Malo Yards Ltd Small abridged accounts

Malo Yards Ltd Small abridged accounts

MALO YARDS LTD - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Malo Yards Ltd have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 30 September 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 09935478
Malo Yards Ltd
Unaudited Abridged Financial Statements
30 September 2016
Malo Yards Ltd
Abridged Financial Statements
Period from 5 January 2016 to 30 September 2016
Contents
Page
Directors' report
1
Abridged statement of comprehensive income
2
Abridged statement of financial position
3
Statement of changes in equity
5
Notes to the abridged financial statements
6
The following pages do not form part of the abridged financial statements
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements
10
Detailed abridged income statement
11
Notes to the detailed abridged income statement
12
Malo Yards Ltd
Directors' Report
Period from 5 January 2016 to 30 September 2016
The directors present their report and the unaudited abridged financial statements of the company for the period ended 30 September 2016 .
Directors
The directors who served the company during the period were as follows:
Mr M Foot
(Appointed 6 January 2016)
Mrs L Foot
(Appointed 6 January 2016)
Mrs A Stanger
(Appointed 6 January 2016)
Dr O Foot
(Appointed 6 January 2016)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 26 January 2017 and signed on behalf of the board by:
Mr M Foot
Mrs L Foot
Director
Director
Mrs A Stanger
Director
Registered office:
104b Alum House
Discovery Court Business Centre
551-553 Wallisdown Road
Bournemouth
BH12 5AG
Malo Yards Ltd
Abridged Statement of Comprehensive Income
Period from 5 January 2016 to 30 September 2016
Period from
5 Jan 16 to
30 Sep 16
Note
£
Gross profit
5,800
Administrative expenses
3,113
-------
Operating profit
2,687
-------
Profit before taxation
2,687
Tax on profit
597
-------
Profit for the financial period and total comprehensive income
2,090
-------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the period as set out above.
Malo Yards Ltd
Abridged Statement of Financial Position
30 September 2016
30 Sep 16
Note
£
£
Fixed assets
Tangible assets
5
259,040
Current assets
Cash at bank and in hand
4,375
Creditors: amounts falling due within one year
261,275
---------
Net current liabilities
256,900
---------
Total assets less current liabilities
2,140
-------
Net assets
2,140
-------
Malo Yards Ltd
Abridged Statement of Financial Position (continued)
30 September 2016
30 Sep 16
Note
£
£
Capital and reserves
Called up share capital
50
Profit and loss account
2,090
-------
Members funds
2,140
-------
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the period ending 30 September 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 abridged financial statements for the period 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 abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 26 January 2017 , and are signed on behalf of the board by:
Mr M Foot
Mrs L Foot
Director
Director
Mrs A Stanger
Director
Company registration number: 09935478
Malo Yards Ltd
Statement of Changes in Equity
Period from 5 January 2016 to 30 September 2016
Called up share capital
Profit and loss account
Total
£
£
£
At 5 January 2016
–
–
–
Profit for the period
2,090
2,090
----
-------
-------
Total comprehensive income for the period
–
2,090
2,090
Issue of shares
50
–
50
----
----
----
Total investments by and distributions to owners
50
–
50
----
-------
-------
At 30 September 2016
50
2,090
2,140
----
-------
-------
Malo Yards Ltd
Notes to the Abridged Financial Statements
Period from 5 January 2016 to 30 September 2016
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 104b Alum House, Discovery Court Business Centre, 551-553 Wallisdown Road, Bournemouth, BH12 5AG.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2014. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are 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. Employee numbers
The average number of persons employed by the company during the period, including the directors, amounted to Nil.
5. Tangible assets
£
Cost
Additions
259,040
---------
At 30 September 2016
259,040
---------
Depreciation
At 5 January 2016 and 30 September 2016
–
---------
Carrying amount
At 30 September 2016
259,040
---------
6. Related party transactions
The company was under the control of Mr M Foot throughout the period. Mr M Foot is the managing director and majority shareholder with his wife. During the period there were transactions in the directors loan account. At the period end, included in other creditors and other debtors were balances of £2,175 - creditor for Mr M Foot , £2,175 - creditor for Mrs L Foot , £12 - debtor for Dr O Foot and £888 - creditor for Mrs A Stanger . The highest overdrawn balance for Dr O Foot was £12 and Mrs A Stanger £12. At no time during the period did Mr M Foot or Mrs L Foot accounts become overdrawn. During the period there were transactions with Foot & Co Limited a company owned by Mr M Foot and Mrs L Foot. Amounts received from Foot & Co Limited totalled £255,000. Within other creditors there is an amount owed by the company to Foot & Co Limited totalling £255,000.
7. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2014.
No transitional adjustments were required in equity or profit or loss for the period.
Malo Yards Ltd
Management Information
Period from 5 January 2016 to 30 September 2016
The following pages do not form part of the abridged financial statements.
Malo Yards Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Malo Yards Ltd
Period from 5 January 2016 to 30 September 2016
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the period ended 30 September 2016, which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
CHEDZOY BUTTERWORTH Chartered accountant
2 Chartfield House Castle Street Taunton Somerset TA1 4AS
27 February 2017
Malo Yards Ltd
Detailed Abridged Income Statement
Period from 5 January 2016 to 30 September 2016
Period from
5 Jan 16 to
30 Sep 16
£
Turnover
5,800
-------
Gross profit
5,800
Overheads
Administrative expenses
3,113
-------
Operating profit
2,687
-------
Profit before taxation
2,687
-------
Malo Yards Ltd
Notes to the Detailed Abridged Income Statement
Period from 5 January 2016 to 30 September 2016
Period from
5 Jan 16 to
30 Sep 16
£
Administrative expenses
Directors salaries
900
Repairs and maintenance (allowable)
38
Flat Service Charge
1,425
Company Formation Costs
300
Accountancy fees
450
-------
3,113
-------