Company Registration No. 06027506 (England and Wales)
MARK ANTHONY (ONE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
PAGES FOR FILING WITH REGISTRAR
MARK ANTHONY (ONE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MARK ANTHONY (ONE) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2019
31 October 2019
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Stocks
225,000
225,000
Debtors
2
3,780
4,032
Cash at bank and in hand
27,124
15,683
255,904
244,715
Creditors: amounts falling due within one year
3
(288,584)
(288,328)
Net current liabilities
(32,680)
(43,613)
Capital and reserves
Called up share capital
4
100
100
Profit and loss reserves
(32,780)
(43,713)
Total equity
(32,680)
(43,613)
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 October 2019 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.
The financial statements were approved and signed by the director and authorised for issue on 31 March 2020
M D Abrahams
Director
Company Registration No. 06027506
MARK ANTHONY (ONE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
- 2 -
1
Accounting policies
Company information
Mark Anthony (One) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.
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
Going concern
As stated in note
true
5
, the directors have considered the effect of the Covid-19 outbreak. The directors
consider that the outbreak i
s
unlikely to cause a significant disruption to the company’s business and are confident that the
company can continue as a going concern for a period of at least twelve months from the date of
approval of these financial statements. The directors have a reasonable expectation that the
company has adequate resources to continue in operation for the foreseeable future.
1.3
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.
1.4
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.
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.
MARK ANTHONY (ONE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, 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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.6
Taxation
The tax expense represents the sum of the tax currently payable
.
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.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Debtors
2019
2018
Amounts falling due within one year:
£
£
Prepayments and accrued income
3,780
4,032
3
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
2,564
2,308
Other creditors
284,520
284,520
Accruals and deferred income
1,500
1,500
288,584
288,328
MARK ANTHONY (ONE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 4 -
4
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
50 Ordinary "A" shares of £1 each
50
50
50 Ordinary "B" shares of £1 each
50
50
100
100
The shares rank pari passu.
5
Events after the reporting date
The directors have considered the effect of the Covid-19 outbreak, that has been spreading
throughout the world in early 2020, on the company’s activities.
This outbreak is
un
likely to cause a significant disruption to the company’s business but at the date of
approval of these financial statements, the extent and quantum of the disruption
r
emains uncertain
.
6
Related party transactions
As at 31 October 201
9
, the company owed £240,23
5
(201
8
: £2
40,
235) to a company under common control.
As at 31 October 201
9
, the company owed £4
3,735
(201
8
: £
43,735
) to
the
director
.