Company Registration No. 3834144 (England and Wales)
MASTER CLEANERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
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 2018
31 August 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,267
9,050
Current assets
Stocks
390
475
Debtors
4
60,938
33,169
Cash at bank and in hand
257,341
184,973
318,669
218,617
Creditors: amounts falling due within one year
5
(148,540)
(63,257)
Net current assets
170,129
155,360
Total assets less current liabilities
177,396
164,410
Provisions for liabilities
(1,062)
(1,379)
Net assets
176,334
163,031
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
175,334
162,031
Total equity
176,334
163,031
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 2018 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 2018
31 August 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 24 May 2019
Sotos Kyprianou Kontopirgou
Director
Company Registration No. 3834144
MASTER CLEANERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
- 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.
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.
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.
MASTER CLEANERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 4 -
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 120 (2017 - 70).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2017
19,884
Additions
448
At 31 August 2018
20,332
Depreciation and impairment
At 1 September 2017
10,834
Depreciation charged in the year
2,231
At 31 August 2018
13,065
Carrying amount
At 31 August 2018
7,267
At 31 August 2017
9,050
MASTER CLEANERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 5 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
59,815
32,095
Other debtors
1,123
1,074
60,938
33,169
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
9,192
6,234
Corporation tax
26,140
20,012
Other taxation and social security
33,362
14,433
Director's current account
76,506
19,778
Other creditors
3,340
2,800
148,540
63,257
6
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities b/fwd
1,379
887
Deferred tax movement for the year
(317)
492
Deferred tax liabilities c/fwd
1,062
1,379
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
1,000
1,000
8
Directors' transactions
Dividends totalling £53,946 (2017 - £4,995) were paid in the year in respect of shares held by the company's director.
MASTER CLEANERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 6 -
9
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.