ACCOUNTS - Final Accounts preparation

MARTIN JAMES LONDON (RETAIL) LIMITED - Company Information

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Registered number: 06620001

MARTIN JAMES LONDON (RETAIL) LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2021

MARTIN JAMES LONDON (RETAIL) LIMITED

REGISTERED NUMBER: 06620001

STATEMENT OF FINANCIAL POSITION

AS AT 31 JANUARY 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	33,858		124,963
Cash at bank and in hand	5	26,923		50,409
		60,781		175,372
Creditors: amounts falling due within one year	6	(118,882)		(154,246)
Net current (liabilities)/assets			(58,101)		21,126
Total assets less current liabilities			(58,101)		21,126

Net (liabilities)/assets			(58,101)		21,126

Capital and reserves
Called up share capital	1	1
Profit and loss account	(58,102)	21,125
	(58,101)	21,126

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MARTIN JAMES LONDON (RETAIL) LIMITED

REGISTERED NUMBER: 06620001

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JANUARY 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 October 2021.

................................................

M J Stephenson

Director

The notes on pages 3 to 6 form part of these financial statements.

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MARTIN JAMES LONDON (RETAIL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

1.	General information

The legal form of the entity is a private company limited by share capital incorporated in England and
Wales and the registered address of the company is situated at Unit 3, Bradburys Court, Lyon Road,
Harrow HA1 2BY.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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MARTIN JAMES LONDON (RETAIL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

2.Accounting policies (continued)

2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Financial instruments

Investments in non-derivative instruments that are equity to the issuer are measured:

∙at fair value with changes recognised in the Statement of Comprehensive Income if the shares

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MARTIN JAMES LONDON (RETAIL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

2.Accounting policies (continued)

2.10

Financial instruments (continued)

are publicly traded or their fair value can otherwise be measured reliably;

∙at cost less impairment for all other investments.

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 the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 1).

Debtors

					2021	2020
					£	£


Trade debtors	-	88,415
Amounts owed by group undertakings	33,858	36,548
	33,858	124,963

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MARTIN JAMES LONDON (RETAIL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

4.Debtors (continued)

5.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	26,923	50,409
	26,923	50,409

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	2,712	6,931
Amounts owed to group undertakings	106,195	106,195
Corporation tax	-	11,613
Other taxation and social security	3,031	23,862
Other creditors	144	143
Accruals and deferred income	6,800	5,502
	118,882	154,246

7.	Financial instruments
		2021	2020
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	26,923	50,409

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