Company Registration No. 4694213 (England and Wales)
MODEL WORLD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
PAGES FOR FILING WITH REGISTRAR
MODEL WORLD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MODEL WORLD LIMITED
BALANCE SHEET
AS AT
31 JULY 2020
31 July 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
23,187
27,684
Investments
34,900
34,900
58,087
62,584
Current assets
Stocks
198,245
186,962
Debtors
4
8,933
6,433
Cash at bank and in hand
61,799
6,358
268,977
199,753
Creditors: amounts falling due within one year
5
(138,465)
(160,632)
Net current assets
130,512
39,121
Total assets less current liabilities
188,599
101,705
Creditors: amounts falling due after more than one year
Loans and overdrafts
50,000
-
(50,000)
-
Provisions for liabilities
(4,256)
(5,259)
Net assets
134,343
96,446
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
134,342
96,445
Total equity
134,343
96,446
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 July 2020 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 member has 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.
MODEL WORLD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2020
31 July 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 10 March 2021
Mr M S Tilbury
Director
Company Registration No. 4694213
MODEL WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
- 3 -
1
Accounting policies
Company information
Model World Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 7, Anchor Business Park, Castle Road, Sittingbourne, Kent, ME10 3AE.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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
15% on reducing balance
Computers
25% on reducing balance
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 valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
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.
MODEL WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6
(2019 - 7).
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2019 and 31 July 2020
58,157
2,526
3,000
63,683
Depreciation and impairment
At 1 August 2019
33,911
2,025
63
35,999
Depreciation charged in the year
3,637
126
734
4,497
At 31 July 2020
37,548
2,151
797
40,496
Carrying amount
At 31 July 2020
20,609
375
2,203
23,187
At 31 July 2019
24,246
501
2,937
27,684
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1,200
-
Other debtors
7,733
6,433
8,933
6,433
MODEL WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
4
Debtors
(Continued)
- 5 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
96,076
79,177
Corporation tax
12,163
2,486
Other taxation and social security
8,430
8,134
Other creditors
21,796
70,835
138,465
160,632