My Day Feeds Limited - Period Ending 2020-08-31
My Day Feeds Limited - Period Ending 2020-08-31
Registration number:
My Day Feeds Limited
for the Year Ended 31 August 2020
My Day Feeds Limited
(Registration number: 05523373)
Balance Sheet as at 31 August 2020
Note |
2020 |
2019 |
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Current assets |
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Stocks |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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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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Shareholders' deficit |
( |
( |
For the financial year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her 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
Director
My Day Feeds Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Whitehall Farm
Luffenhall
Hertfordshire
SG2 7PX
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the balance sheet date the company had net current liabilities of £66,556 (2019: £66,620) and retained losses of £66,656 (2019: £66,720). The director has pledged to continue to financially support the company for the foreseeable future. On this basis, the director feels it is appropriate to prepare these financial statements on a going concern basis.
My Day Feeds Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods. 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.
Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33.33% straight line |
Fixtures, fittings & equipment |
25% straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patents |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
My Day Feeds Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Trade debtors
Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.
Trade debtors are recognised at the transaction price.
Trade debtors are reviewed on an annual basis for bad debts, these are written off through the profit and loss account accordingly.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 at the transaction price.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
My Day Feeds Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 September 2019 |
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At 31 August 2020 |
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Amortisation |
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At 1 September 2019 |
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At 31 August 2020 |
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Carrying amount |
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At 31 August 2020 |
- |
- |
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 September 2019 |
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Disposals |
( |
( |
At 31 August 2020 |
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Depreciation |
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At 1 September 2019 |
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Eliminated on disposal |
( |
( |
At 31 August 2020 |
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Carrying amount |
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At 31 August 2020 |
- |
- |
Stocks |
2020 |
2019 |
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Other inventories |
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My Day Feeds Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Debtors |
2020 |
2019 |
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Trade debtors |
- |
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Prepayments |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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My Day Feeds Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Bank overdrafts |
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There is no security held over the bank overdraft facility.
Related party transactions |
At the balance sheet date the company was owed £58,202 (2019: £59,504) from Jane Kingsley, the director. This loan is repayable on demand and no interest is charged.
Controlling party |
The ultimate controlling party is
Non adjusting events after the financial period |
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