Multichannelmachine Limited - Period Ending 2016-12-31

Registration number: 08639354

Multichannelmachine Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Brookes Sivyer
Chartered Accountants
154 Mount Wise
Newquay
Cornwall
TR7 1QP

Multichannelmachine Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4 to 5
Statement of Changes in Equity	6
Notes to the Financial Statements	7 to 13

Multichannelmachine Limited

Company Information

Directors

Mr N Kent Mr W I Lanyon

Registered office

70 Church Street Reigate Surrey RH2 0SP

Accountants

Brookes Sivyer Chartered Accountants 154 Mount Wise Newquay Cornwall TR7 1QP

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Multichannelmachine Limited
for the Year Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Multichannelmachine Limited for the year ended 31 December 2016 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Multichannelmachine Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Multichannelmachine Limited and state those matters that we have agreed to state to the Board of Directors of Multichannelmachine Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Multichannelmachine Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Multichannelmachine Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Multichannelmachine Limited. You consider that Multichannelmachine Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Multichannelmachine Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Brookes Sivyer
Chartered Accountants
154 Mount Wise
Newquay
Cornwall
TR7 1QP

31 January 2017

Page 2

Multichannelmachine Limited

Statement of Comprehensive Income for the Year Ended 31 December 2016

	Note	2016 £	2015 £
Profit for the year		16,207	9,593
Total comprehensive income for the year		16,207	9,593

The notes on pages 7 to 13 form an integral part of these financial statements.

Page 3

Multichannelmachine Limited

(Registration number: 08639354)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	-	666
Current assets
Debtors	5	19,490	34,453
Cash at bank and in hand		12,934	4,186
		32,424	38,639
Creditors: Amounts falling due within one year	6	(18,909)	(33,397)
Net current assets		13,515	5,242
Net assets		13,515	5,908
Capital and reserves
Called up share capital		100	100
Profit and loss account		13,415	5,808
Total equity		13,515	5,908

For the financial year ending 31 December 2016 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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.

The notes on pages 7 to 13 form an integral part of these financial statements.

Page 4

Multichannelmachine Limited

(Registration number: 08639354)
Balance Sheet as at 31 December 2016

Approved and authorised by the Board on 31 January 2017 and signed on its behalf by:
 

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

Mr N Kent

Director

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

Mr W I Lanyon

Director

The notes on pages 7 to 13 form an integral part of these financial statements.

Page 5

Multichannelmachine Limited

Statement of Changes in Equity for the Year Ended 31 December 2016

	Share capital £	Profit and loss account £	Total £
At 1 January 2016	100	5,808	5,908
Profit for the year	-	16,207	16,207
Total comprehensive income	-	16,207	16,207
Dividends	-	(8,600)	(8,600)
At 31 December 2016	100	13,415	13,515

	Share capital £	Profit and loss account £	Total £
At 1 January 2015	100	(3,785)	(3,685)
Profit for the year	-	9,593	9,593
Total comprehensive income	-	9,593	9,593
At 31 December 2015	100	5,808	5,908

The notes on pages 7 to 13 form an integral part of these financial statements.

Page 6

Multichannelmachine Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
70 Church Street
Reigate
Surrey
RH2 0SP

These financial statements were authorised for issue by the Board on 31 January 2017.

2	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 except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position 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% Straight Line Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Page 7

Multichannelmachine Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2015 - 2).

Page 8

Multichannelmachine Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2016	2,000	2,000
At 31 December 2016	2,000	2,000
Depreciation
At 1 January 2016	1,334	1,334
Charge for the year	666	666
At 31 December 2016	2,000	2,000
Carrying amount
At 31 December 2016	-	-
At 31 December 2015	666	666

5

Debtors

	2016 £	2015 £
Trade debtors	19,490	29,005
Other debtors	-	5,448
Total current trade and other debtors	19,490	34,453

6

Creditors

	Note	2016 £	2015 £
Due within one year
Bank loans and overdrafts	7	9,468	146
Taxation and social security		2,364	850
Other creditors		7,077	32,401
		18,909	33,397

7	Loans and borrowings

	2016 £	2015 £
Current loans and borrowings
Other borrowings	9,468	146

Page 9

Multichannelmachine Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

8

Dividends

	2016	2015
	£	£
Interim dividend of £86.00 (2015 - £Nil) per ordinary share	8,600	-

9	Related party transactions

Transactions with directors

2016	At 1 January 2016 £	Repayments by director £	At 31 December 2016 £
Mr W I Lanyon
Loan to Director	5,448	(5,448)	-

2015	Advances to directors £	At 31 December 2015 £
Mr W I Lanyon
Loan to Director	5,448	5,448

Directors' remuneration

The directors' remuneration for the year was as follows:

	2016 £	2015 £
Remuneration	17,700	20,000

Dividends paid to directors

	2016 £	2015 £
Mr N Kent
Dividends	4,128	-
Mr W I Lanyon
Dividends	4,128	-

Other transactions with directors

Messrs N D Kent and W I Lanyon have lent money to the Company of £7,257 and £2,210 respectively (2015 - Mr N D Kent £146) .

Page 10

Multichannelmachine Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

10	Transition to FRS 102

Balance Sheet at 1 January 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		1,332	-	-	1,332
Current assets
Debtors		5,343	-	-	5,343
Cash at bank and in hand		3,433	-	-	3,433
		8,776	-	-	8,776
Creditors: Amounts falling due within one year		(13,793)	-	-	(13,793)
Net current liabilities		(5,017)	-	-	(5,017)
Net liabilities		(3,685)	-	-	(3,685)
Capital and reserves
Called up share capital		100	-	-	100
Profit and loss account		(3,785)	-	-	(3,785)
Total equity		(3,685)	-	-	(3,685)

Page 11

Multichannelmachine Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Balance Sheet at 31 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		666	-	-	666
Current assets
Debtors		34,453	-	-	34,453
Cash at bank and in hand		4,186	-	-	4,186
		38,639	-	-	38,639
Creditors: Amounts falling due within one year		(33,396)	-	-	(33,396)
Net current assets		5,243	-	-	5,243
Net assets		5,909	-	-	5,909
Capital and reserves
Called up share capital		100	-	-	100
Profit and loss account		5,809	-	-	5,809
Total equity		5,909	-	-	5,909

Page 12

Multichannelmachine Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Profit and Loss Account for the year ended 31 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Turnover		61,347	-	-	61,347
Administrative expenses		(50,418)	-	-	(50,418)
Operating profit		10,929	-	-	10,929
Profit before tax		10,929	-	-	10,929
Taxation		(1,336)	-	-	(1,336)
Profit for the financial year		9,593	-	-	9,593

Page 13