 1 May 2020 |
Advances to directors |
Repayments by director |
At 31 July 2021 |
R T Morris |
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J E B Oliver |
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Interest is charged on the loans at a commercial rate and the loans are repayable on demand.
Summary of transactions with other related parties
(A company in which R T Morris and J E B Oliver are directors and J E B Oliver is a person of significant control)
During the period OMPD Limited received a loan from the company. No interest is being charged on this loan. At the balance sheet date the amount due from OMPD Limited was £104,269 (2020 - £102,769).