MDesigns Associates Ltd Company Accounts

MDesigns Associates Ltd Company Accounts

MDESIGNS ASSOCIATES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08045595
MDesigns Associates Ltd
Filleted Unaudited Financial Statements
30 April 2017
MDesigns Associates Ltd
Financial Statements
Year ended 30 April 2017
Contents
Page
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
MDesigns Associates Ltd
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of MDesigns Associates Ltd
Year ended 30 April 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MDesigns Associates Ltd for the year ended 30 April 2017, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of MDesigns Associates Ltd in accordance with the terms of our engagement letter dated 27 August 2014. Our work has been undertaken solely to prepare for your approval the financial statements of MDesigns Associates Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MDesigns Associates Ltd and its director for our work or for this report.
It is your duty to ensure that MDesigns Associates Ltd 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 MDesigns Associates Ltd. You consider that MDesigns Associates Ltd 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 financial statements of MDesigns Associates Ltd. 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 financial statements.
HARPER SHELDON LIMITED Chartered Accountants
Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ
18 September 2017
MDesigns Associates Ltd
Statement of Financial Position
30 April 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
–
39
Current assets
Cash at bank and in hand
4,621
13,335
Creditors: amounts falling due within one year
6
10,812
20,495
--------
--------
Net current liabilities
6,191
7,160
-------
-------
Total assets less current liabilities
( 6,191)
( 7,121)
-------
-------
Net liabilities
( 6,191)
( 7,121)
-------
-------
Capital and reserves
Called up share capital
20
20
Profit and loss account
( 6,211)
( 7,141)
-------
-------
Members deficit
( 6,191)
( 7,121)
-------
-------
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 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 statement of income and retained earnings has not been delivered.
For the year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 September 2017 , and are signed on behalf of the board by:
Miss T Mander
Director
Company registration number: 08045595
MDesigns Associates Ltd
Notes to the Financial Statements
Year ended 30 April 2017
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Midway House, Herrick Way, Staverton Technology Park, Cheltenham, Gloucestershire, GL51 6TQ, England.
2. Statement of compliance
These 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 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
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:
Computer Equipment
-
33% straight line
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 May 2016 and 30 April 2017
2,125
2,125
-------
-------
Depreciation
At 1 May 2016
2,086
2,086
Charge for the year
39
39
-------
-------
At 30 April 2017
2,125
2,125
-------
-------
Carrying amount
At 30 April 2017
–
–
-------
-------
At 30 April 2016
39
39
-------
-------
6. Creditors: amounts falling due within one year
2017
2016
£
£
Social security and other taxes
523
–
Other creditors
10,289
20,495
--------
--------
10,812
20,495
--------
--------
7. Director's advances, credits and guarantees
There were none during the year.
8. Related party transactions
The company was under the control of Miss T M Mander throughout the current and previous year. Miss T M Mander is the managing director and majority shareholder. Included in creditors falling due within one year are amounts due to the director, Miss T M Mander of £9,845 (2016: £20,501). These amounts have no repayment terms and attract no interest.
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.
No transitional adjustments were required in equity or profit or loss for the year.