Master Tailor Limited - Filleted accounts

Master Tailor Limited - Filleted accounts

MASTER TAILOR LIMITED - Company Information

Print Friendly Version

Registered number
02587407
Master Tailor Limited
Filleted Accounts
31 December 2017
Master Tailor Limited
Registered number: 02587407
Balance Sheet
as at 31 December 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 1,405 2,035
Current assets
Stocks 236 236
Debtors 3 50,243 12,021
Cash at bank and in hand - 3
50,479 12,260
Creditors: amounts falling due within one year 4 (51,293) (16,355)
Net current liabilities (814) (4,095)
Net assets/(liabilities) 591 (2,060)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (409) (3,060)
Shareholders' funds 591 (2,060)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr H Rose
Director
Approved by the board on 17 September 2018
Master Tailor Limited
Notes to the Accounts
for the year ended 31 December 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017 16,537
At 31 December 2017 16,537
Depreciation
At 1 January 2017 14,502
Charge for the year 630
At 31 December 2017 15,132
Net book value
At 31 December 2017 1,405
At 31 December 2016 2,035
3 Debtors 2017 2016
£ £
Trade debtors 7,671 1,993
Other debtors 42,572 10,028
50,243 12,021
4 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 18,547 4,622
Trade creditors 8,422 2,370
Corporation tax 14,307 2,447
Other taxes and social security costs 8,949 1,807
Other creditors 1,068 5,109
51,293 16,355
5 Other information
Master Tailor Limited is a private company limited by shares and incorporated in England. Its registered office is:
53 The Fairway
Leeds
LS17 7PE
Master Tailor Limited 02587407 false 2017-01-01 2017-12-31 2017-12-31 VT Final Accounts September 2017 Mr H Rose No description of principal activity 02587407 core:WithinOneYear 2016-12-31 02587407 core:ShareCapital 2016-12-31 02587407 core:RetainedEarningsAccumulatedLosses 2016-12-31 02587407 2017-01-01 2017-12-31 02587407 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 02587407 bus:AuditExemptWithAccountantsReport 2017-01-01 2017-12-31 02587407 bus:Director40 2017-01-01 2017-12-31 02587407 1 2017-01-01 2017-12-31 02587407 2 2017-01-01 2017-12-31 02587407 core:PlantMachinery 2017-01-01 2017-12-31 02587407 countries:England 2017-01-01 2017-12-31 02587407 bus:FRS102 2017-01-01 2017-12-31 02587407 bus:FullAccounts 2017-01-01 2017-12-31 02587407 2017-12-31 02587407 core:WithinOneYear 2017-12-31 02587407 core:ShareCapital 2017-12-31 02587407 core:RetainedEarningsAccumulatedLosses 2017-12-31 02587407 core:PlantMachinery 2017-12-31 02587407 2016-12-31 02587407 core:PlantMachinery 2016-12-31 iso4217:GBP