Company Registration No. 02358983 (England and Wales)
MDS BATTERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
PAGES FOR FILING WITH REGISTRAR
MDS BATTERY LIMITED
COMPANY INFORMATION
Directors
Mr J H Bates
Mr M J Field
Miss C Gooderham
Secretary
Mr M J Field
Company number
02358983
Registered office
66 Prescot Street
London
E1 8NN
Accountants
Carter Backer Winter LLP
66 Prescot Street
London
E1 8NN
Business address
1 Riverwalk Business Park
Jeffreys Road
Enfield
Middlesex
EN3 7QN
MDS BATTERY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
MDS BATTERY LIMITED
BALANCE SHEET
AS AT
30 APRIL 2017
30 April 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
25,115
22,274
Current assets
Stocks
181,033
180,196
Debtors
4
223,274
137,303
Cash at bank and in hand
98,961
115,300
503,268
432,799
Creditors: amounts falling due within one year
5
(445,753)
(371,239)
Net current assets
57,515
61,560
Total assets less current liabilities
82,630
83,834
Creditors: amounts falling due after more than one year
6
(4,046)
(8,459)
Provisions for liabilities
(911)
(151)
Net assets
77,673
75,224
Capital and reserves
Called up share capital
7
20,000
20,000
Profit and loss reserves
57,673
55,224
Total equity
77,673
75,224
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
MDS BATTERY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2017
30 April 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 January 2018 and are signed on its behalf by:
Mr J H Bates
Mr M J Field
Director
Director
Company Registration No. 02358983
MDS BATTERY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2017
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2015
20,000
121,735
141,735
Year ended 30 April 2016:
Profit and total comprehensive income for the year
-
84,422
84,422
Dividends
-
(150,933)
(150,933)
Balance at 30 April 2016
20,000
55,224
75,224
Year ended 30 April 2017:
Profit and total comprehensive income for the year
-
129,449
129,449
Dividends
-
(127,000)
(127,000)
Balance at 30 April 2017
20,000
57,673
77,673
MDS BATTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
- 4 -
1
Accounting policies
Company information
MDS Battery Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
66 Prescot Street, London, E1 8NN. The business address is 1 Riverwalk Business Park, Jeffreys Road, Enfield, Middlesex, EN3 7QN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention
.
The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 April 2017
are the
first
financial statements of MDS Battery Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
goods
provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts
and
settlement discounts
.
Revenue
f
or the provision of goods is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life.
Plant and machinery
20% Straight line
Fixtures, fittings & equipment
33 1/3 % Straight line
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
MDS BATTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are
initially recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MDS BATTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13 (2016 - 13).
MDS BATTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 7 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2016
9,510
32,083
18,240
59,833
Additions
-
11,233
-
11,233
Disposals
-
(3,693)
-
(3,693)
At 30 April 2017
9,510
39,623
18,240
67,373
Depreciation and impairment
At 1 May 2016
7,907
28,892
760
37,559
Depreciation charged in the year
646
3,376
4,370
8,392
Eliminated in respect of disposals
-
(3,693)
-
(3,693)
At 30 April 2017
8,553
28,575
5,130
42,258
Carrying amount
At 30 April 2017
957
11,048
13,110
25,115
At 30 April 2016
1,603
3,191
17,480
22,274
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
221,336
136,521
Other debtors
1,938
782
223,274
137,303
5
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Obligations under finance leases
4,413
4,413
Other borrowings
348
247
Trade creditors
315,243
254,915
Corporation tax
31,571
20,044
Other taxation and social security
71,347
62,974
Other creditors
12,097
17,306
Accruals and deferred income
10,734
11,340
445,753
371,239
MDS BATTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 8 -
6
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Obligations under finance leases
4,046
8,459
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
18,000 'A' Ordinary shares of £1 each
18,000
18,000
2,000 'B' Ordinary shares of £1 each
2,000
2,000
20,000
20,000
The 'A' and 'B' shares rank pari passu in respect of dividends and voting rights.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
Within one year
48,000
48,000
48,000
48,000
9
Related party transactions
Two of the Directors of the Company
are the members of
a Limited Liability Partnership
to whom rent of £48,000 (2016: £48,000) is paid during the year.
At the reporting date, the company owed £8,841 (2016: £7,560) to
the
LLP.
10
Directors' transactions
Dividends totalling £127
,
000 (2016 - £150
,
933) were paid in the year in respect of shares held by the company's directors.
At the reporting date, the company
was
owed
in aggregate
£
3
,
256
(2016: £
9
,74
6
)
by
directors of the company.