Company Registration No. 3834144 (England and Wales)
MASTER CLEANERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
PAGES FOR FILING WITH REGISTRAR
MASTER CLEANERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MASTER CLEANERS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2017
31 August 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,050
6,371
Current assets
Stocks
475
490
Debtors
5
33,169
36,513
Cash at bank and in hand
184,973
141,471
218,617
178,474
Creditors: amounts falling due within one year
6
(63,257)
(58,668)
Net current assets
155,360
119,806
Total assets less current liabilities
164,410
126,177
Provisions for liabilities
(1,379)
(887)
Net assets
163,031
125,290
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
162,031
124,290
Total equity
163,031
125,290
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.
MASTER CLEANERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2017
31 August 2017
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 18 May 2018
Sotos Kyprianou Kontopirgou
Director
Company Registration No. 3834144
MASTER CLEANERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
- 3 -
1
Accounting policies
Company information
MASTER CLEANERS LIMITED is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1 Queens Parade, Brownlow Road, London, N11 2DN.
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 31 August 2017
are the
first
financial statements of MASTER CLEANERS 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 September 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 services provided in the normal course of business
, and
is shown net of VAT and trade discounts
.
Where a work has been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation
.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
10% 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
Stocks
Stocks are stated at the lower of cost and
net realisable value.
MASTER CLEANERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
Employee benefits
The costs of employee benefits are recognised as a liability and
therefore
an expense
.
1.8
Leases
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 employed by the company during the year was 70 (2016 - 70).
3
Taxation
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
9,840
10,084
Deferred tax
Origination and reversal of timing differences
492
75
Total tax charge
10,332
10,159
MASTER CLEANERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2016
14,718
Additions
5,166
At 31 August 2017
19,884
Depreciation and impairment
At 1 September 2016
8,347
Depreciation charged in the year
2,487
At 31 August 2017
10,834
Carrying amount
At 31 August 2017
9,050
At 31 August 2016
6,371
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
32,095
35,276
Other debtors
1,074
1,237
33,169
36,513
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
6,234
9,916
Corporation tax
20,012
20,169
Other taxation and social security
14,433
14,690
Director's current account
19,778
11,043
Other creditors
2,800
2,850
63,257
58,668
MASTER CLEANERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 6 -
7
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities b/fwd
887
812
Deferred tax movement for the year
492
75
Deferred tax liabilities c/fwd
1,379
887
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
1,000
1,000
9
Directors' transactions
Dividends totalling £4,995 (2016 - £27,972) were paid in the year in respect of shares held by the company's director.
10
Controlling party
The company was controlled throughout the current and previous year by the director and secretary by virtue of the fact that between them, they own 100% of the company's issued share capital.