Company Registration No. 05368313 (England and Wales)
MAYFLY PUB COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
MAYFLY PUB COMPANY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
MAYFLY PUB COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Stocks
-
11,534
Debtors
3
22,638
78,710
Cash at bank and in hand
-
9,290
22,638
99,534
Creditors: amounts falling due within one year
4
(22,538)
(91,527)
Net current assets
100
8,007
Provisions for liabilities
-
(7,687)
Net assets
100
320
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
-
220
Total equity
100
320
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2018 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.
The financial statements were approved by the board of directors and authorised for issue on 29 June 2018 and are signed on its behalf by:
Mr B L Lane
Mrs J L Lane
Director
Director
Company Registration No. 05368313
MAYFLY PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Company information
Mayfly Pub Company Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Mayfly Pub Company Limited, Fullerton, Stockbridge, Hampshire, SO20 6AX.
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 goods 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.
1.3
Tangible fixed assets
During the year ended 31 March 2017 the directors decided to start proceedings to cease trading of the business. The company fixed assets were transferred to current assets within other debtors.
These assets were subsequently sold during the year ended 31 March 2018.
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is measured at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is provided in full or temporary differences which arise between the carrying value of an asset or liability and its tax base. Deferred tax assets are recognised to the extent that it is probably that there will be sufficient profits in the future to enable the assets to be utilised. Deferred tax assets and liabilities are not discounted.
MAYFLY PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 3 -
1.6
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
The company ceased to trade on 17 October 2017. Accordingly, the financial statements have been drawn up on a break up basis and not on a going concern basis. The directors anticipate that there will be sufficient funds to settle all debts of the company.
As the company ceased to trade on 17 October 2017 the company did not trade for the whole year. This years results are therefore not entirely comparible with last years results.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 26 (2017 - 24).
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,660
1,660
Other debtors
20,978
77,050
22,638
78,710
4
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans and overdrafts
240
40,624
Trade creditors
-
20,834
Corporation tax
20,018
4,964
Other taxation and social security
-
21,221
Other creditors
-
226
Accruals and deferred income
2,280
3,658
22,538
91,527
5
Secured Debts
Included within creditors are loans of £240 (2017: £40,624) which are secured debts.
MAYFLY PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
7
Directors' transactions
During the year ended 31 March 2018 the company provided Mr & Mrs Lane (Directors of the company) with a loan. At the year end £20,978 (2017: £25,573) was owed to the company by Mr and Mrs Lane and is included in 'Debtors: Amounts falling due within one year'.