The Mailshop Mailing Limited Filleted accounts for Companies House (small and micro)

THE MAILSHOP MAILING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06603528

THE MAILSHOP MAILING LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 July 2018

THE MAILSHOP MAILING LIMITED

STATEMENT OF FINANCIAL POSITION

31 July 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	10,000	11,000
Tangible assets	6	597,768	548,970
		---------	---------
		607,768	559,970

Current assets

Stocks		100,000	79,000
Debtors	7	1,309,501	727,970
Cash at bank and in hand		21,434	17,833
		------------	---------
		1,430,935	824,803

Creditors: amounts falling due within one year	8	1,612,742		1,015,719
		------------		------------
Net current liabilities			181,807	190,916
			---------	---------
Total assets less current liabilities			425,961	369,054

Creditors: amounts falling due after more than one year	9		9,616	18,331

Provisions

Taxation including deferred tax	81,266	52,466
	---------	---------
Net assets	335,079	298,257
	---------	---------

THE MAILSHOP MAILING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 July 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	150	150
Share premium account	49,985	49,985
Revaluation reserve	253,280	248,001
Profit and loss account	31,664	121
	---------	---------
Shareholders funds	335,079	298,257
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

THE MAILSHOP MAILING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 July 2018

These financial statements were approved by the board of directors and authorised for issue on 24 April 2019 , and are signed on behalf of the board by:

T Carr	J F Mcquade
Director	Director

M Cram	A G Beeby
Director	Director

L A Mullin
Director

Company registration number: 06603528

THE MAILSHOP MAILING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, Daniels Way, Hucknall, Nottingham, NG15 7LL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 3, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% straight line
Fixtures and fittings	-	33%, 25% and 10% Straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 83 (2017: 93 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 August 2017 and 31 July 2018	20,000
	--------
Amortisation
At 1 August 2017	9,000
Charge for the year	1,000
	--------
At 31 July 2018	10,000
	--------
Carrying amount
At 31 July 2018	10,000
	--------
At 31 July 2017	11,000
	--------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 August 2017	532,791	41,338	574,129
Additions	56,100	6,586	62,686
Revaluations	26,000	–	26,000
	---------	--------	---------
At 31 July 2018	614,891	47,924	662,815
	---------	--------	---------
Depreciation
At 1 August 2017	–	25,159	25,159
Charge for the year	36,739	3,149	39,888
	---------	--------	---------
At 31 July 2018	36,739	28,308	65,047
	---------	--------	---------
Carrying amount
At 31 July 2018	578,152	19,616	597,768
	---------	--------	---------
At 31 July 2017	532,791	16,179	548,970
	---------	--------	---------

Tangible assets held at valuation

Plant and machinery was revalued by the directors at the balance sheet date based on the known second hand values of machinery held. The historical cost of items of plant and machinery at 31 July 2018 was £373,176 (2017: 339,176).

7. Debtors

	2018	2017
	£	£
Trade debtors	1,113,713	501,059
Other debtors	195,788	226,911
	------------	---------
	1,309,501	727,970
	------------	---------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	875,133	380,073
Corporation tax	24,709	–
Social security and other taxes	83,273	101,853
Other creditors	629,627	533,793
	------------	------------
	1,612,742	1,015,719
	------------	------------

Hire purchase liabilities are secured on the assets to which they relate .

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	9,616	18,331
	-------	--------

Hire purchase liabilities are secured on the assets to which they relate .

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Later than 1 year and not later than 5 years	472,476	560,000
	---------	---------