MINATRA_EUROPE_LIMITED_31_Mar_2021_companies_house_set_of_accounts.html
MINATRA_EUROPE_LIMITED_31_Mar_2021_companies_house_set_of_accounts.html
Company registration number:
CHARTERED CERTIFIED ACCOUNTANTS & CHARTERED TAX ADVISERS
16 KHARTOUM ROAD , ILFORD, IG1 2NP, United KingdomReport to the board of directors on the preparation of the unaudited statutory financial statements of MINATRA (EUROPE) LIMITED
Year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MINATRA (EUROPE) LIMITED for the year ended 31 March 2021 which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Members/Doc/rule/2018-rulebook.pdf.
This report is made solely to the Board of Directors of MINATRA (EUROPE) LIMITED , as a body. Our work has been undertaken solely to prepare for your approval the financial statements of MINATRA (EUROPE) LIMITED and state those matters that we have agreed to state to the Board of Directors of MINATRA (EUROPE) LIMITED , as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MINATRA (EUROPE) LIMITED and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that MINATRA (EUROPE) LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MINATRA (EUROPE) LIMITED . You consider that MINATRA (EUROPE) LIMITED is exempt from the statutory audit requirement for the year.
CHARTERED CERTIFIED ACCOUNTANTS & CHARTERED TAX ADVISERS
16 KHARTOUM ROAD ILFORDIG1 2NPUnited Kingdom
Date:
4 December 2021
Statement of Financial Position
2021 | 2020 | ||||
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Note | £ | £ | |||
Fixed assets | |||||
Intangible assets | 5 |
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Tangible assets | 6 |
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Current assets | |||||
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 8 |
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Net current assets |
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Total assets less current liabilities | 21,945 | 13,397 | |||
Capital and reserves | |||||
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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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.
These 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 4 December 2021 , and are signed on behalf of the board by:
Director |
Company registration number:
01982216
Notes to the Financial Statements
Year ended 31 March 2021
1 General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 42 LYNWOOD ROAD , LONDON , W5 1JJ , United Kingdom.
2 Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.
3 Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Current tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and accumulated impairment losses.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of the asset. Where a reliable estimate of the useful life of intangible assets cannot be made, the life is presumed not to exceed five years.
The carrying values of intangible assets are reviewed for impairment in a period if events or changes in circumstances indicate the carrying value may not be recoverable.
In the accounts the intangible asset is relating to Franchise Fees. This asset has not been amortised.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Other intangible assets |
Tangible assets
Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery | |
Motor vehicles |
Impairment
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.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4 Average number of employees
The average number of persons employed by the company during the year was 3 (2020: 3.00 ).
5 Intangible assets
Other intangible assets | ||
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£ | ||
Cost | ||
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Amortisation | ||
At |
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Carrying amount | ||
At |
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At 31 March 2020 |
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The intangible asset is relating to Franchise Fees paid by the company. No amortisation or impairment applied since there is no indication that the value of this asset is not recoverable.
6 Tangible assets
Plant and machinery etc. | ||
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£ | ||
Cost | ||
At |
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Additions |
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At |
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Depreciation | ||
At |
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Charge |
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At |
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Carrying amount | ||
At |
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At 31 March 2020 |
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7 Debtors
2021 | 2020 | |||
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£ | £ | |||
Trade debtors |
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Other debtors |
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8 Creditors: amounts falling due within one year
2021 | 2020 | |||
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£ | £ | |||
Trade creditors | - |
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Taxation and social security |
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Other creditors |
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The amount shown as other creditors includes the amount of £14,362 in 2021 (£12,536 in 2020) relating to directors' current account.
10 Controlling party
The ultimate controlling party at the end of the financial year was Mr B. E. Babakhan, who held 100% of the company’s share capital.