Accounts filed on 31-12-2017

Accounts filed on 31-12-2017

MOBILE ACCESSORY CLUB LIMITED - Company Information

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Registered number: 03474743
MOBILE ACCESSORY CLUB LIMITED
ACCOUNTS
FOR THE 487 DAY PERIOD ENDED 31 DECEMBER 2017
Prepared By:
McMillan Rose & Co Limited
Chartered Certified Accountants
Haltgate House
52a Hullbridge Road
South Woodham Ferrers
Essex
CM3 5NH
MOBILE ACCESSORY CLUB LIMITED
ACCOUNTS
FOR THE 487 DAY PERIOD ENDED 31 DECEMBER 2017
DIRECTORS
G Palmason
J Heijbel
D Assan
S Warner
M Sherry
S Brachini
B Toker
REGISTERED OFFICE
c/o Strax Uk Ltd, Braywick House West
Windsor Road
Maidenhead
Berkshire
SL6 1DN
TRADING ADDRESS
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 03474743
ACCOUNTANTS
McMillan Rose & Co Limited
Chartered Certified Accountants
Haltgate House
52a Hullbridge Road
South Woodham Ferrers
Essex
CM3 5NH
MOBILE ACCESSORY CLUB LIMITED
ACCOUNTS
FOR THE487 DAY PERIODENDED31 DECEMBER 2017
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
MOBILE ACCESSORY CLUB LIMITED
BALANCE SHEET AT 31 December 2017
20172016
Notes££
FIXED ASSETS
Tangible assets2-38,029
CURRENT ASSETS
Stock-223,924
Debtors45,167244,693
Cash at bank and in hand2634,273
5,193502,890
CREDITORS: Amounts falling due within one year5170,428376,795
NET CURRENT (LIABILITIES) / ASSETS(165,235)126,095
TOTAL ASSETS LESS CURRENT LIABILITIES(165,235)164,124
PROVISIONS FOR LIABILITIES AND CHARGES7-7,609
NET (LIABILITIES) / ASSETS(165,235)156,515
CAPITAL AND RESERVES
Called up share capital850,00050,000
Profit and loss account(215,235)106,515
SHAREHOLDERS' FUNDS(165,235)156,515
For the year ending 31 December 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 28 March 2018 and signed on their behalf by
.............................
G Palmason
Director
MOBILE ACCESSORY CLUB LIMITED
NOTES TO THE ACCOUNTS
FOR THE 487 DAY PERIOD ENDED 31 DECEMBER 2017
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and Machineryreducing balance 25%
Fixtures and Fittingsreducing balance 25%
Equipmentreducing balance 25%
1c. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1d. Pension Costs
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1e. Foreign Currency
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of the exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at the historic cost in a foreign currency are not retranslated.
1f. Leases
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.
MOBILE ACCESSORY CLUB LIMITED
2. TANGIBLE FIXED ASSETS
Plant and
Machinery Etc.Total
££
Cost
At 1 September 2016138,886138,886
Additions31,84331,843
Disposals(170,729)(170,729)
At 31 December 2017--
Depreciation
At 1 September 2016100,857100,857
Disposals(100,857)(100,857)
At 31 December 2017--
Net Book Amounts
At 31 December 2017--
At 31 August 201638,02938,029
3. STOCK 20172016
££
Stock comprises:
Stock of finished goods-223,924
-223,924
4. DEBTORS 20172016
££
Amounts falling due within one year:
Trade debtors-194,044
Other Tax5,1675,164
Other debtors-45,485
5,167244,693
MOBILE ACCESSORY CLUB LIMITED
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20172016
££
Bank loans and overdrafts75,540-
Trade creditors29,457223,972
Amounts owed to group undertakings and undertakings in which the company has a participating interest54,850-
Taxation and social security7,58142,337
Other creditors3,000110,486
170,428376,795
6. EMPLOYEES
20172016
No.No.
Average number of employees66
7. PROVISIONS FOR LIABILITIES 20172016
££
Deferred taxation-7,609
-7,609
8. SHARE CAPITAL 20172016
££
Allotted, issued and fully paid:
50000 Ordinary shares of £1 each5000050000
50,00050,000
MOBILE ACCESSORY CLUB LIMITED
9. OTHER FINANCIAL COMMITMENTS
At 31 December 2017 the company was committed to making the following payments under non-cancellable operating leases:
20172016
££
Operating leases-39,000
10. CONTROLLING PARTY
The parent company is Sowntone Limited, a company registered in England and Wales. Sowntone Limited qualifies for small group exemption and does not prepare group accounts.
The ultimate controlling party is Strax AB by virtue of its shareholding in Strax Holding Gmbhin, which owns the shares in Sowntone Limited.
11. CHANGE OF ACCOUNTING DATE
The accounting date was amended to align with the groups year end date.
Due to the change of accounting date, the comparatives are not entirely comparable.