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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
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MACKENZIE'S OF PICCADILLY LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
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FOR |
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MACKENZIE'S OF PICCADILLY LIMITED |
MACKENZIE'S OF PICCADILLY LIMITED (REGISTERED NUMBER: 02812812) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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MACKENZIE'S OF PICCADILLY LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 March 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
Rear of No 2 |
SPM House |
Glenthorne Road |
Friern Barnet |
London |
N11 3HT |
MACKENZIE'S OF PICCADILLY LIMITED (REGISTERED NUMBER: 02812812) |
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BALANCE SHEET |
31 March 2018 |
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31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
MACKENZIE'S OF PICCADILLY LIMITED (REGISTERED NUMBER: 02812812) |
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BALANCE SHEET - continued |
31 March 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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MACKENZIE'S OF PICCADILLY LIMITED (REGISTERED NUMBER: 02812812) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2018 |
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1. | STATUTORY INFORMATION |
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Mackenzie's of Piccadilly 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. |
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary |
amounts in these financial statements are rounded to the nearest £. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services |
provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value |
of consideration takes into account trade discounts, settlement discounts and volume rebates. |
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Tangible fixed assets |
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The fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation |
and any impairment losses. |
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Depreciation is provided at the following annual rates in order to write off each over its estimated useful life. |
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Plant and machinery - 20% reducing balance |
Fixtures, fittings and equipment - 15% reducing balance |
Computer equipment - 20% reducing balance |
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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. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises |
of 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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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MACKENZIE'S OF PICCADILLY LIMITED (REGISTERED NUMBER: 02812812) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company |
has adequate resources to continue in operational existence for the foreseeable future. Thus the directors |
continue to adopt the going concern basis of accounting in preparing the financial statements. |
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Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with |
banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. |
Bank overdrafts are shown within the borrowings in current liabilities. |
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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 liabilities. |
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Financial instruments are recognised when the company becomes party to the contractual provisions of the |
instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is |
a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net baisis or to |
realise the asset and settle the liability simultaneously. |
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Basic financial asstes |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured |
at transaction price including transaction costs and are subsequently carried at amortised cost using the effective |
interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured |
at the present value of the future receipts discounted at a market rate if interest. |
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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. |
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Basic financial liabilities |
Basic financial liabilities, include trade and other creditors, bank loans, loans from fellow group companies and |
preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement |
constitutes a financing transaction, where the debt instrument is measured at the present value of the future |
payments discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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MACKENZIE'S OF PICCADILLY LIMITED (REGISTERED NUMBER: 02812812) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2018 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2017 |
and 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans and overdrafts (see note 7) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.3.18 | 31.3.17 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Bank overdraft is secured by directors' guarantees. |
MACKENZIE'S OF PICCADILLY LIMITED (REGISTERED NUMBER: 02812812) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2018 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.18 | 31.3.17 |
£ | £ |
Within one year |
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Between one and five years |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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Included in other creditors is an amount of £798 (2017: £10,605) owed to the director, E Abdulezer. The balance |
is repayable on demand. |