Poseidon Outlets Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06496314 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

POSEIDON OUTLETS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

M Marinou

Mrs P Marinou

SECRETARY:

M Marinou

REGISTERED OFFICE:

573 Chester Road

Sutton Coldfield

Birmingham

West Midlands

B73 5HU

REGISTERED NUMBER:

06496314 (England and Wales)

ACCOUNTANTS:

A K Papadamou & Co

Chartered Accountants

573 Chester Road

Sutton Coldfield

West Midlands

B73 5HU

BANKERS:

Bank of Cyprus UK

PO Box 17484

London

N14 5WH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

5,000

6,666

5,000

6,666

CURRENT ASSETS

Debtors

6

2,349

2,298

Cash at bank

599

101

2,948

2,399

CREDITORS

Amounts falling due within one year

7

19,926

18,712

NET CURRENT LIABILITIES

(16,978

)

(16,313

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(11,978

)

(9,647

)

CREDITORS

Amounts falling due after more than one year

8

38,533

44,670

NET LIABILITIES

(50,511

)

(54,317

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(51,511

)

(55,317

)

SHAREHOLDERS' FUNDS

(50,511

)

(54,317

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 19 December 2017 and were signed on its behalf by:

M Marinou - Director

1.	STATUTORY INFORMATION

Poseidon Outlets Limited 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.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

211,200

AMORTISATION

At 1 April 2016

and 31 March 2017

211,200

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2016

and 31 March 2017

23,201

DEPRECIATION

At 1 April 2016

16,535

Charge for year

1,666

At 31 March 2017

18,201

NET BOOK VALUE

At 31 March 2017

5,000

At 31 March 2016

6,666

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

2,000

2,000

Directors' current accounts

349

298

2,349

2,298

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

5,720

5,505

Trade creditors

1

-

Tax

9,161

7,693

Accrued expenses

5,044

5,514

19,926

18,712

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

5,605

5,710

Bank loans - 2-5 years

16,990

17,650

Bank loans more 5 yr by instal

15,938

21,310

38,533

44,670

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

15,938

21,310

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

44,253

50,175

Bank loan has been secured personally by the directors.

10.	ULTIMATE CONTROLLING PARTY

The company is under the direct control of Mr M and Mrs P Marinou, company directors.

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and

certain other primary statements and the Report of the Directors are not required to be filed with the Registrar

of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Poseidon Outlets Limited for the year ended 31 March 2017 which comprise the Income

Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Poseidon Outlets Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Poseidon Outlets Limited and state those matters that we have agreed to state to the Board of Directors of Poseidon Outlets Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Poseidon Outlets Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Poseidon Outlets Limited 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 Poseidon Outlets Limited. You consider that Poseidon Outlets Limited 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 Poseidon Outlets Limited. 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.

A K Papadamou & Co

Chartered Accountants

573 Chester Road

Sutton Coldfield

West Midlands

B73 5HU

19 December 2017