Company Registration No. 05344267 (England and Wales)
MAUGERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
PAGES FOR FILING WITH REGISTRAR
MAUGERS LIMITED
COMPANY INFORMATION
Director
Mr N J Mauger
Company number
05344267
Registered office
Blackstone Farm
Bicester Road
Blackthorn
Oxon
OX25 1HX
Accountants
Whitley Stimpson Limited
Penrose House
67 Hightown Road
Banbury
Oxon
OX16 9BE
Business address
Blackstone Farm
Bicester Road
Blackthorn
Oxon
OX25 1HX
Bankers
National Westminster Bank Plc
1 Manorsfield Road
Bicester
Oxfordshire
OX26 6EH
MAUGERS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2017
31 January 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
3
200
200
Current assets
Debtors
4
234,946
296,242
Cash at bank and in hand
-
1,408
234,946
297,650
Creditors: amounts falling due within one year
5
(85,947)
(114,316)
Net current assets
148,999
183,334
Total assets less current liabilities
149,199
183,534
Creditors: amounts falling due after more than one year
6
-
(19,335)
Net assets
149,199
164,199
Capital and reserves
Called up share capital
7
600
600
Profit and loss reserves
148,599
163,599
Total equity
149,199
164,199
The director 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 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act 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.
MAUGERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2017
31 January 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 January 2018 and are signed on its behalf by:
Ms B C Mauger
Mr N J Mauger
Director
Director
Company Registration No. 05344267
MAUGERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
- 3 -
1
Accounting policies
Company information
Maugers Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Blackstone Farm, Bicester Road, Blackthorn, Oxon, OX25 1HX.
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 £.
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 other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the provision of services is recognised by reference to costs incurred
.
1.3
Fixed asset investments
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.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.4
Cash at bank and in hand
Cash at bank and in hand
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.
1.5
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.
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.
MAUGERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
1
Accounting policies
(Continued)
- 4 -
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.
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.
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
3
Fixed asset investments
2017
2016
£
£
Investments
200
200
MAUGERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 5 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
2,305
15,094
Corporation tax recoverable
807
-
Amounts due from group undertakings
132,741
202,679
Other debtors
99,093
78,469
234,946
296,242
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
21,727
20,257
Trade creditors
58,871
54,336
Corporation tax
-
34,374
Other creditors
5,349
5,349
85,947
114,316
The bank loan is secured by a personal guarantee from R Mauger and K Mauger (shareholders and parents to the directors).
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
-
19,335
The bank loan is secured by a personal guarantee from R Mauger and K Mauger (shareholders and parents to the directors).
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
300 Ordinary A shares of £1 each
300
300
300 Ordinary B shares of £1 each
300
300
600
600
MAUGERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 6 -
8
Directors' transactions
An i
nterest free loan ha
s been
granted by the company to
the
director
N J Mauger. The loan is repayable on demand and the outstanding balance at 31 January 2017 was £59,860 (2016 - £59,860).