MERSEY LETS LTD Small abridged accounts

MERSEY LETS LTD Small abridged accounts

MERSEY LETS LTD - Company Information

Print Friendly Version

false false false false false false false false false true false false false false false false false No description of principal activity 2016-06-01 Sage Accounts Production Advanced 2017 Update 1 - FRS 1,053 2,352 xbrli:pure xbrli:shares iso4217:GBP 05783423 2016-06-01 2017-05-31 05783423 2017-05-31 05783423 2016-05-31 05783423 2015-05-01 2016-05-31 05783423 2016-05-31 05783423 bus:RegisteredOffice 2016-06-01 2017-05-31 05783423 bus:LeadAgentIfApplicable 2016-06-01 2017-05-31 05783423 bus:Director2 2016-06-01 2017-05-31 05783423 bus:Director3 2016-06-01 2017-05-31 05783423 bus:Director4 2016-06-01 2017-05-31 05783423 bus:Director1 2016-06-01 2017-05-31 05783423 core:WithinOneYear 2017-05-31 05783423 core:WithinOneYear 2016-05-31 05783423 core:AfterOneYear 2017-05-31 05783423 core:AfterOneYear 2016-05-31 05783423 core:RetainedEarningsAccumulatedLosses 2016-05-31 05783423 core:RetainedEarningsAccumulatedLosses 2015-04-30 05783423 core:RetainedEarningsAccumulatedLosses 2017-05-31 05783423 core:RetainedEarningsAccumulatedLosses 2016-05-31 05783423 core:ShareCapital 2017-05-31 05783423 core:ShareCapital 2016-05-31 05783423 bus:FRS102 2016-06-01 2017-05-31 05783423 bus:AuditExemptWithAccountantsReport 2016-06-01 2017-05-31 05783423 bus:AbridgedAccounts 2016-06-01 2017-05-31 05783423 bus:SmallCompaniesRegimeForAccounts 2016-06-01 2017-05-31 05783423 bus:PrivateLimitedCompanyLtd 2016-06-01 2017-05-31
Statement of Consent to Prepare Abridged Financial Statements
All of the members of MERSEY LETS LTD have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 May 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 05783423
MERSEY LETS LTD
Unaudited Abridged Financial Statements
31 May 2017
MERSEY LETS LTD
Abridged Financial Statements
Year ended 31 May 2017
Contents
Page
Directors' report
1
Report to the board of directors on the preparation of the unaudited statutory abridged financial statements
2
Abridged statement of income and retained earnings
3
Abridged statement of financial position
4
Notes to the abridged financial statements
6
The following pages do not form part of the abridged financial statements
Detailed abridged income statement
10
Notes to the detailed abridged income statement
11
MERSEY LETS LTD
Directors' Report
Year ended 31 May 2017
The directors present their report and the unaudited abridged financial statements of the company for the year ended 31 May 2017 .
Directors
The directors who served the company during the year were as follows:
Miss F McCarty
Dr H R Shaw
Dr H Shaw
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 10 May 2018 and signed on behalf of the board by:
Mr A J Bennett
Director
Registered office:
4 Beaconsfield Road
St Albans
AL1 3RD
MERSEY LETS LTD
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of MERSEY LETS LTD
Year ended 31 May 2017
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 May 2017, which comprise the abridged statement of income and retained earnings, abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
AJB ACCOUNTANTS LTD Chartered accountant
20 BRAMPTON GROVE WEMBLEY MIDDLESEX HA9 9QU
10 May 2018
MERSEY LETS LTD
Abridged Statement of Income and Retained Earnings
Year ended 31 May 2017
Period from
Year to
1 May 15 to
31 May 17
31 May 16
Note
£
£
Gross profit
10,533
14,749
Administrative expenses
8,398
10,874
--------
--------
Operating profit
2,135
3,875
Other interest receivable and similar income
1
–
Interest payable and similar expenses
4
1,083
1,523
--------
--------
Profit before taxation
1,053
2,352
Tax on profit
–
–
-------
-------
Profit for the financial year and total comprehensive income
1,053
2,352
-------
-------
Retained losses at the start of the year
( 19,482)
( 21,834)
--------
--------
Retained losses at the end of the year
( 18,429)
( 19,482)
--------
--------
All the activities of the company are from continuing operations.
MERSEY LETS LTD
Abridged Statement of Financial Position
31 May 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
189,560
49,560
Current assets
Debtors
–
215
Cash at bank and in hand
996
1,632
----
-------
996
1,847
Creditors: amounts falling due within one year
181,911
40,565
---------
--------
Net current liabilities
180,915
38,718
---------
--------
Total assets less current liabilities
8,645
10,842
Creditors: amounts falling due after more than one year
26,975
30,225
--------
--------
Net liabilities
( 18,330)
( 19,383)
--------
--------
Capital and reserves
Called up share capital
99
99
Profit and loss account
( 18,429)
( 19,482)
--------
--------
Members deficit
( 18,330)
( 19,383)
--------
--------
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
MERSEY LETS LTD
Abridged Statement of Financial Position (continued)
31 May 2017
These abridged financial statements were approved by the board of directors and authorised for issue on 10 May 2018 , and are signed on behalf of the board by:
Mr A J Bennett
Director
Company registration number: 05783423
MERSEY LETS LTD
Notes to the Abridged Financial Statements
Year ended 31 May 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Beaconsfield Road, St Albans, AL1 3RD.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company continues to trade with the support of the director and bank.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
4. Interest payable and similar expenses
Period from
Year to
1 May 15 to
31 May 17
31 May 16
£
£
Other interest payable and similar charges
1,083
1,523
-------
-------
5. Tangible assets
£
Cost
At 1 June 2016
49,560
Additions
140,000
---------
At 31 May 2017
189,560
---------
Depreciation
At 1 June 2016 and 31 May 2017
–
---------
Carrying amount
At 31 May 2017
189,560
---------
At 31 May 2016
49,560
---------
6. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
7. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.
No transitional adjustments were required in equity or profit or loss for the period.
MERSEY LETS LTD
Management Information
Year ended 31 May 2017
The following pages do not form part of the abridged financial statements.
MERSEY LETS LTD
Detailed Abridged Income Statement
Year ended 31 May 2017
Period from
Year to
1 May 15 to
31 May 17
31 May 16
£
£
Turnover
10,533
14,749
--------
--------
Gross profit
10,533
14,749
Overheads
Administrative expenses
8,398
10,874
--------
--------
Operating profit
2,135
3,875
Other interest receivable and similar income
1
–
Interest payable and similar expenses
(1,083)
(1,523)
-------
-------
Profit before taxation
1,053
2,352
-------
-------
MERSEY LETS LTD
Notes to the Detailed Abridged Income Statement
Year ended 31 May 2017
Period from
Year to
1 May 15 to
31 May 17
31 May 16
£
£
Administrative expenses
Rent rates and water
–
807
Insurance
4,984
3,685
Repairs and maintenance (allowable)
67
155
Motor expenses
1,075
3,628
Travel and subsistence
70
–
Telephone
1,334
475
Legal and professional fees (allowable)
355
–
Accountancy fees
450
1,920
Bank charges
63
204
-------
--------
8,398
10,874
-------
--------
Other interest receivable and similar income
Interest on cash and cash equivalents
1
–
----
----
Interest payable and similar expenses
Other interest payable and similar charges
1,083
1,523
-------
-------