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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2018 |
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MISIRLI UK LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2018 |
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FOR |
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MISIRLI UK LIMITED |
MISIRLI UK LIMITED (REGISTERED NUMBER: 02941920) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 December 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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MISIRLI UK LIMITED |
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COMPANY INFORMATION |
for the year ended 30 December 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Unit 2 |
Charnwood Edge Business Park |
Syston Road |
Leicester |
LE7 4UZ |
MISIRLI UK LIMITED (REGISTERED NUMBER: 02941920) |
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BALANCE SHEET |
30 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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. |
MISIRLI UK LIMITED (REGISTERED NUMBER: 02941920) |
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BALANCE SHEET - continued |
30 December 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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MISIRLI UK LIMITED (REGISTERED NUMBER: 02941920) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 December 2018 |
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1. | STATUTORY INFORMATION |
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Misirli UK Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts receivable for goods and services net of VAT and trade discounts and is |
recognised when goods are despatched. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods |
have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it |
is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred |
or to be incurred in respect of the transaction can be measured reliably. |
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Tangible fixed assets |
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Leasehold improvements | Over the period of the lease |
Plant and machinery | 20% or 25% straight line |
Fixtures & fittings | 20% or 25% straight line |
Motor vehicles | 20% straight line |
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Investments in associates |
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently |
measured at cost less any accumulated impairment losses. The investments are assessed for impairment at |
each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in |
profit or loss. |
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An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term |
interest and where the company has significant influence. The company considers that it has significant influence |
where it has the power to participate in the financial and operating decisions of the associate. |
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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 |
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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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. |
MISIRLI UK LIMITED (REGISTERED NUMBER: 02941920) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
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. |
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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. |
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Employer-financed retirement benefit shame |
The company has established trusts for the benefit of employees and persons connected with them. Monies held |
in these trusts are held by independent trustees and managed at their discretion. The trustees are empowered to |
provide both retirement and other employee benefits. |
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Where the company retains future economic benefit from, and also has de facto control of the assets and |
liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date |
that an allocation of trust funds to employees in respect of past services is declared and the date that assets of |
the trust vest in identified individuals. |
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Where monies held in a trust are determined by the company on the basis of employees' past services to the |
business and the company can obtain no future economic benefit from those monies, such monies, whether in |
the trust or accrued for by the company are charged to the profit and loss account in the period to which they |
relate. |
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Where monies held in a trust are determined by the company on the basis of employees' past services to the |
business and are payable after completion of the employment, such monies are charged to the profit and loss |
account in the period during which services are rendered by employees. |
MISIRLI UK LIMITED (REGISTERED NUMBER: 02941920) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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 instruments. |
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Financial instruments are recognised in the company's balance sheet 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 basis or |
to realise the asset and settle the liability simultaneously. |
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Basic financial assets |
Basic financial assets, which include 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 transaction is measured at the |
present value of the future receipts discounted at a market rate of interest. Financial assets classified as |
receivable within one year are not amortised. |
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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, including 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. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts 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. |
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Current asset investments |
Investments in subsidiary, associates and jointly controlled entities are included at fair value. The share of profit |
or loss from the Elm Drive LLP for its accounting period ending within the accounting period of the company is |
included in the accounts for that period of the company as a fair value adjustment. |
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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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MISIRLI UK LIMITED (REGISTERED NUMBER: 02941920) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 December 2018 |
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4. | TANGIBLE FIXED ASSETS |
Short |
leasehold | Fixtures |
land & | Plant and | and | Motor |
buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 31 December 2017 |
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Additions |
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At 30 December 2018 |
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DEPRECIATION |
At 31 December 2017 |
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Charge for year |
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At 30 December 2018 |
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NET BOOK VALUE |
At 30 December 2018 |
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At 30 December 2017 |
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5. | FIXED ASSET INVESTMENTS |
Investment |
in |
associates |
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COST |
At 31 December 2017 |
and 30 December 2018 |
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NET BOOK VALUE |
At 30 December 2018 |
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At 30 December 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Partnership net current assets |
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Other debtors |
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Directors' current accounts |
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Prepayments and accrued income |
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Partnership net current assets at 30 December 2018 comprise of : |
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£ |
Stocks | 19,985 |
Debtors | 535 |
Bank | 150 |
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Less creditors | ( 593 | ) |
20,077 |
MISIRLI UK LIMITED (REGISTERED NUMBER: 02941920) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 December 2018 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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VAT | 214,928 | 78,562 |
Other creditors |
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Directors' current accounts |
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144,914 |
Accruals and deferred income |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Invoice discount creditor | 788,366 | 521,423 |
Bank loans and overdrafts | - | 28,884 |
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The invoice discounting creditor is secured against trade debtors. |
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9. | OTHER FINANCIAL COMMITMENTS |
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Operating lease commitments not included in the balance sheet amount to £161,732 (2017 - £303,835). |
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Trade mark licensing commitments not included in the balance sheet amount to £626,000 (2017 - £651,906). |
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On 30 December 2018 the company had entered into foreign exchange contracts in the normal course of |
business totalling £NIL (2017 - $1,250,000). |
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G Bown and K Bown have provided a joint personal guarantee to the company's bankers of £89,000 (2017 - |
£89,000). I Ertugut has also provided a personal guarantee to the company's bankers of £89,000 (2017 - |
£89,000). |
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At the balance sheet date there were contingent liabilities for spread betting and related options entered into in |
prior years. HM Revenue and Customs opened enquiries into these type of options and these are ongoing. No |
provision has been made for any potential liabilities as we do not have quantifiable amounts. |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30 December 2018 and |
30 December 2017: |
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2018 | 2017 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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