Mad Hatter's of Mumbles Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 09469307 (England and Wales)

MAD HATTER'S OF MUMBLES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

H M Gilbert

D L A Dawson

G W Dawson

REGISTERED OFFICE:

29 Newton Road

Mumbles

Swansea

SA3 4AS

REGISTERED NUMBER:

09469307 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Tangible assets

4

87,989

95,481

CURRENT ASSETS

Stocks

2,500

1,500

Debtors

5

1,784

706

Cash at bank and in hand

7,495

4,080

11,779

6,286

CREDITORS

Amounts falling due within one year

6

34,830

27,755

NET CURRENT LIABILITIES

(23,051

)

(21,469

)

TOTAL ASSETS LESS CURRENT LIABILITIES

64,938

74,012

CREDITORS

Amounts falling due after more than one year

7

165,129

130,585

NET LIABILITIES

(100,191

)

(56,573

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(100,291

)

(56,673

)

SHAREHOLDERS' FUNDS

(100,191

)

(56,573

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 12 September 2017 and were signed on its behalf by:

H M Gilbert - Director

1.	STATUTORY INFORMATION

Mad Hatter's of Mumbles Ltd is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis, which assumes the continuing

support of the company's directors. The directors have indicated their willingness for this support to

continue for the foreseeable future and subsequent to the balance sheet date have converted loans to

share capital.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amounts of assets and liabilities that are not readily

apparent from other sources. The estimates and associated assumptions are based on historical

experience and other factors which are considered to be relevant. Actual results may differ from these

estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision only effects that

period, or in the period of the revision and future periods if the revision affects both current and future

periods.

The following are the critical judgements that the directors have made in the process of applying the

company's accounting policies and that have the most significant effect on the amounts recognised in

the financial statements.

Impairment of assets

Assets are assessed for indicators of impairment at each balance sheet date. If there is objective

evidence of impairment, an impairment loss is recognised in the income statement.

Provisions and contingencies

Provisions are recognised when the company has a present obligation as a result of a past event and a

reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities

are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only

disclosed if an inflow of economic benefits is probable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

over term of lease

Plant and machinery etc

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost, except investments in non-convertible

preference and non-puttable ordinary shares which are recognised af fair value, with changes

recognised in the Income Statement. Derivative financial statements are initially recorded at cost and

thereafter at fair value with changes recognised in the Income Statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2015 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 1 January 2016

57,087

43,507

100,594

Additions

-

3,647

3,647

At 31 December 2016

57,087

47,154

104,241

DEPRECIATION

At 1 January 2016

1,487

3,626

5,113

Charge for year

2,283

8,856

11,139

At 31 December 2016

3,770

12,482

16,252

NET BOOK VALUE

At 31 December 2016

53,317

34,672

87,989

At 31 December 2015

55,600

39,881

95,481

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

1,784

706

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

8,307

4,750

Taxation and social security

23,523

8,005

Other creditors

3,000

15,000

34,830

27,755

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Other creditors

165,129

130,585

8.	RELATED PARTY DISCLOSURES

9.	POST BALANCE SHEET EVENTS

Subsequent to the balance sheet date a further 236,000 Ordinary shares of £1 each were issued by

conversion of loans due to directors.

10.	FIRST YEAR ADOPTION

This is the first year that the company has presented its financial statements under the Financial

Reporting Standard 102 Section 1A small entities (FRS 102 1A) issued by the Financial Reporting

Council. The following disclosures are required in the year of transition. The last financial statements

under the previous UK GAAP were for the period ended 31 December 2015 and the date of transition

to FRS 102 was therefore 3 March 2015. No adjustments have been made as a result of the transition

to the standard. As a consequence of adopting FRS 102, the following accounting policies have

changed to comply with that standard.

Financial assets and liabilities

Non current debt instruments were previously measured at transaction cost, being the cash or other

consideration actually paid or received by the company. Such assets and liabilities are now measured

at amortised cost using the effective interest method.