Montroyal Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03064900 (England and Wales)

MONTROYAL LIMITED

TRADING AS

SIGNS EXPRESS SWANSEA

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

P D Perkins

Mrs S Perkins

SECRETARIES:

Mrs S Perkins

P D Perkins

REGISTERED OFFICE:

Unit 1 Christopher Court

Mona Close

Swansea Enterprise Park

Swansea

SA6 8RR

REGISTERED NUMBER:

03064900 (England and Wales)

ACCOUNTANTS:

Bevan Buckland LLP

Chartered Accountants

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Montroyal Limited for the year ended 31 May 2018 which comprise the Statement

of Income and Retained Earnings, Balance Sheet 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Montroyal Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Montroyal Limited and state those matters that we have agreed to state to the Board of Directors of Montroyal Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Montroyal Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Montroyal Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Montroyal Limited. You consider that Montroyal Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Montroyal Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bevan Buckland LLP

Chartered Accountants

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

5 December 2018

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

72,000

72,304

72,000

72,304

CURRENT ASSETS

Stocks

17,366

16,950

Debtors

6

72,083

62,422

Cash at bank and in hand

6,971

6,716

96,420

86,088

CREDITORS

Amounts falling due within one year

7

114,345

114,963

NET CURRENT LIABILITIES

(17,925

)

(28,875

)

TOTAL ASSETS LESS CURRENT LIABILITIES

54,075

43,429

CREDITORS

Amounts falling due after more than one year

8

(46,358

)

(35,189

)

PROVISIONS FOR LIABILITIES

(7,687

)

(8,076

)

NET ASSETS

30

164

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

28

162

SHAREHOLDERS' FUNDS

30

164

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 28 November 2018 and were signed on its behalf by:

P D Perkins - Director

1.	STATUTORY INFORMATION

Montroyal 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, excluding discounts,

rebates, value added tax and other sales taxes.

Intangible fixed assets

Amortisation is provided straight line over 19 years in order to write off the patents & licences over their

estimated useful life. The accounting policy have been revised in 2013 due to the franchise license

having 5 years left to run from May 2012.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold property improvements

-

5% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

33% straight line

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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.

Government grants

Grants received in respect of capital expenditure are being released to the profit and loss account in

line with the depreciation rate of the asset purchased.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered.

Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short

maturity of three months or less from the date of acquisition or opening of the deposit or similar

account.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation (legal and

constructive) resulting from a past event that will probably result in the transfer of funds to a third party

and the amount due to settle the obligation can be measured or estimated reliably. Creditors and

provisions are normally recognised at their settlement amount after allowing for any trade discounts

due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 June 2017

and 31 May 2018

16,400

AMORTISATION

At 1 June 2017

and 31 May 2018

16,400

NET BOOK VALUE

At 31 May 2018

-

At 31 May 2017

-

5.	TANGIBLE FIXED ASSETS

Leasehold

Fixtures

property

Plant and

and

improvements

machinery

fittings

£

£

£

COST

At 1 June 2017

44,420

36,567

10,074

Additions

-

429

-

At 31 May 2018

44,420

36,996

10,074

DEPRECIATION

At 1 June 2017

4,442

20,034

3,401

Charge for year

2,221

2,247

887

Eliminated on disposal

-

-

-

At 31 May 2018

6,663

22,281

4,288

NET BOOK VALUE

At 31 May 2018

37,757

14,715

5,786

At 31 May 2017

39,978

16,533

6,673

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 June 2017

16,646

3,063

110,770

Additions

15,836

70

16,335

Disposals

(16,647

)

-

(16,647

)

At 31 May 2018

15,835

3,133

110,458

DEPRECIATION

At 1 June 2017

8,780

1,809

38,466

Charge for year

2,375

1,044

8,774

Eliminated on disposal

(8,782

)

-

(8,782

)

At 31 May 2018

2,373

2,853

38,458

NET BOOK VALUE

At 31 May 2018

13,462

280

72,000

At 31 May 2017

7,866

1,254

72,304

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 June 2017

16,646

Additions

15,836

Disposals

(16,647

)

At 31 May 2018

15,835

DEPRECIATION

At 1 June 2017

8,780

Charge for year

2,375

Eliminated on disposal

(8,782

)

At 31 May 2018

2,373

NET BOOK VALUE

At 31 May 2018

13,462

At 31 May 2017

7,866

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

52,384

35,906

Other debtors

19,699

26,516

72,083

62,422

Included within other debtors is the directors' current account balance of £6,277 (2017: £11,027). This

amount has been repaid within nine months of the year end.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

32,515

45,663

Hire purchase contracts

3,593

594

Trade creditors

35,532

36,467

Taxation and social security

19,735

16,049

Other creditors

22,970

16,190

114,345

114,963

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

41,866

35,189

Hire purchase contracts

4,492

-

46,358

35,189

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

63,885

48,591

Hire purchase contracts

8,085

594

71,970

49,185

There is a fixed & floating charge over the assets & liabilities of the company.

The finance lease is secured upon the asset to which it relates.

10.	ULTIMATE CONTROL

Mr P D Perkins & Mrs S Perkins, the directors, each own 50% of the issued share capital and therefore

have ultimate control of the company.