Martin and Dodds Limited - Limited company accounts 18.2

REGISTERED NUMBER: 02093260 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2018

FOR

MARTIN AND DODDS LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

Nicholas Martin

Trevor James Mitchell

SECRETARY:

Doreen Mitchell

REGISTERED OFFICE:

148 Commercial Road

Totton

Southampton

SO40 3AA

REGISTERED NUMBER:

02093260 (England and Wales)

ACCOUNTANTS:

R A Vowles & Co

Chartered Accountants

148 Commercial Road

Totton

Southampton

Hampshire

S040 3AA

The directors present their report with the financial statements of the company for the year ended 30 April 2018.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of hairdressers

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

DIVIDENDS

No dividends will be distributed for the year ended 30 April 2018.

DIRECTORS

The directors during the year under review were:

Nicholas Martin

Trevor James Mitchell

The beneficial interests of the directors holding office on 30 April 2018 in the issued share capital of the company were

as follows:

30.4.18

1.5.17

Ordinary 1 shares

Nicholas Martin

50

50

Trevor James Mitchell

50

50

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

The directors report has been prepared in accordance with the small companies regime of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Nicholas Martin - Director

30 July 2018

TURNOVER

208,435

208,559

Cost of sales

12,189

11,553

GROSS PROFIT

196,246

197,006

Administrative expenses

202,196

184,820

OPERATING (LOSS)/PROFIT

4

(5,950

)

12,186

Interest payable and similar expenses

296

701

(LOSS)/PROFIT BEFORE TAXATION

(6,246

)

11,485

Tax on (loss)/profit

5

(1,260

)

2,180

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(4,986

)

9,305

FIXED ASSETS

Tangible assets

6

3,028

3,726

CURRENT ASSETS

Stocks

7

1,500

1,900

Debtors

8

5,811

8,821

Cash at bank and in hand

4,212

13,371

11,523

24,092

CREDITORS

Amounts falling due within one year

9

16,966

23,658

NET CURRENT (LIABILITIES)/ASSETS

(5,443

)

434

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,415

)

4,160

CREDITORS

Amounts falling due after more than one year

10

-

(1,519

)

PROVISIONS FOR LIABILITIES

12

(327

)

(397

)

NET (LIABILITIES)/ASSETS

(2,742

)

2,244

CAPITAL AND RESERVES

Called up share capital

13

100

100

Retained earnings

14

(2,842

)

2,144

SHAREHOLDERS' FUNDS

(2,742

)

2,244

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 30 July 2018 and were signed on its behalf by:

Nicholas Martin - Director

1.	STATUTORY INFORMATION

Martin and Dodds Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover is recognised at the point the services have been provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

10% on cost

Fixtures and fittings

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 10 ) .

2018

2017

£

£

Directors' remuneration

49,530

49,530

4.	OPERATING (LOSS)/PROFIT

The operating loss (2017 - operating profit) is stated after charging:

2018

2017

£

£

Depreciation - owned assets

558

1,015

5.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2018

2017

£

£

Current tax:

UK corporation tax

(1,190

)

1,783

Deferred tax

(70

)

397

Tax on (loss)/profit

(1,260

)

2,180

6.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 1 May 2017

3,610

37,497

41,107

Disposals

-

(140

)

(140

)

At 30 April 2018

3,610

37,357

40,967

DEPRECIATION

At 1 May 2017

3,610

33,771

37,381

Charge for year

-

558

558

At 30 April 2018

3,610

34,329

37,939

NET BOOK VALUE

At 30 April 2018

-

3,028

3,028

At 30 April 2017

-

3,726

3,726

7.

STOCKS

2018

2017

£

£

Stocks

1,500

1,900

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

-

62

Directors' loan accounts

3,866

6,809

Prepayments and accrued income

1,945

1,950

5,811

8,821

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts (see note 11)

4,269

5,720

Trade creditors

1,018

1,603

Tax

(1,190

)

1,783

Social security and other taxes

968

1,802

VAT

8,548

9,497

Other creditors

3,353

3,253

16,966

23,658

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans (see note 11)

-

1,519

11.

LOANS

An analysis of the maturity of loans is given below:

2018

2017

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

4,269

-

Bank loans

-

5,720

4,269

5,720

Amounts falling due between one and two years:

Bank loans - 1-2 years

-

1,519

12.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

327

397

Deferred

tax

£

Balance at 1 May 2017

397

Decrease in provision

(70

)

Balance at 30 April 2018

327

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

1

100

100

14.

RESERVES

Retained

earnings

£

At 1 May 2017

2,144

Deficit for the year

(4,986

)

At 30 April 2018

(2,842

)

15.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2018 and

30 April 2017:

2018

2017

£

£

Nicholas Martin

Balance outstanding at start of year

6,809

9,080

Amounts repaid

(2,943

)

(2,271

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,866

6,809