Mybond Pawnbrokers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02526856 (England and Wales)

Financial Statements for the Year Ended 31 March 2021

for

Mybond Pawnbrokers Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A R Winegarten

R Winegarten

SECRETARY:

A R Winegarten

REGISTERED OFFICE:

90 Camden High Street

London

NW1 0LT

REGISTERED NUMBER:

02526856 (England and Wales)

ACCOUNTANTS:

Grunberg & Co Limited

Chartered Accountants

5 Technology Park

Colindeep Lane

Colindale

London

NW9 6BX

FIXED ASSETS

Tangible assets

4

7,804

11,414

CURRENT ASSETS

Stocks

9,894

30,068

Debtors

5

1,093,029

1,554,955

Cash at bank and in hand

1,091,590

376,024

2,194,513

1,961,047

CREDITORS

Amounts falling due within one year

6

147,991

95,451

NET CURRENT ASSETS

2,046,522

1,865,596

TOTAL ASSETS LESS CURRENT LIABILITIES

2,054,326

1,877,010

PROVISIONS FOR LIABILITIES

1,483

2,169

NET ASSETS

2,052,843

1,874,841

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

2,051,843

1,873,841

SHAREHOLDERS' FUNDS

2,052,843

1,874,841

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 July 2021 and were signed on its behalf by:

R Winegarten - Director

1.	STATUTORY INFORMATION

Mybond Pawnbrokers 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 and represents amounts receivable for goods and services and interest income provided in the normal course of business, net of discounts, VAT and other sales-related taxes

Interest receivable on loans is recognised as interest accrues by reference to the principal outstanding and the effective interest rate applicable, which is the rate that discounts the estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount.

Revenue on the sale of second hand goods is recognised at the point of sale.

Tangible fixed assets

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

Short leasehold improvements

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33.3% on cost

Tangible fixed assets are stated at historical costs less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Gain and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Government grants

The company recognises government grants received relating to the Coronavirus Job Retention Scheme on an accruals basis. The grants are recognised in the Income Statement over the period in which the company recognises the related costs for which the grant is intended to compensate. Coronavirus Business Support grants are recognised at the point of receipt.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in first out basis.

At each balance sheet date, stocks are assessed for impairment. If stocks are impaired the carrying amount is reduced to its selling price less cost to complete and sell. The impairment loss is recognised in profit or loss.

Financial instruments

The Company only enters into basic financial instruments 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 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 evidence of impairment is found, an impairment loss is recognised in profit or loss.

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.

Debtors

Debtors represent amounts due from customers in the normal course of business. Trade debtors include debtors pledge receivables which are interest bearing. The accrued interest arising on these interest bearing assets is included in prepayments and accrued income using the effective interest method. All other amounts which are not interest bearing are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts, which are charged to the Profit and Loss account.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Termination benefits

Termination benefits are charged to the profit and loss account in the period that the company has demonstrably committed to making the redundancies, without realistic possibility of withdrawal. Termination benefits are recognised according to the expected level of expenditure required to settle the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Short

Fixtures

leasehold

and

Computer

improvements

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2020

and 31 March 2021

8,514

115,718

72,477

196,709

DEPRECIATION

At 1 April 2020

8,383

107,271

69,641

185,295

Charge for year

20

1,261

2,329

3,610

At 31 March 2021

8,403

108,532

71,970

188,905

NET BOOK VALUE

At 31 March 2021

111

7,186

507

7,804

At 31 March 2020

131

8,447

2,836

11,414

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

993,295

1,463,455

Other debtors

9,110

9,110

Prepayments and accrued income

90,624

82,390

1,093,029

1,554,955

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Corporation tax

59,344

43,919

Directors' current accounts

1,865

1,637

Deferred income

37,503

44,175

Accrued expenses

49,279

5,720

147,991

95,451

7.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

87,500

87,500

Between one and five years

97,245

184,745

184,745

272,245