| MKS Express Limited |
| Registered number: |
08829485 |
| Balance Sheet |
| as at 31 January 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
1,515 |
|
|
2,880 |
|
| Current assets |
| Debtors |
4 |
|
3,451 |
|
|
5,315 |
| Cash at bank and in hand |
|
|
1,066 |
|
|
1,001 |
|
|
|
4,517 |
|
|
6,316 |
|
| Creditors: amounts falling due within one year |
5 |
|
(5,815) |
|
|
(8,150) |
|
| Net current liabilities |
|
|
|
(1,298) |
|
|
(1,834) |
|
| Net assets |
|
|
|
217 |
|
|
1,046 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
|
|
1 |
| Profit and loss account |
|
|
|
216 |
|
|
1,045 |
|
| Shareholder's funds |
|
|
|
217 |
|
|
1,046 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. |
| The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The directors report and the profit and loss account have not been delivered to the Registrar of Companies. |
|
| The financial statements were approved and authorised for issue by the board on 27 October 2017 and were signed on its behalf by: |
|
|
| M Sklinitzis |
| Director |
|
| MKS Express Limited |
| Notes to the Financial Statements |
| for the year ended 31 January 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance wish FRS102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. |
|
|
Transition to FRS102 |
|
This is the first year that the company has presented its results under FRS102. The last financial statements under UK GAAP were for the year ended 31 January 2016. There are no transitional adjustments arising from the first time adoption of FRS102. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned the rendering of services and is recognised by reference to the stage of completion of the contract. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
25% straight line |
|
|
Financial instruments |
|
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
|
|
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for the objective evidence of impairment. If the objective evidence of impairment is found, an impairment loss is recognised in the profit and loss. |
|
|
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right of set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Cash and cash equivalents |
|
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
The tax expense for the year comprises current and deferred tax. |
|
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
|
A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 February 2016 |
1,000 |
|
4,660 |
|
5,660 |
|
At 31 January 2017 |
1,000 |
|
4,660 |
|
5,660 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 February 2016 |
450 |
|
2,330 |
|
2,780 |
|
Charge for the year |
200 |
|
1,165 |
|
1,365 |
|
At 31 January 2017 |
650 |
|
3,495 |
|
4,145 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 January 2017 |
350 |
|
1,165 |
|
1,515 |
|
At 31 January 2016 |
550 |
|
2,330 |
|
2,880 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
3,451 |
|
5,221 |
|
Other debtors |
- |
|
94 |
|
|
|
|
|
|
3,451 |
|
5,315 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Corporation tax |
134 |
|
635 |
|
Other taxes and social security costs |
1,007 |
|
3,114 |
|
Other creditors |
4,674 |
|
4,401 |
|
|
|
|
|
|
5,815 |
|
8,150 |
|
| 6 |
Other information |
|
|
MKS Express Limited is a private company limited by shares and incorporated in England whose registered office is 1st Floor, 446a Green Lanes, London N13 5XD. |
