Mando Group Limited - Accounts to registrar (filleted) - small 18.1
Mando Group Limited - Accounts to registrar (filleted) - small 18.1
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2018 |
for |
Mando Group Limited |
Mando Group Limited (Registered number: 04391789) |
Contents of the Financial Statements |
for the Year Ended 31 March 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Mando Group Limited |
Company Information |
for the Year Ended 31 March 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Maxwell House |
Liverpool Innovation Park |
Liverpool |
Merseyside |
L7 9NJ |
Mando Group Limited (Registered number: 04391789) |
Balance Sheet |
31 March 2018 |
31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
Mando Group Limited (Registered number: 04391789) |
Balance Sheet - continued |
31 March 2018 |
31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on on its behalf by: |
Mando Group Limited (Registered number: 04391789) |
Notes to the Financial Statements |
for the Year Ended 31 March 2018 |
1. | STATUTORY INFORMATION |
Mando Group Limited is a |
Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The company makes estimates and assumptions concerning the future. The resulting |
accounting estimates will, by definition, seldom equal the related actual results. The estimates |
and assumptions that have a significant risk of causing a material adjustment to the carrying |
amounts of assets and liabilities within the next financial year are addressed below. |
(i) Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated |
useful economic lives and residual values of the assets. The useful economic lives and residual |
values are re-assessed annually. They are amended when necessary to reflect current estimates, |
based on technological advancement, future investments, economic utilisation and the physical |
condition of the assets. |
(ii) Deferred tax provisioning |
Deferred tax is recognised on all timing differences at the reporting date. The company's |
timing differences predominantly arise on the differing tax and accounting carrying values of |
tangible assets. Judgement is exercised by management in determining the useful economic |
lives and residual values of tangible assets which is relevant in calculating the value of deferred |
tax liabilities or assets. |
(iii) Impairment of debtors |
The company makes an estimate of the recoverable value of trade and other debtors. When |
assessing impairment of trade and other debtors, management considers factors including the |
current credit rating of the debtor, the ageing profile of debtors and historical experience. |
Mando Group Limited (Registered number: 04391789) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services |
supplied during the period, exclusive of Value Added Tax and trade discounts. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Computer equipment | - |
Depreciation in all cases is calculated on a daily basis. |
Mando Group Limited (Registered number: 04391789) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
(i) Financial assets |
Basic financial assets, including trade and other receivables and cash and bank balances, are |
initially recognised at transaction price, 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 at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed |
for objective evidence of impairment. If an asset is impaired the impairment loss is the |
difference between the carrying amount and the present value of the estimated cash flows |
discounted at the asset's original effective interest rate. The impairment loss is recognised in |
profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the |
impairment was recognised the impairment is reversed. The reversal is such that the current |
carrying amount does not exceed what the carrying amount would have been had the |
impairment not previously been recognised. The impairment reversal is recognised in profit or |
loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the |
asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the |
asset are transferred to another party or (c) control of the asset has been transferred to another |
party who has the practical ability to unilaterally sell the asset to an unrelated third party |
without imposing additional restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables and bank loans 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 receipts discounted at |
a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate |
method. |
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan |
to the extent that it is probable that some or all of the facility will be drawn down. In this case, |
the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is |
probable that some or all of the facility will be drawn down, the fee is capitalised as a |
pre-payment for liquidity services and amortised over the period of the facility to which it |
relates. |
Mando Group Limited (Registered number: 04391789) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
2. | ACCOUNTING POLICIES - continued |
Trade payables are obligations to pay for goods or services that have been acquired in the |
ordinary course of business from suppliers. Accounts payable are classified as current liabilities |
if payment is due within one year or less. If not, they are presented as non-current liabilities. |
Trade payables are recognised initially at transaction price and subsequently measured at |
amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the |
