M-Sport Wheels Limited 31/08/2017 iXBRL

M-Sport Wheels Limited 31/08/2017 iXBRL

M-SPORT WHEELS LIMITED - Company Information

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31/08/2017 2017-08-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2016-09-01 Sage Accounts Production 18.11 - FRS xbrli:pure xbrli:shares iso4217:GBP 08919888 2016-09-01 2017-08-31 08919888 2017-08-31 08919888 2016-08-31 08919888 2016-08-31 08919888 bus:RegisteredOffice 2016-09-01 2017-08-31 08919888 bus:Director1 2016-09-01 2017-08-31 08919888 core:FurnitureFittingsToolsEquipment 2016-08-31 08919888 core:FurnitureFittingsToolsEquipment 2017-08-31 08919888 core:WithinOneYear 2017-08-31 08919888 core:WithinOneYear 2016-08-31 08919888 core:ShareCapital 2017-08-31 08919888 core:ShareCapital 2016-08-31 08919888 core:RetainedEarningsAccumulatedLosses 2017-08-31 08919888 core:RetainedEarningsAccumulatedLosses 2016-08-31 08919888 core:FurnitureFittingsToolsEquipment 2016-09-01 2017-08-31 08919888 core:FurnitureFittingsToolsEquipment 2016-08-31 08919888 bus:Director1 2016-08-31 08919888 bus:Director1 2015-08-31 08919888 bus:Director1 2016-08-31 08919888 bus:Director1 2015-09-01 2016-08-31 08919888 bus:SmallEntities 2016-09-01 2017-08-31 08919888 bus:AuditExempt-NoAccountantsReport 2016-09-01 2017-08-31 08919888 bus:FullAccounts 2016-09-01 2017-08-31 08919888 bus:SmallCompaniesRegimeForAccounts 2016-09-01 2017-08-31 08919888 bus:PrivateLimitedCompanyLtd 2016-09-01 2017-08-31 08919888 1 2016-09-01 2017-08-31
Company registration number: 08919888
M-Sport Wheels Limited
Unaudited filleted financial statements
31 August 2017
M-Sport Wheels Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
M-Sport Wheels Limited
Directors and other information
Director Mr Craig Austin
Company number 08919888
Registered office 1st Floor
87/89 High Street
Hoddesdon
Herts
EN11 8TL
Business address Riverside Business Centre
Fort Road
Tilbury
Essex
RM18 7ND
M-Sport Wheels Limited
Statement of financial position
31 August 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 4 3,050 2,843
_______ _______
3,050 2,843
Current assets
Stocks 72,374 72,602
Debtors 5 592,527 559,378
Cash at bank and in hand 17,585 12,819
_______ _______
682,486 644,799
Creditors: amounts falling due
within one year 6 ( 654,780) ( 607,308)
_______ _______
Net current assets 27,706 37,491
_______ _______
Total assets less current liabilities 30,756 40,334
_______ _______
Net assets 30,756 40,334
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 30,656 40,234
_______ _______
Shareholders funds 30,756 40,334
_______ _______
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 May 2018 , and are signed on behalf of the board by:
Mr Craig Austin
Director
Company registration number: 08919888
M-Sport Wheels Limited
Notes to the financial statements
Year ended 31 August 2017
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 1st Floor, 87/89 High Street, Hoddesdon, Herts, EN11 8TL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 September 2016 4,235 4,235
Additions 1,222 1,222
_______ _______
At 31 August 2017 5,457 5,457
_______ _______
Depreciation
At 1 September 2016 1,392 1,392
Charge for the year 1,015 1,015
_______ _______
At 31 August 2017 2,407 2,407
_______ _______
Carrying amount
At 31 August 2017 3,050 3,050
_______ _______
At 31 August 2016 2,843 2,843
_______ _______
5. Debtors
2017 2016
£ £
Trade debtors 568,203 552,650
Other debtors 24,324 6,728
_______ _______
592,527 559,378
_______ _______
6. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 591,710 513,595
Corporation tax 1,270 7,213
Other creditors 61,800 86,500
_______ _______
654,780 607,308
_______ _______
7. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Craig Austin ( 25,000) 25,000 -
_______ _______ _______
2016
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Craig Austin ( 15,000) ( 10,000) ( 25,000)
_______ _______ _______
8. Controlling party
The company is controlled by Craig Austin , sole director and shareholder .
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.