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REGISTERED NUMBER:
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Mgm Boats (U.k.) Ltd |
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Unaudited Financial Statements |
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for the Period 27 May 2016 to 31 May 2017 |
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REGISTERED NUMBER:
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Mgm Boats (U.k.) Ltd |
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Unaudited Financial Statements |
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for the Period 27 May 2016 to 31 May 2017 |
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Mgm Boats (U.k.) Ltd (Registered number: NI638751) |
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Contents of the Financial Statements |
for the period 27 May 2016 to 31 May 2017 |
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Page |
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Abridged balance sheet | 1 |
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Notes to the financial statements | 2 |
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Mgm Boats (U.k.) Ltd (Registered number: NI638751) |
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Abridged Balance Sheet |
31 May 2017 |
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Notes | £ |
Current assets |
Debtors |
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Cash at bank |
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Creditors |
Amounts falling due within one year | ( |
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Net current liabilities | ( |
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Total assets less current liabilities | ( |
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Capital and reserves |
Called up share capital | 4 |
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Retained earnings | ( |
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Shareholders' funds | ( |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
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The financial statements were approved by the director on
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Mgm Boats (U.k.) Ltd (Registered number: NI638751) |
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Notes to the Financial Statements |
for the period 27 May 2016 to 31 May 2017 |
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1. | Statutory information |
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Mgm Boats (U.k.) Ltd is a
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company's registered number and registered office address are as below: |
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Registered number: | NI638751 |
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Registered office: | 3 Quayside |
Carrickfergus |
Antrim |
BT38 3BJ |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
Mgm Boats (U.k.) Ltd (Registered number: NI638751) |
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Notes to the Financial Statements - continued |
for the period 27 May 2016 to 31 May 2017 |
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2. | Accounting policies - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and |
Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments. |
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Financial instruments are recognised in the company's balance sheet when the company becomes |
party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, |
when there is a legal 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. |
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Basic financial assets |
Basic financial assets, which include debtors, 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 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. |
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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. |
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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 payments discounted at a market rate of interest. Financial liabilities classified as |
payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary |
course of business from suppliers. Amounts 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. |
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Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive income or |
directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid |
investments that are readily convertible to a known amount of cash and are subject to an insignificant |
risk of change in value. |
Mgm Boats (U.k.) Ltd (Registered number: NI638751) |
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Notes to the Financial Statements - continued |
for the period 27 May 2016 to 31 May 2017 |
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2. | Accounting policies - continued |
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Trade debtors |
Trade debtors are amounts due from customers for merchandise sold or services performed in the |
ordinary course of business. |
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Trade debtors are recognised initially at the transaction price. They are subsequently measured at |
amortised cost using the effective interest method, less provision for impairment, A provision for the |
impairment of trade debtors is established when there is objective evidence that the company will not |
be able to collect all amounts due according to the original terms of the receivables. |
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Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary |
course of business from suppliers. Accounts payable are classified as current liabilities if the company |
does not have an unconditional right, at the end of the reporting period, to defer settlement of the |
creditor for at least twelve months after the reporting date. If there is an unconditional right to defer |
settlement for at least twelve months after the reporting date, they are presented as non-current |
liabilities. |
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Trade creditors are recognised initially at the transaction price and subsequently measured at |
amortised cost using the effective interest method. |
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Borrowings |
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Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing |
borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net |
of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and |
Loss Account over the period of the relevant borrowing. |
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Interest expense is recognised on the basis of the effective interest method and is included in interest |
payable and similar charges. |
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Borrowings are classified as current liabilities unless the company has an unconditional right to defer |
settlement of the liability for at least twelve months after the reporting date. |
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3. | Employees and directors |
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The average number of employees during the period was NIL. |
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4. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
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Ordinary | £1 | 1 |
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5. | Going concern |
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At the balance sheet date the company's liabilities exceed the company's assets. The financial |
statements have been prepared on a going concern basis. The validity of this assumption is |
dependant on the continued support of the company's directors, bankers and ultimately on the ability of |
the company to continue to be profitable. The financial statements have not been adjusted should this |
assumption not be valid. |