OUTSTANDING MAP DISTRIBUTORS LTD - Filleted accounts

OUTSTANDING MAP DISTRIBUTORS LTD - Filleted accounts

OUTSTANDING MAP DISTRIBUTORS LTD - Company Information

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Registered number
05598151
OUTSTANDING MAP DISTRIBUTORS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
OUTSTANDING MAP DISTRIBUTORS LTD
CONTENTS
Page
Balance sheet 1
Notes to the financial statements 2 - 7
OUTSTANDING MAP DISTRIBUTORS LTD
Balance Sheet
as at 31 July 2017
Company Registration No. 05598151
Notes 2017 2016
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 71,159 44,287
Investments 5 113,488 113,488
184,648 157,776
Current assets
Stocks 307,181 123,847
Debtors 6 432,309 200,305
Cash at bank and in hand 32,035 22,208
771,525 346,360
Creditors: amounts falling due within one year 7 (715,527) (317,453)
Net current assets 55,998 28,907
Net assets 240,646 186,683
Capital and reserves
Called up share capital 2 2
Profit and loss account 8 240,644 186,681
Shareholders' funds 240,646 186,683
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies' regime. The profit and loss account has not been delivered to the Registrar of Companies.
…………………………………..
Cornelia Thompson
Director
Approved by the board on 30 April 2018
OUTSTANDING MAP DISTRIBUTORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
1 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to the small companies regime. The disclosure requirements of section 1A have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 20% straight line
Motor vehciles 25% reducing balance
Fixed asset Investments
Interest in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest where the company has significant influence. The company considers that it has significant influence where it has the power to participate the financial and operating decisions of the associate.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Financial instruments
The company only enters into basic financial statements transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried amortised cost using effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method. Financial liabilities classified as payable within one year are not amortised.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of the assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Retirement benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2016 301,668
At 31 July 2017 301,668
Amortisation
At 1 August 2016 301,667
At 31 July 2017 301,667
Net book value
At 31 July 2017 1
At 31 July 2016 1
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 August 2016 - 190,808 190,808
Additions 31,684 21,665 53,349
At 31 July 2017 31,684 212,473 244,157
Depreciation
At 1 August 2016 - 146,521 146,521
Charge for the year - 26,477 26,477
At 31 July 2017 - 172,998 172,998
Net book value
At 31 July 2017 31,684 39,475 71,159
At 31 July 2016 - 44,287 44,287
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 August 2016 113,488
At 31 July 2017 113,488
6 Debtors 2017 2016
£ £
Trade debtors 294,387 83,886
Amounts owed by group undertakings and undertakings in which the company has a participating interest 87,620 84,641
Other debtors 50,302 31,778
432,309 200,305
7 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 112,566 7,524
Trade creditors 360,939 150,136
Corporation tax 11,768 19,293
Other taxes and social security costs - 1,588
Directors' current account 71,793 130,934
Other creditors 158,461 7,978
715,527 317,453
8 Profit and loss account
Profit and loss account represents movement of profit and loss during the year and dividends paid.
9 Other information
Outstanding Map Distributors Ltd is a private company limited by shares and incorporated in England and Wales. The registered office is: 37 Warren Street, London, W1T 6AD.
10 Transition to FRS 102
This is the first year that the company has presented its results under FRS 102. The last financial statements under UK GAAP were for the year ended 31 July 2016. The date of transition to FRS 102 was 1 August 2015. There are no transitional adjustments arising from the first time adoption of FRS 102.
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