Mark Anthony Leather & Textiles Limited Company accounts

MARK ANTHONY LEATHER & TEXTILES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC214753

Mark Anthony Leather & Textiles Limited

Unaudited Financial Statements

For the year ended

31 January 2018

Mark Anthony Leather & Textiles Limited

Financial Statements

Year ended 31 January 2018

Contents	Page

Officers and professional advisers	1

Directors' report	2

Report to the board of directors on the preparation of the unaudited statutory financial statements	3

Statement of income and retained earnings	4

Statement of financial position	5

Notes to the financial statements	7

Mark Anthony Leather & Textiles Limited

Officers and Professional Advisers

The board of directors	Mr Mark Kelly
	Mrs Sarah Kelly

Company secretary	Sarah Kelly

Registered office	Mercantile Chambers
	53 Bothwell Street
	Glasgow
	G2 6TB

Accountants	Nelson Gilmour Smith
	Chartered Accountants
	Mercantile Chambers
	53 Bothwell Street
	Glasgow
	G2 6TB

Bankers	The Royal Bank of Scotland
	30 Sylvania Way South
	Clyde Regional Centre
	Clydebank
	G81 1TS

Mark Anthony Leather & Textiles Limited

Directors' Report

Year ended 31 January 2018

The directors present their report and the unaudited financial statements of the company for the year ended 31 January 2018 .

Directors

The directors who served the company during the year were as follows:

Mr Mark Kelly
Mrs Sarah Kelly

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 12 October 2018 and signed on behalf of the board by:

Mr Mark Kelly

Director

Registered office:

Mercantile Chambers

53 Bothwell Street

Glasgow

G2 6TB

Mark Anthony Leather & Textiles Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Mark Anthony Leather & Textiles Limited

Year ended 31 January 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mark Anthony Leather & Textiles Limited for the year ended 31 January 2018, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. Our work has been undertaken in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance.

Nelson Gilmour Smith Chartered Accountants

Mercantile Chambers 53 Bothwell Street Glasgow G2 6TB

12 October 2018

Mark Anthony Leather & Textiles Limited

Statement of Income and Retained Earnings

Year ended 31 January 2018

	2018	2017
Note	£	£
Turnover	530,896	520,355

Cost of sales	368,100	346,773
	---------	---------
Gross profit	162,796	173,582

Administrative expenses	119,854	131,050
	---------	---------
Operating profit	42,942	42,532

Interest payable and similar expenses		5,158	2,305
		---------	---------
Profit before taxation	5	37,784	40,227

Tax on profit	7,494	8,610
	--------	--------
Profit for the financial year and total comprehensive income	30,290	31,617
	--------	--------

Dividends paid and payable	( 30,000)	( 50,000)

Retained earnings at the start of the year	18,476	36,859
	--------	--------
Retained earnings at the end of the year	18,766	18,476
	--------	--------

All the activities of the company are from continuing operations.

Mark Anthony Leather & Textiles Limited

Statement of Financial Position

31 January 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	6	137,077	138,401

Current assets

Stocks		76,387	79,791
Debtors	7	17,307	19,764
Cash at bank and in hand		45,711	23,393
		---------	---------
		139,405	122,948

Creditors: amounts falling due within one year	8	118,755	116,893
		---------	---------
Net current assets		20,650	6,055
		---------	---------
Total assets less current liabilities		157,727	144,456

Creditors: amounts falling due after more than one year	9	138,861	125,880
		---------	---------
Net assets		18,866	18,576
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	18,766	18,476
	--------	--------
Shareholders funds	18,866	18,576
	--------	--------

These financial statements have been prepared 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'.

For the year ending 31 January 2018 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 .

Mark Anthony Leather & Textiles Limited

Statement of Financial Position (continued)

31 January 2018

These financial statements were approved by the board of directors and authorised for issue on 12 October 2018 , and are signed on behalf of the board by:

Mr Mark Kelly

Director

Company registration number: SC214753

Mark Anthony Leather & Textiles Limited

Notes to the Financial Statements

Year ended 31 January 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Mercantile Chambers, 53 Bothwell Street, Glasgow, G2 6TB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

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.

Revenue recognition

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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Heritable Property	-	2% straight line
Plant & Equipment	-	20% straight line
Motor Vehicles	-	25% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 as a finance cost 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 5 (2017: 5 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2018	2017
	£	£
Depreciation of tangible assets	3,324	2,823
	-------	-------

6. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 February 2017	141,223	–	19,995	161,218
Additions	–	2,000	–	2,000
	---------	-------	--------	---------
At 31 January 2018	141,223	2,000	19,995	163,218
	---------	-------	--------	---------
Depreciation
At 1 February 2017	2,823	–	19,994	22,817
Charge for the year	2,824	500	–	3,324
	---------	-------	--------	---------
At 31 January 2018	5,647	500	19,994	26,141
	---------	-------	--------	---------
Carrying amount
At 31 January 2018	135,576	1,500	1	137,077
	---------	-------	--------	---------
At 31 January 2017	138,400	–	1	138,401
	---------	-------	--------	---------

7. Debtors

	2018	2017
	£	£
Trade debtors	17,251	19,612
Amounts owed by group undertakings and undertakings in which the company has a participating interest	56	152
	--------	--------
	17,307	19,764
	--------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	12,021	12,019
Trade creditors	33,026	40,722
Corporation tax	16,104	16,591
Social security and other taxes	17,103	18,648
Other creditors	40,501	28,913
	---------	---------
	118,755	116,893
	---------	---------

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	113,861	125,880
Other creditors	25,000	–
	---------	---------
	138,861	125,880
	---------	---------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr Mark Kelly	–	–	–
	----	----	----

	2017
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr Mark Kelly	32,935	( 32,935)	–
	--------	--------	----

11. Related party transactions

During the year the Directors received aggregate remuneration of £26,250 (2017: £25,000) and dividends of £30,000 (2017: £50,000). The Directors, Mark and Sarah Kelly , are the Directors of Trim Workshops Limited. Trim Workshops owes the company £152. The balance outstanding at the year end was £152 (2017: £152).