ACCOUNTS - Final Accounts preparation

352 MARE STREET LIMITED - Company Information

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Registered number: 09073066

352 MARE STREET LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

352 MARE STREET LIMITED

REGISTERED NUMBER: 09073066

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2019

		2019		2018
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	1,079,656		1,021,468
		1,079,656		1,021,468
Creditors: amounts falling due within one year	5	(1,539,186)		(1,303,809)

Net liabilities			(459,530)		(282,341)

Capital and reserves
Called up share capital	1	1
Profit and loss account	(459,531)	(282,342)
	(459,530)	(282,341)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 June 2020.

Ruth Jacqueline Basrawy

Director

The notes on pages 2 to 3 form part of these financial statements.

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352 MARE STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

1.	General information

352 Mare Street Limited is a private company limited by shares and registered in England & Wales. Its registered office is 124 Finchley Road, London, England, NW3 5JS..

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

At the reporting date, the company had net liabilities of £459,530. The company is dependent on the continued financial support of its director and creditors who have confirmed their intention to support the company.
Existing funding facilities, forecasts and projections indicate that the company has adequate resources to continue with some level of activity from a minimal to full levels. Although the potential effect of the coronavirus can be modelled, it is very difficult to determine the assumptions that will prove to be most appropriate and therefore there is an element of doubt existing that cannot be quantified.
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements, but with the proviso that a material uncertainly exists over the company’s future.

2.3

Foreign currency translation

Functional and presentation currency
The Company's functional and presentational currency is GBP.

2.4

Borrowing costs

All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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352 MARE STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

2.Accounting policies (continued)

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Employees

The average monthly number of employees, including directors, during the year was 1 (2018 - 1).

Debtors

					2019	2018
					£	£


Other debtors	1,079,656	1,021,468
	1,079,656	1,021,468

5.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Other loans	1,311,779	1,083,067
Other creditors	225,407	216,742
Accruals and deferred income	2,000	4,000
	1,539,186	1,303,809

The amounts included within other loans are secured by a fixed and floating charge over the assets of the company.

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