Mego Employment Limited - Period Ending 2017-09-30

Mego Employment Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2017

Registration number: 04867377

Mego Employment Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Mego Employment Limited

Balance Sheet

30 September 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	34,813	43,130
Current assets
Debtors	5	1,961,379	1,478,861
Cash at bank and in hand		43,923	627
		2,005,302	1,479,488
Creditors: Amounts falling due within one year	6	(1,996,955)	(1,515,541)
Net current assets/(liabilities)		8,347	(36,053)
Net assets		43,160	7,077
Capital and reserves
Called up share capital	8	82	82
Profit and loss account		43,078	6,995
Total equity		43,160	7,077

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Mego Employment Limited

Balance Sheet

30 September 2017

For the financial year ending 30 September 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 May 2018
 

......................................... C N Leonard Director

Company Registration Number: 04867377

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Mego Employment Limited

Notes to the Financial Statements

Year Ended 30 September 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

The principal place of business is:
Discovery House
Steamer Quay Road
Totnes
Devon
TQ9 5AL

These financial statements were authorised for issue by the director on 21 May 2018.

2	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.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The company has transferred from previously extant UK GAAP to FRS102 as at 1 October 2015. There are no material departures from FRS102.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities, and is shown net of value added tax.

The company recognises revenue when the value of services provided to date can be reliably measured.

Page 3

Mego Employment Limited

Notes to the Financial Statements

Year Ended 30 September 2017

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold property	Straight line over 5 years
Systems development	33% straight line
Computer equipment	25% straight line
Motor vehicles	25% straight line
Office furniture and equipment	10% and 25% straight line

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Page 4

Mego Employment Limited

Notes to the Financial Statements

Year Ended 30 September 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2016 - 19).

Page 5

Mego Employment Limited

Notes to the Financial Statements

Year Ended 30 September 2017

4	Tangible assets

	Short leasehold land and buildings £	Systems Development £	Computer Equipment £	Motor vehicles  £	Office equipment £	Total £
Cost or valuation
At 1 October 2016	11,630	124,530	74,343	10,795	92,459	313,757
Additions	-	5,009	997	-	500	6,506
Disposals	-	-	-	(10,795)	-	(10,795)
At 30 September 2017	11,630	129,539	75,340	-	92,959	309,468
Depreciation
At 1 October 2016	10,321	120,383	67,515	10,795	61,613	270,627
Charge for the year	655	4,087	5,045	-	5,036	14,823
Eliminated on disposal	-	-	-	(10,795)	-	(10,795)
At 30 September 2017	10,976	124,470	72,560	-	66,649	274,655
Carrying amount
At 30 September 2017	654	5,069	2,780	-	26,310	34,813
At 30 September 2016	1,309	4,147	6,828	-	30,846	43,130

Included within the net book value of land and buildings above is £654 (2016 - £1,309) in respect of short leasehold land and buildings.
 

Page 6

Mego Employment Limited

Notes to the Financial Statements

Year Ended 30 September 2017

5

Debtors

	Note	2017  £	2016  £
Trade debtors		1,440,666	1,003,736
Amounts due from group undertakings	10	341,492	341,492
Other debtors		29,777	20,998
Prepayments and accrued income		149,444	112,635
		1,961,379	1,478,861

6

Creditors

Creditors: amounts falling due within one year

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	7	-	17,549
Trade creditors		70,222	93,117
Social security and other taxes		387,606	393,479
Other creditors		1,281,992	858,485
Accrued expenses		257,135	152,911
		1,996,955	1,515,541

Other creditors are secured by a fixed and floating charge over all of the company's assets.

7	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank overdrafts	-	17,549

Page 7

Mego Employment Limited

Notes to the Financial Statements

Year Ended 30 September 2017

8	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary 'A' shares of £1 each	41	41	41	41
Ordinary 'B' shares of £1 each	41	41	41	41
	82	82	82	82

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £56,554 (2016 - £35,000).

10	Related party transactions

Advances to directors

2017	At 1 October 2016 £	Advances to director £	Repayments by director £	At 30 September 2017 £
C N Leonard
Advances to director. Interest charged at the official rate.	2,520	22,948	-	25,468

2016	At 1 October 2015 £	Advances to director £	Repayments by director £	At 30 September 2016 £
C N Leonard
Advances to director. Interest charged at the official rate.	1,093	21,427	(20,000)	2,520

11	Transition to FRS 102

The company transitioned to FRS102 from previously extant UK GAAP as at 1 October 2015.

There were no changes to the previously stated equity as at 1 October 2015 and 30 September 2016 or in the loss for the year ended 30 September 2016 as a result of the transition to FRS102.

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