Myers Motor Merchandise Limited 31/01/2020 iXBRL

Myers Motor Merchandise Limited 31/01/2020 iXBRL

MYERS MOTOR MERCHANDISE LIMITED - Company Information

Print Friendly Version

3 31/01/2020 2020-01-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2019-02-01 Sage Accounts Production 20.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 09253920 2019-02-01 2020-01-31 09253920 2020-01-31 09253920 2019-01-31 09253920 2018-02-01 2019-01-31 09253920 2019-01-31 09253920 core:NetGoodwill 2019-02-01 2020-01-31 09253920 core:FurnitureFittingsToolsEquipment 2019-02-01 2020-01-31 09253920 core:OnerousContractsExcludingVacantProperties 2019-02-01 2020-01-31 09253920 bus:RegisteredOffice 2019-02-01 2020-01-31 09253920 bus:LeadAgentIfApplicable 2019-02-01 2020-01-31 09253920 bus:Director1 2019-02-01 2020-01-31 09253920 bus:Director2 2019-02-01 2020-01-31 09253920 core:NetGoodwill 2019-01-31 09253920 core:NetGoodwill 2020-01-31 09253920 core:FurnitureFittingsToolsEquipment 2019-01-31 09253920 core:FurnitureFittingsToolsEquipment 2020-01-31 09253920 core:WithinOneYear 2020-01-31 09253920 core:WithinOneYear 2019-01-31 09253920 core:ShareCapital 2020-01-31 09253920 core:ShareCapital 2019-01-31 09253920 core:RetainedEarningsAccumulatedLosses 2020-01-31 09253920 core:RetainedEarningsAccumulatedLosses 2019-01-31 09253920 core:NetGoodwill 2019-01-31 09253920 core:FurnitureFittingsToolsEquipment 2019-01-31 09253920 bus:Director1 2019-01-31 09253920 bus:Director1 2020-01-31 09253920 bus:Director1 2018-01-31 09253920 bus:Director1 2019-01-31 09253920 bus:Director1 2018-02-01 2019-01-31 09253920 bus:SmallEntities 2019-02-01 2020-01-31 09253920 bus:AuditExemptWithAccountantsReport 2019-02-01 2020-01-31 09253920 bus:FullAccounts 2019-02-01 2020-01-31 09253920 bus:SmallCompaniesRegimeForAccounts 2019-02-01 2020-01-31 09253920 bus:PrivateLimitedCompanyLtd 2019-02-01 2020-01-31 09253920 core:ComputerEquipment 2019-02-01 2020-01-31 09253920 core:ComputerEquipment 2020-01-31 09253920 core:ComputerEquipment 2019-01-31 09253920 core:OtherRelatedParties 2019-02-01 2020-01-31 09253920 1 2019-02-01 2020-01-31
Company registration number: 09253920
Myers Motor Merchandise Limited
Unaudited filleted financial statements
31 January 2020
Myers Motor Merchandise Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Myers Motor Merchandise Limited
Directors and other information
Directors Miss A Myers
Mr J Myers
Company number 09253920
Registered office 45/49 Greek Street
Stockport
Cheshire
SK3 8AX
Business address Suite 4 Bowden Hall
Bowden Lane
Marple
Stockport
SK6 6ND
Accountants Downham Morris & Co
45/49 Greek Street
Stockport
Cheshire
SK3 8AX
Myers Motor Merchandise Limited
Chartered certified accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Myers Motor Merchandise Limited
Year ended 31 January 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Myers Motor Merchandise Limited for the year ended 31 January 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Myers Motor Merchandise Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Myers Motor Merchandise Limited and state those matters that we have agreed to state to the board of directors of Myers Motor Merchandise Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Myers Motor Merchandise Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Myers Motor Merchandise Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Myers Motor Merchandise Limited. You consider that Myers Motor Merchandise Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Myers Motor Merchandise Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Downham Morris & Co
Chartered Certified Accountants
45/49 Greek Street
Stockport
Cheshire
SK3 8AX
6 October 2020
Myers Motor Merchandise Limited
Statement of financial position
31 January 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 - 2,000
Tangible assets 6 160 750
_______ _______
160 2,750
Current assets
Debtors 7 19,169 25,751
Cash at bank and in hand 128,577 55,708
_______ _______
147,746 81,459
Creditors: amounts falling due
within one year 8 ( 86,216) ( 48,023)
_______ _______
Net current assets 61,530 33,436
_______ _______
Total assets less current liabilities 61,690 36,186
_______ _______
Net assets 61,690 36,186
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 61,590 36,086
_______ _______
Shareholders funds 61,690 36,186
_______ _______
For the year ending 31 January 2020 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.
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 Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 06 October 2020 , and are signed on behalf of the board by:
.........................
Miss A Myers
Director
Company registration number: 09253920
Myers Motor Merchandise Limited
Notes to the financial statements
Year ended 31 January 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45/49 Greek Street, Stockport, Cheshire, SK3 8AX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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 - 20 % 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 25 % straight line
Computer equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2019: 3 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 February 2019 and 31 January 2020 10,000 10,000
_______ _______
Amortisation
At 1 February 2019 8,000 8,000
Charge for the year 2,000 2,000
_______ _______
At 31 January 2020 10,000 10,000
_______ _______
Carrying amount
At 31 January 2020 - -
_______ _______
At 31 January 2019 2,000 2,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 February 2019 and 31 January 2020 1,857 478 2,335
_______ _______ _______
Depreciation
At 1 February 2019 1,426 159 1,585
Charge for the year 431 159 590
_______ _______ _______
At 31 January 2020 1,857 318 2,175
_______ _______ _______
Carrying amount
At 31 January 2020 - 160 160
_______ _______ _______
At 31 January 2019 431 319 750
_______ _______ _______
7. Debtors
2020 2019
£ £
Trade debtors 18,555 25,137
Other debtors 614 614
_______ _______
19,169 25,751
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 361 11,330
Corporation tax 16,525 11,300
Social security and other taxes 18,194 20,073
Other creditors 51,136 5,320
_______ _______
86,216 48,023
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Miss A Myers ( 3,795) 96,102 ( 141,468) ( 49,161)
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Miss A Myers 2,028 77,930 ( 83,753) ( 3,795)
_______ _______ _______ _______
10. Related party transactions
During the year, the company voted dividends to the directors totalling £40,000 (31 January 2019: £10,000).
11. Controlling party
The company was under the control of its directors during the year by virtue of their shareholding.