Molly Mac Interiors Ltd - Period Ending 2020-06-30

Molly Mac Interiors Ltd - Period Ending 2020-06-30


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Registration number: SC633066

Molly Mac Interiors Ltd

Annual Report and Unaudited Financial Statements

for the Period from 11 June 2019 to 30 June 2020

 

Molly Mac Interiors Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Molly Mac Interiors Ltd

Company Information

Director

Miss M MacLachlan

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Molly Mac Interiors Ltd

(Registration number: SC633066)
Balance Sheet as at 30 June 2020

Note

2020
£

Fixed assets

 

Tangible assets

4

703

Current assets

 

Stocks

5

1,012

Cash at bank and in hand

 

5,877

 

6,889

Creditors: Amounts falling due within one year

6

(7,314)

Net current liabilities

 

(425)

Total assets less current liabilities

 

278

Provisions for liabilities

(134)

Net assets

 

144

Capital and reserves

 

Called up share capital

7

100

Profit and loss account

44

Shareholders' funds

 

144

For the financial period ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Molly Mac Interiors Ltd

(Registration number: SC633066)
Balance Sheet as at 30 June 2020

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 22 June 2021
 

.........................................

Miss M MacLachlan
Director

 

Molly Mac Interiors Ltd

Notes to the Unaudited Financial Statements for the Period from 11 June 2019 to 30 June 2020

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the director on 22 June 2021.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration derived from interior design services.

Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

Molly Mac Interiors Ltd

Notes to the Unaudited Financial Statements for the Period from 11 June 2019 to 30 June 2020

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% on cost

 

Molly Mac Interiors Ltd

Notes to the Unaudited Financial Statements for the Period from 11 June 2019 to 30 June 2020

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the period was 1.

 

Molly Mac Interiors Ltd

Notes to the Unaudited Financial Statements for the Period from 11 June 2019 to 30 June 2020

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

937

937

At 30 June 2020

937

937

Depreciation

Charge for the period

234

234

At 30 June 2020

234

234

Carrying amount

At 30 June 2020

703

703

5

Stocks

2020
£

Stock

1,012

6

Creditors

Creditors: amounts falling due within one year

2020
£

Due within one year

Taxation and social security

919

Other creditors

6,395

7,314

 

Molly Mac Interiors Ltd

Notes to the Unaudited Financial Statements for the Period from 11 June 2019 to 30 June 2020

7

Share capital

Allotted, called up and fully paid shares

 

2020

 

No.

£

Ordinary shares of £1 each

100

100

     

8

Related party transactions

Summary of transactions with key management

The company operates a loan account with the director, Miss M MacLachlan.

During the year, the director advanced loans totalling £6,280 to the company. At the year end, the balance due to the director was £6,280. This loan is unsecured, interest free and has no fixed repayment terms.