Mesh Office Seating (UK) Ltd. - Limited company accounts 18.2
Mesh Office Seating (UK) Ltd. - Limited company accounts 18.2
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| FOR |
| MESH OFFICE SEATING (UK) LTD. |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 March 2018 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Income Statement | 3 |
| Statement of Financial Position | 4 |
| Statement of Changes in Equity | 6 |
| Notes to the Financial Statements | 7 |
| MESH OFFICE SEATING (UK) LTD. |
| COMPANY INFORMATION |
| for the Year Ended 31 March 2018 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 7 Royal Crescent |
| Glasgow |
| G3 7SL |
| BANKERS: |
| Kilmarnock Branch |
| 96 John Finnie Street |
| Kilmarnock |
| KA1 1NY |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| REPORT OF THE DIRECTORS |
| for the Year Ended 31 March 2018 |
| The directors present their report with the financial statements of the company for the year ended 31 March 2018. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2017 to the date of this report. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
| companies. |
| ON BEHALF OF THE BOARD: |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| INCOME STATEMENT |
| for the Year Ended 31 March 2018 |
| 2018 | 2017 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT |
| Interest payable and similar expenses |
| PROFIT BEFORE TAXATION |
| Tax on profit | 5 |
| PROFIT FOR THE FINANCIAL YEAR |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| STATEMENT OF FINANCIAL POSITION |
| 31 March 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Stocks | 7 |
| Debtors | 8 |
| Prepayments and accrued income |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings | 13 |
| SHAREHOLDERS' FUNDS |
| 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. |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 March 2018 |
| The financial statements were approved by the Board of Directors on by: |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| STATEMENT OF CHANGES IN EQUITY |
| for the Year Ended 31 March 2018 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 April 2016 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 March 2017 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 March 2018 |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 March 2018 |
| 1. | STATUTORY INFORMATION |
| Mesh Office Seating (UK) Ltd. is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Functional currency |
| The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are |
| shown to the nearest whole pound. |
| Significant judgements and estimates |
| The preparation of financial statements requires the use of certain accounting estimates . It also requires the |
| Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher |
| degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the |
| financial statements, are disclosed below: |
| Estimation Uncertainty |
| Useful life of properties, plant and equipment |
| The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be |
| depreciated based on this. |
| Recoverability of Debtors |
| The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment |
| history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the |
| recoverability of these, provision is made against the recoverability of these debts. |
| Stock Valuation |
| The Company assesses the carrying value of stock on at least an annual basis, taking into consideration when |
| each item was purchased and the Company's ability to sell that particular item. Where it is considered the net |
| realisable value of stock has fallen below its' original cost, a provision is made by Management against the stock |
| value in the financial statements. |
| Key Judgements made in the application of Accounting Policies |
| a) Exemptions taken in the application of FRS 102 |
| The Company has considered and taken advantage of the following exemptions in its application of FRS 102: |
| i) The Company has not revisited previous accounting estimates. |
| Turnover |
| Turnover represents net invoiced sales of office and home furniture, excluding value added tax. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Classification |
| The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company |
| recognises these in accordance with Section 11 of the Financial Reporting Standard. |
| Recognition and measurement |
| The company's debt instruments are measured at amortised cost using the effective interest rate method. |
| Impairment |
| Financial instruments are reviewed annually for impairment. |
| Debtors |
| Debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts |
| when there is objective evidence that the asset is impaired. |
| Cash and cash equivalents |
| Cash and cash equivalents in the balance sheet comprise cash on hand and cash at bank with a short term of |
| maturity, being twelve months or less, from the opening of the deposit or similar account. |
| Creditors |
| Creditors are recognised where the company has a present obligation resulting from a past event and are |
| recognised at the settlement amount due after allowing for any trade discounts due. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2018 | 2017 |
| £ | £ |
| Wages and salaries |
| The average number of employees during the year was as follows: |
| 2018 | 2017 |
| Directors | 3 | 3 |
| General staff | 11 | 10 |
| 4. | EXCEPTIONAL ITEMS |
| During the year the balance owed by Saxen Ltd (a company wholly owned by the shareholders of Mesh office |
| Seating Ltd) as at the 31st March 2018 was written off to the profit and loss account. The cost was not allowed |
| as a Tax Deduction in the Corporation Tax Computation. |
| 5. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2018 | 2017 |
| £ | £ |
| Deferred tax |
| Tax on profit |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2018 |
| 6. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 April 2017 |
| Additions |
| At 31 March 2018 |
| DEPRECIATION |
| At 1 April 2017 |
| Charge for year |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2017 |
| Additions |
| At 31 March 2018 |
| DEPRECIATION |
| At 1 April 2017 |
| Charge for year |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| 7. | STOCKS |
| 2018 | 2017 |
| £ | £ |
| Stocks |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Other debtors |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2018 |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2018 | 2017 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 29,697 | 17,084 |
| The bank loan and hire purchase contracts are secured by a bond and floating charge over the assets of the |
| company. |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2018 | 2017 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 13. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 April 2017 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 March 2018 |