Mybond Pawnbrokers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02526856 (England and Wales)

Financial Statements for the Year Ended 31 March 2018

for

Mybond Pawnbrokers Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs A R Winegarten

R Winegarten

SECRETARY:

Mrs A R Winegarten

REGISTERED OFFICE:

90 Camden High Street

London

NW1 0LT

REGISTERED NUMBER:

02526856 (England and Wales)

ACCOUNTANTS:

Grunberg & Co Limited

Chartered Accountants

5 Technology Park

Colindeep Lane

Colindale

London

NW9 6BX

FIXED ASSETS

Tangible assets

4

10,895

12,920

CURRENT ASSETS

Stocks

60,066

34,664

Debtors

5

1,614,969

1,387,554

Cash at bank and in hand

92,570

229,879

1,767,605

1,652,097

CREDITORS

Amounts falling due within one year

6

93,414

74,083

NET CURRENT ASSETS

1,674,191

1,578,014

TOTAL ASSETS LESS CURRENT LIABILITIES

1,685,086

1,590,934

PROVISIONS FOR LIABILITIES

1,857

2,311

NET ASSETS

1,683,229

1,588,623

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

7

1,682,229

1,587,623

SHAREHOLDERS' FUNDS

1,683,229

1,588,623

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 10 October 2018 and were signed on its behalf by:

R Winegarten - Director

1.	STATUTORY INFORMATION

Mybond Pawnbrokers 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 and represents amounts

receivable for goods and services and interest income provided in the normal course of business, net of

discounts, VAT and other sales-related taxes

Interest receivable on loans is recognised as interest accrues by reference to the principal outstanding and the

effective interest rate applicable, which is the rate that discounts the estimated future cash receipts through the

expected life of the financial asset to that asset’s net carrying amount.

Revenue on the sale of second hand goods is recognised at the point of sale.

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 improvements

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33.3% on cost

Tangible fixed assets are stated at historical costs less accumulated depreciation and any accumulated

impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the

location and condition necessary for it to be capable of operating in the manner intended by management.

Gain and losses on disposals are determined by comparing the proceeds with the carrying amount and are

recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on

the cost of purchase on a first in first out basis.

At each balance sheet date, stocks are assessed for impairment. If stocks are impaired the carrying amount is

reduced to its selling price less cost to complete and sell. The impairment loss is recognised in profit or loss.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Debtors

Debtors represent amounts due from customers in the normal course of business. Trade debtors include debtors

pledge receivables which are interest bearing. The accrued interest arising on these interest bearing assets is

included in prepayments and accrued income using the effective interest method. All other amounts which are

not interest bearing are stated at their nominal value as reduced by appropriate allowances for estimated

irrecoverable amounts, which are charged to the Profit and Loss account.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related

parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.

Such instruments are subsequently carried at amortised cost using the effective interest method, less any

impairment.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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 7 (2017 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Short

Fixtures

leasehold

and

Computer

improvements

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2017

and 31 March 2018

8,514

114,623

67,012

190,149

DEPRECIATION

At 1 April 2017

8,301

102,164

66,764

177,229

Charge for year

32

1,869

124

2,025

At 31 March 2018

8,333

104,033

66,888

179,254

NET BOOK VALUE

At 31 March 2018

181

10,590

124

10,895

At 31 March 2017

213

12,459

248

12,920

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,476,638

1,263,329

Other debtors

9,110

9,110

Prepayments and accrued income

129,221

115,115

1,614,969

1,387,554

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Corporation tax

39,883

35,979

Social security and other taxes

-

4,624

Other creditors

79

240

Directors' current accounts

140

1,405

Deferred income

46,961

24,434

Accrued expenses

6,351

7,401

93,414

74,083

7.

RESERVES

Retained earnings includes all current and prior period retained profits and loss, all of which, are distributable

reserves.