OUTSTANDING MAP DISTRIBUTORS LTD - Filleted accounts

OUTSTANDING MAP DISTRIBUTORS LTD - Filleted accounts

OUTSTANDING MAP DISTRIBUTORS LTD - Company Information

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Registered number
05598151
OUTSTANDING MAP DISTRIBUTORS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 JULY 2020
PAGES FOR FILING WITH REGISTRAR
OUTSTANDING MAP DISTRIBUTORS LTD
CONTENTS
Page
Balance sheet 1 - 2
Notes to the financial statements 3 - 8
OUTSTANDING MAP DISTRIBUTORS LTD
Balance Sheet
as at 28 July 2020
Company Registration No. 05598151
Notes 2020 2019
£ £
Fixed assets
Intangible assets 3 6,001 8,001
Tangible assets 4 60,602 65,977
Investments 5 113,488 113,488
180,091 187,466
Current assets
Stocks 279,737 294,460
Debtors 6 591,264 748,518
Cash at bank and in hand 245 379
871,246 1,043,357
Creditors: amounts falling due within one year 7 (298,289) (478,737)
Net current assets 572,957 564,620
Total assets less current liabilities 753,048 752,086
Creditors: amounts falling due after more than one year 8 (524,869) (524,807)
Net assets 228,179 227,279
Capital and reserves
Called up share capital 2 2
Profit and loss account 228,177 227,277
Shareholders' funds 228,179 227,279
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an 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 Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies' regime. The profit and loss account has not been delivered to the Registrar of Companies.
…………………………………..
Cornelia Thompson
Director
Approved by the board on 28 July 2021
OUTSTANDING MAP DISTRIBUTORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 31 JULY 2019 TO 28 JULY 2020
1 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to the small companies regime. The disclosure requirements of section 1A have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below.
Going concern
The UK economy is currently facing unprecedented uncertainty about the impact of the COVID-19 pandemic, together with the extent and duration of social distancing measures imposed by the UK Government. The directors have foreseen the challenges in the coming months and considered carefully the potential impact of these matters. In taking into account available cash resources (including access to existing financing facilities) and the extent of support provided by the UK Government announced as of the date of signing these financial statements, the directors have continued to adopt the going concern basis of accounting.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 20% straight line
Fixed asset Investments
Interest in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest where the company has significant influence. The company considers that it has significant influence where it has the power to participate the financial and operating decisions of the associate.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost include all costs incurred in bringing the stocks to their present location and condition. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial instruments
The company only enters into basic financial statements transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried amortised cost using effective interest method, less any impairment.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method. Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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 profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of the assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Retirement benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 9 9
3 Intangible fixed assets £
Goodwill:
Cost
At 31 July 2019 311,668
At 28 July 2020 311,668
Amortisation
At 31 July 2019 303,667
Provided during the period 2,000
At 28 July 2020 305,667
Net book value
At 28 July 2020 6,001
At 30 July 2019 8,001
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Fixtures, fittings and equipment Total
£ £ £
Cost
At 31 July 2019 32,244 253,221 285,465
Additions - 9,042 9,042
At 28 July 2020 32,244 262,263 294,507
Depreciation
At 31 July 2019 - 219,488 219,488
Charge for the period - 14,417 14,417
At 28 July 2020 - 233,905 233,905
Net book value
At 28 July 2020 32,244 28,358 60,602
At 30 July 2019 32,244 33,733 65,977
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 31 July 2019 113,488
At 28 July 2020 113,488
6 Debtors 2020 2019
£ £
Trade debtors 197,668 278,703
Intercompany account - Yellow Publications Ltd - 44,434
Other taxes and social security 1,944 -
Other debtors 391,652 425,381
591,264 748,518
7 Creditors: amounts falling due within one year 2020 2019
£ £
Bank loans and overdrafts 30,246 19,303
Trade creditors 206,624 439,430
Director's account 8,174 204
Other taxes and social security costs - 8,803
Intercompany account - Yellow Publications Ltd 33,631 -
Other creditors 19,614 10,997
298,289 478,737
8 Creditors: amounts falling due after one year 2020 2019
£ £
Loans 524,869 524,807
9 Other information
Outstanding Map Distributors Ltd is a private company limited by shares and incorporated in England and Wales. The registered office is: 37 Warren Street, London, W1T 6AD.
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