Muglamania Limited - Period Ending 2017-08-31
Muglamania Limited - Period Ending 2017-08-31
Registration number:
Muglamania Limited
for the Year Ended 31 August 2017
13 The Courtyard
Timothys Bridge Road
Stratford-Upon-Avon
Warwickshire
CV37 9NP
Muglamania Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Muglamania Limited
Company Information
Director |
Mr Christopher Huw Julien |
Registered office |
|
Registered number |
|
Accountants |
|
Page 1 |
Muglamania Limited
(Registration number: 05528216)
Balance Sheet as at 31 August 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
- |
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
( |
( |
For the financial year ending 31 August 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
Muglamania Limited
(Registration number: 05528216)
Balance Sheet as at 31 August 2017
Approved and authorised by the
.........................................
Mr Christopher Huw Julien
Director
Page 3 |
Muglamania Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% Reducing balance |
Motor Vehicles |
25% Reducing balance |
Plant and machinery |
25% Reducing balance |
Page 4 |
Muglamania Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 5 |
Muglamania Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Tangible assets |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 September 2016 |
|
|
- |
|
Additions |
|
- |
|
|
At 31 August 2017 |
|
|
|
|
Depreciation |
||||
At 1 September 2016 |
|
|
- |
|
Charge for the year |
|
|
|
|
At 31 August 2017 |
|
|
|
|
Carrying amount |
||||
At 31 August 2017 |
|
|
|
|
At 31 August 2016 |
- |
|
- |
|
Stocks |
2017 |
2016 |
|
Other inventories |
|
|
Debtors |
2017 |
2016 |
|
Prepayments |
|
- |
|
- |
Page 6 |
Muglamania Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
|
Due within one year |
|||
Bank loans and overdrafts |
- |
|
|
Trade creditors |
|
|
|
Accruals and deferred income |
- |
|
|
Other creditors |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Loans and borrowings |
2017 |
2016 |
|
Current loans and borrowings |
||
Bank overdrafts |
- |
|
Page 7 |