Maltby & Greek Wholesale Limited Filleted accounts for Companies House (small and micro)

MALTBY & GREEK WHOLESALE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08810322

MALTBY & GREEK WHOLESALE LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2021

MALTBY & GREEK WHOLESALE LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

MALTBY & GREEK WHOLESALE LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr I Chatziioannou
	Mr A Luoma
	Miss E Papanikolaou
	Mr S Kokotos
	Mr V Bacolitsas

Registered office	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7-12 Tavistock Square
	London WC1H 9BQ

MALTBY & GREEK WHOLESALE LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2021

	2021		2020
Note	£	£	£	£

FIXED ASSETS

Tangible assets	4	112,035	56,013
Investments	5	1	–
		---------	--------
		112,036	56,013

CURRENT ASSETS

Stocks		235,877	177,841
Debtors	6	133,479	158,735
Cash at bank and in hand		14,554	4,939
		---------	---------
		383,910	341,515

CREDITORS: Amounts falling due within one year	7	191,375		223,166
		---------		---------
NET CURRENT ASSETS			192,535		118,349
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			304,571		174,362

CREDITORS: Amounts falling due after more than one year	8	47,549	–
		---------	---------
NET ASSETS		257,022	174,362
		---------	---------

CAPITAL AND RESERVES

Called up share capital	361	355
Share premium account	547,221	522,222
Profit and loss account	( 290,560)	( 348,215)
	---------	---------
SHAREHOLDERS FUNDS	257,022	174,362
	---------	---------

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 income statement has not been delivered.

For the year ending 31 March 2021 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 .

MALTBY & GREEK WHOLESALE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 15 October 2021 , and are signed on behalf of the board by:

Mr I Chatziioannou

Director

Company registration number: 08810322

MALTBY & GREEK WHOLESALE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7 - 12 Tavistock Square, London, WC1H 9BQ.

2. 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.

Revenue recognition

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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Fixtures and fittings	-	20% straight line
Motor Vehicles	-	20% straight line
Equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its present location and condition.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2020: 8 ).

4. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2020	68,469	19,325	269	88,063
Additions	78,144	–	–	78,144
	---------	--------	----	---------
At 31 March 2021	146,613	19,325	269	166,207
	---------	--------	----	---------
Depreciation
At 1 April 2020	26,628	5,153	269	32,050
Charge for the year	18,179	3,943	–	22,122
	---------	--------	----	---------
At 31 March 2021	44,807	9,096	269	54,172
	---------	--------	----	---------
Carrying amount
At 31 March 2021	101,806	10,229	–	112,035
	---------	--------	----	---------
At 31 March 2020	41,841	14,172	–	56,013
	---------	--------	----	---------

5. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2020	–
Additions	1
	----
At 31 March 2021	1
	----
Impairment
At 1 April 2020 and 31 March 2021	–
	----

Carrying amount
At 31 March 2021	1
	----
At 31 March 2020	–
	----

6. Debtors

	2021	2020
	£	£
Trade debtors	54,171	120,418
Other debtors	79,308	38,317
	---------	---------
	133,479	158,735
	---------	---------

7. Creditors: Amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	25,417	535
Trade creditors	109,029	149,238
Social security and other taxes	14,742	18,728
Other creditors	42,187	54,665
	---------	---------
	191,375	223,166
	---------	---------

8. Creditors: Amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	47,549	–
	--------	----

9. Related party transactions

The company has taken advantage of the exemption allowed under the Financial Reporting Standard 102 not to disclose related party transactions between wholly owned members of the same group of companies.