M.J.M. Inns Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03352674 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2017

for

M.J.M. Inns Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

Mr J F Molloy

SECRETARY:

Mr M J Molloy

REGISTERED OFFICE:

Electric Arms

190 Fratton Road

Portsmouth

Hampshire

PO1 5HD

REGISTERED NUMBER:

03352674 (England and Wales)

ACCOUNTANTS:

Sheppard & Co Limited

Chartered Accountants

West Barn, c/o Down Farm

Hindon

Salisbury

Wiltshire

SP3 5TA

FIXED ASSETS

Tangible assets

4

157,126

160,600

CURRENT ASSETS

Stocks

2,500

2,500

Debtors

5

16,778

12,712

Cash at bank and in hand

6,266

7,649

25,544

22,861

CREDITORS

Amounts falling due within one year

6

(220,360

)

(202,898

)

NET CURRENT LIABILITIES

(194,816

)

(180,037

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(37,690

)

(19,437

)

CAPITAL AND RESERVES

Called up share capital

7

100,000

100,000

Retained earnings

8

(137,690

)

(119,437

)

SHAREHOLDERS' FUNDS

(37,690

)

(19,437

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 27 February 2018 and were signed by:

Mr J F Molloy - Director

1.	STATUTORY INFORMATION

M.J.M. Inns 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.

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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 May 2017 are the first that are prepared in accordance

with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP,

the date of transition to FRS 102 Section 1A is 1 June 2015.

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.

Freehold property

-

2% on cost

Plant and machinery

-

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.

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 tax

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 3 .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 June 2016

223,433

52,654

276,087

Additions

-

320

320

At 31 May 2017

223,433

52,974

276,407

DEPRECIATION

At 1 June 2016

73,011

42,476

115,487

Charge for year

2,267

1,527

3,794

At 31 May 2017

75,278

44,003

119,281

NET BOOK VALUE

At 31 May 2017

148,155

8,971

157,126

At 31 May 2016

150,422

10,178

160,600

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Deferred tax asset

15,815

11,819

Prepayments and accrued income

963

893

16,778

12,712

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade creditors

7,022

6,215

Social security and other taxes

-

(643

)

VAT

319

7,049

Directors' current accounts

211,044

188,377

Accruals and deferred income

1,975

1,900

220,360

202,898

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.17

31.5.16

value:

£

£

100,000

Ordinary

£1

100,000

100,000

8.

RESERVES

Retained

earnings

£

At 1 June 2016

(119,437

)

Deficit for the year

(18,253

)

At 31 May 2017

(137,690

)

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2017 and

31 May 2016:

31.5.17

31.5.16

£

£

Mr J F Molloy

Balance outstanding at start of year

(188,378

)

(194,126

)

Amounts advanced

(32,000

)

-

Amounts repaid

9,334

5,748

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(211,044

)

(188,378

)

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr J F Molloy.

The ultimate controlling party is Mr J F Molloy.

11.	GOING CONCERN

At 31 May 2017 the company had net liabilities of £37,690 (2016:£19,437).

The director has confirmed that he will continue to provide financial support to the company for the

foreseeable future and that he will not seek full repayment of his loan until the company is in a financial

position to enable the loan to be repaid. Included within the above, as detailed in the Creditors due within

one year, are amounts owed to the director of £211,044 (2016:£188,377).

The director has considered the future position of the company and is of the opinion that the company will

continue to trade within its existing facilities for the foreseeable future.

In view of the above the director considers that the going concern basis for the preparation of the

accounts is appropriate.

12.	FIRST YEAR ADOPTION

The company has adopted FRS 102 Section 1A from 1 June 2016 for the year ended 31 May 2017. There

are no re-statements required under the new standard for earlier periods which were prepared under

previous UK GAAP.

The following reproduces the text of the report prepared for the director 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 Balance Sheet. Readers are cautioned that the Income Statement and certain other primary

statements and the Report of the Director 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 M.J.M. Inns Limited for the year ended 31 May 2017 which comprise the Income

Statement, Balance Sheet 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 director of M.J.M. Inns Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of M.J.M. Inns Limited and state those matters that we have agreed to state to the director of M.J.M. Inns Limited 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 M.J.M. Inns Limited and its director for our work or for this report.

It is your duty to ensure that M.J.M. Inns 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 loss of M.J.M. Inns Limited. You consider that M.J.M. Inns 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 M.J.M. Inns 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.

Sheppard & Co Limited

Chartered Accountants

West Barn, c/o Down Farm

Hindon

Salisbury

Wiltshire

SP3 5TA

27 February 2018