Mazacroft Limited
Mazacroft Limited
Registered number: 8035682
Unaudited Financial Statements
For The Year Ended 30 April 2017
Mazacroft Limited
Unaudited Financial Statements
For The Year Ended 30 April 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Mazacroft Limited
Balance Sheet
As at
30 April 2017
Balance Sheet
Registered number:
8035682
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.
| 2017 | 2016 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 4 |
|
|
||
|
|
|
||||
| CURRENT ASSETS | |||||
| Debtors | 5 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 6 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
| Creditors: Amounts Falling Due After More Than One Year | 7 |
|
( |
||
| NET ASSETS |
|
|
|||
| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
|
|
||
| Profit and loss account |
|
|
|||
| SHAREHOLDERS' FUNDS | 623,427 | 488,679 | |||
Page 1
Mazacroft Limited
Balance Sheet (continued)
As at
30 April 2017
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The Company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the Profit and Loss Account
On behalf of the board
|
|
|
|
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Mazacroft Limited
Notes to the Unaudited Accounts
For The Year Ended 30 April 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There are no adjustments to be shown in a Reconciliation of Equity as at 1st May 2015 (date of transition to FRS 102). There are also no adjustments to be made in the Reconciliation of Equity as at 30th April 2016, or in the Reconciliation of Profit for the year ended 30th April 2016, as a result of the transition to FRS102.
The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.
1.2.
Going Concern Disclosure
The balance sheet at the end of the year recorded net current liabilities. However, the director believes that sufficient financial resources are available to the company to enable it to continue trading for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.
1.3.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.4.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.5.
Fixed Asset Investment
The fixed asset investment is stated at cost less provision for permanent diminution in value.
3.
Average number of employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
|---|---|---|---|
| Office and administration |
|
|
|
|
|
|
||
Page 3
Mazacroft Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 April 2017
4.
Investments
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at |
1,010,027 |
| As at |
1,010,027 |
| Provision | |
| As at |
- |
| As at |
- |
| Net Book Value | |
| As at |
1,010,027 |
| As at |
1,010,027 |
Subsidiary Undertaking
The following was a subsidiary undertaking of the company:
Name: Condici Holdings Limited
Class of share: Ordinary
Holding: 100%
Nature of business: Clothing and fashion wholesalers
Country of incorporation: United Kingdom
Aggregate of share capital and consolidated reserves at 31 December 2016: £1,218,453
Consolidated profit for the year ended 31 December 2016: £309,274
5.
Debtors
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Other debtors |
|
|
|
|
|
|
||
Page 4
Mazacroft Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 April 2017
6.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Corporation tax |
|
|
|
| Other taxes and social security |
|
|
|
| Other creditors |
|
|
|
| Accruals and deferred income |
|
|
|
| Director's loan account |
|
|
|
| Amounts owed to subsidiaries |
|
|
|
|
|
|
||
7.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Other creditors |
|
|
|
| Amounts owed to subsidiaries |
|
|
|
|
|
|
||
9.
Transactions With and Loans to Directors
During the year the company paid dividends to the director.
| 2017 | 2016 | |
|---|---|---|
| £ | £ | |
| Mr Miles Fallman | 22,500 | 18,000 |
10.
Related Party Transactions
Condici Limited
Subsidiary
Long Term Loan from Condici Limited, an indirectly held wholly owned subsidiary, of £250,000.
11.
Ultimate Controlling Party
The company's ultimate controlling party is Mr Miles Fallman by virtue of his ownership of 99% of the issued share capital in the company.
Page 5
Mazacroft Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 April 2017
12.
General Information
Mazacroft 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.
Page 6