contractual obligation is discharged, cancelled or expires. |
Current tax |
Current tax is the amount of income tax payable in respect of taxable profit for the year or |
prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or |
substantively enacted by the period end. |
Deferred tax |
Deferred tax is recognised on all timing differences at the reporting date except for certain |
exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 and that are expected to apply to the reversal of the timing difference. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Development expenditure on individual projects is only carried forward where the future |
recoverability of the expenditure can be reasonably regarded as assured. In such |
circumstances the expenditure carried forward is amortised on an appropriate basis. Where |
the future recoverability of development expenditure cannot be reasonably regarded as assured |
it is charged to the profit and loss account as incurred. |
Deferred development expenditure is reviewed annually, and where future benefits are deemed |
to have ceased or to be in doubt, the balance of any related development expenditure is written |
off to the profit and loss account. |
Mando Group Limited (Registered number: 04391789) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
2. | ACCOUNTING POLICIES - continued |
Leasing |
(i) Operating leases |
Leases that do not transfer all the risks and rewards of ownership are classified as operating |
leases. Payments under operating leases are charged to the profit and loss account on a |
straight line basis over the period of the lease. |
(ii) Hire purchase and other finance leases |
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are |
classified as finance leases. Such leases are capitalised at commencement of the lease at fair |
value or, if lower, the present value of the minimum lease payments calculated using the |
interest rate implicit in the lease. |
Capitalised finance lease assets are depreciated over the shorter of the lease term and the |
estimated useful life of the asset and are annually assessed for impairment. |
The capital element of finance leases is recorded as a liability at commencement of the lease. |
Lease payments are apportioned between capital repayment and finance charge using the |
effective interest rate method. |
The liability is subsequently carried at amortised cost, using the effective interest rate method. |
(iii) Operating lease incentives |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a |
straight line basis over the entire lease term. |
Pensions |
The company contributes to personal pension plans and the pension charge represents the |
amounts payable by the company during the year. |
Long-term contracts |
Profit on long-term contracts is taken as the work is carried out if the final outcome can be |
assessed with reasonable certainty. The profit included is calculated on a prudent basis to |
reflect the proportion of the work carried out at the year end, by recording turnover and |
related costs as contract activity progresses. |
Turnover is calculated as that proportion of total contract value which costs incurred to date |
bear to total expected costs for that contract. |
Revenues derived from variations on contracts are recognised only when they have been |
accepted by the customer. Full provision is made for losses on all contracts in the year in |
which they are first foreseen. |
Mando Group Limited (Registered number: 04391789) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
2. | ACCOUNTING POLICIES - continued |
Employee benefits |
Short term benefits, including holiday pay and other non-monetary benefits, are recognised as |
an expense in the period in which the service is received. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2017 |
Additions |
At 31 March 2018 |
DEPRECIATION |
At 1 April 2017 |
Charge for year |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
Mando Group Limited (Registered number: 04391789) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as |
follows: |
Improvements |
to | Computer |
property | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2017 |
Additions |
At 31 March 2018 |
DEPRECIATION |
At 1 April 2017 |
Charge for year |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Trade debtors |
Amounts owed by parent company |
Other debtors |
The main component of other debtors at the balance sheet date is work in progress amounting |
to £1,837,385 (2017 - £2,395,168). |
Mando Group Limited (Registered number: 04391789) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
The main component of other creditors at the balance sheet date is deferred income amounting |
to £2,310,102 (2017 - £3,271,400). |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans |
Hire purchase contracts |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans |
The bank loan is secured by way of fixed charge over the company's land, plant and |
machinery, rental income, securities, insurance policies, goodwill, uncalled share capital, |
intellectual property and trade debts. A floating charge covers all company assets not |
effectively charged by the fixed charge. |
9. | OTHER FINANCIAL COMMITMENTS |
The company is committed to pay £280,725 under non-cancellable operating leases, with |
£40,804 of this due to be paid within 12 months of the balance sheet date. |
Mando Group Limited (Registered number: 04391789) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is I D G Finch. |