Company Registration No. 04339006 (England and Wales)
MAYNE VISION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
PAGES FOR FILING WITH REGISTRAR
MAYNE VISION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
MAYNE VISION LIMITED
BALANCE SHEET
AS AT 31 MAY 2019
31 May 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,806
12,249
Current assets
Stocks
286,335
208,821
Debtors
4
9,839
10,028
Cash at bank and in hand
77,639
24,118
373,813
242,967
Creditors: amounts falling due within one year
5
(302,968)
(145,237)
Net current assets
70,845
97,730
Total assets less current liabilities
84,651
109,979
Creditors: amounts falling due after more than one year
6
(1,937)
(4,620)
Net assets
82,714
105,359
Capital and reserves
Called up share capital
7
19,500
19,500
Capital redemption reserve
10,500
10,500
Profit and loss reserves
52,714
75,359
Total equity
82,714
105,359
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 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
MAYNE VISION LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2019
31 May 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 February 2020 and are signed on its behalf by:
D J Maynard
Director
Company Registration No. 04339006
MAYNE VISION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2019
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2017
19,500
10,500
61,991
91,991
Year ended 31 May 2018:
Profit and total comprehensive income for the year
-
-
26,118
26,118
Dividends
-
-
(12,750)
(12,750)
Balance at 31 May 2018
19,500
10,500
75,359
105,359
Year ended 31 May 2019:
Loss and total comprehensive income for the year
-
-
(10,145)
(10,145)
Dividends
-
-
(12,500)
(12,500)
Balance at 31 May 2019
19,500
10,500
52,714
82,714
MAYNE VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
- 4 -
1
Accounting policies
Company information
Mayne Vision Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
16-18 New London Road, Chelmsford, Essex, CM2 0SP.
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.
1.2
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.
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.
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.
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 and fittings
Over 5 years
Computers
Over 4 years
Motor vehicles
25% on 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 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.
MAYNE VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
1
Accounting policies
(Continued)
- 5 -
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
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 borrowings in current liabilities.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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 profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.8
Trade and other receivables
Trade and other receivables are measured at transaction price less any impairment unless the arrangement
constitutes a financing transaction in which case the transaction is measured at the present value of the future
receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are
subsequently measured at amortised cost using the effective interest method less any impairment.
1.9
Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing
transaction in which case the transaction is measured at present value of future payments discounted at prevailing
market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs.
They are subsequently measured at amortised cost using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2018 - 3).
MAYNE VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2018
128,623
26,474
10,295
165,392
Additions
5,000
441
500
5,941
At 31 May 2019
133,623
26,915
10,795
171,333
Depreciation and impairment
At 1 June 2018
125,119
25,450
2,574
153,143
Depreciation charged in the year
1,876
453
2,055
4,384
At 31 May 2019
126,995
25,903
4,629
157,527
Carrying amount
At 31 May 2019
6,628
1,012
6,166
13,806
At 31 May 2018
3,504
1,024
7,721
12,249
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
740
Corporation tax recoverable
2,343
-
Other debtors
7,496
9,288
9,839
10,028
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
227,600
124,829
Taxation and social security
3,743
8,034
Other creditors
71,625
12,374
302,968
145,237
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
1,937
4,620
MAYNE VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 7 -
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
19,500 Ordinary shares of £1 each
19,500
19,500