Mohinika Beverages Limited Company Accounts

MOHINIKA BEVERAGES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06850804

Mohinika Beverages Limited

Filleted Unaudited Financial Statements

31 March 2017

Mohinika Beverages Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Mohinika Beverages Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	6,049	7,765
Tangible assets	6	149,512	184,983
		---------	---------
		155,561	192,748

Current assets

Stocks		11,970	8,540
Debtors	7	46,169	7,247
Cash at bank and in hand		3,205	8,455
		--------	--------
		61,344	24,242

Creditors: amounts falling due within one year	8	94,924		73,975
		--------		--------
Net current liabilities			33,580	49,733
			---------	---------
Total assets less current liabilities			121,981	143,015

Creditors: amounts falling due after more than one year	9		95,016	112,663

Provisions

Taxation including deferred tax	24,287	28,708
	---------	---------
Net assets	2,678	1,644
	---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	2,677	1,643
	-------	-------
Members funds	2,678	1,644
	-------	-------

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 31 March 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Mohinika Beverages Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 13 November 2017 , and are signed on behalf of the board by:

Mr G S Bedi
Director

Company registration number: 06850804

Mohinika Beverages Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kimberley House, 31 Burnt Oak Broadway, Edgware, Greater London, HA8 5LD, UK.

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 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimate of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Intangible assets	-	10% straight line basis

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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.

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:

Leasehold property	-	straight line over lease period
Fixtures, fittings and equipments	-	20% reducing balance basis

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2016: 14 ).

5. Intangible assets

	Franchise fee
	£
Cost
At 1 April 2016 and 31 March 2017	17,163
	--------
Amortisation
At 1 April 2016	9,398
Charge for the year	1,716
	--------
At 31 March 2017	11,114
	--------
Carrying amount
At 31 March 2017	6,049
	--------
At 31 March 2016	7,765
	--------

6. Tangible assets

	Leasehold property	Fixtures, fittings and equipments	Total
	£	£	£
Cost
At 1 April 2016	20,087	296,587	316,674
Additions	–	349	349
	--------	---------	---------
At 31 March 2017	20,087	296,936	317,023
	--------	---------	---------
Depreciation
At 1 April 2016	7,162	124,529	131,691
Charge for the year	1,339	34,481	35,820
	--------	---------	---------
At 31 March 2017	8,501	159,010	167,511
	--------	---------	---------
Carrying amount
At 31 March 2017	11,586	137,926	149,512
	--------	---------	---------
At 31 March 2016	12,925	172,058	184,983
	--------	---------	---------

7. Debtors

	2017	2016
	£	£
Prepayments and accrued income	5,472	7,247
Director's loan account	34,919	–
Other debtors	5,778	–
	--------	-------
	46,169	7,247
	--------	-------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	29,842	22,368
Trade creditors	10,612	11,321
Accruals and deferred income	6,791	4,332
Corporation tax	7,285	–
Social security and other taxes	22,472	19,234
Director loan accounts	–	75
Other creditors	17,922	16,645
	--------	--------
	94,924	73,975
	--------	--------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	95,016	112,663
	--------	---------

10. Director's advances, credits and guarantees

at 1 April 2016	Amount advanced	Amount repaid	as at 31 March 2017
£	£	£	£

	Director	(75)	32,844	–	32,919

The above loan is unsecured and interest at 3% p.a has been charged. The loan was fully repaid in May 2017.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.