Mitreburn Limited 31/10/2017 iXBRL

Mitreburn Limited 31/10/2017 iXBRL

MITREBURN LIMITED - Company Information

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31/10/2017 2017-10-31 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 2016-11-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 03192987 2016-11-01 2017-10-31 03192987 2017-10-31 03192987 2016-10-31 03192987 2015-11-01 2016-10-31 03192987 2016-10-31 03192987 core:PlantMachinery 2016-11-01 2017-10-31 03192987 bus:Director1 2016-11-01 2017-10-31 03192987 core:WithinOneYear 2017-10-31 03192987 core:WithinOneYear 2016-10-31 03192987 core:LandBuildings core:ShortLeaseholdAssets 2016-10-31 03192987 core:PlantMachinery 2016-10-31 03192987 core:LandBuildings core:ShortLeaseholdAssets 2017-10-31 03192987 core:LandBuildings core:ShortLeaseholdAssets 2016-11-01 2017-10-31 03192987 core:ShareCapital 2017-10-31 03192987 core:ShareCapital 2016-10-31 03192987 core:RetainedEarningsAccumulatedLosses 2017-10-31 03192987 core:RetainedEarningsAccumulatedLosses 2016-10-31 03192987 core:LandBuildings core:ShortLeaseholdAssets 2016-10-31 03192987 core:PlantMachinery 2016-10-31 03192987 bus:Director1 2016-10-31 03192987 bus:Director1 2017-10-31 03192987 bus:Director1 2015-10-31 03192987 bus:Director1 2016-10-31 03192987 bus:Director1 2015-11-01 2016-10-31 03192987 bus:SmallEntities 2016-11-01 2017-10-31 03192987 bus:AuditExemptWithAccountantsReport 2016-11-01 2017-10-31 03192987 bus:FullAccounts 2016-11-01 2017-10-31 03192987 bus:SmallCompaniesRegimeForAccounts 2016-11-01 2017-10-31 03192987 bus:PrivateLimitedCompanyLtd 2016-11-01 2017-10-31
Company registration number: 03192987
Mitreburn Limited
Unaudited filleted financial statements
31 October 2017
MITREBURN LIMITED
Contents
Statement of financial position
Notes to the financial statements
MITREBURN LIMITED
STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 - 46,969
_______ _______
- 46,969
Current assets
Stocks - 9,759
Debtors 6 607,474 630,069
Cash at bank and in hand 335,134 456,193
_______ _______
942,608 1,096,021
Creditors: amounts falling due
within one year 7 ( 6,550) ( 21,077)
_______ _______
Net current assets 936,058 1,074,944
_______ _______
Total assets less current liabilities 936,058 1,121,913
Provisions for liabilities ( 6,877) ( 6,877)
_______ _______
Net assets 929,181 1,115,036
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 8 929,179 1,115,034
_______ _______
Shareholders funds 929,181 1,115,036
_______ _______
For the year ending 31 October 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 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 July 2018 , and are signed on behalf of the board by:
Mr D. J. Mulvihill
Director
Company registration number: 03192987
MITREBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 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 26 - 28 Southernhay East, Exeter, Devon, EX1 1NS.
Principal activity
The principal activity of the company during the year was management of a nightclub.
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 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
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.
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:
Short leasehold property - Straight line over the life of the lease
Plant and machinery - 15 % reducing balance
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2016: 18 ).
5. Tangible assets
Short leasehold property Plant and machinery Total
£ £ £
Cost
At 1 November 2016 115,387 381,252 496,639
Disposals - ( 381,252) ( 381,252)
_______ _______ _______
At 31 October 2017 115,387 - 115,387
_______ _______ _______
Depreciation
At 1 November 2016 108,722 340,948 449,670
Charge for the year 6,665 - 6,665
Disposals - ( 340,948) ( 340,948)
_______ _______ _______
At 31 October 2017 115,387 - 115,387
_______ _______ _______
Carrying amount
At 31 October 2017 - - -
_______ _______ _______
At 31 October 2016 6,665 40,304 46,969
_______ _______ _______
6. Debtors
2017 2016
£ £
Trade debtors - 309
Amounts owed by group undertakings and undertakings in which the company has a participating interest 600,880 600,664
Other debtors 6,594 29,096
_______ _______
607,474 630,069
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Bank loans and overdrafts 3,079 5,332
Trade creditors - 2,986
Accruals and deferred income 2,512 6,232
Social security and other taxes 959 6,527
_______ _______
6,550 21,077
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 November 2016 Loans to / (from) the directors Amounts repaid Balance at 31 October 2017
£ £ £ £
19,262 ( 16,582) - 2,680
_______ _______ _______ _______
Loans to / (from) directors at 1 November 2015 Loans to / (from) the directors Amounts repaid Balance at 31 October 2016
£ £ £ £
( 28,491) - 47,753 19,262
_______ _______ _______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.