Michael Andrew Limited - Period Ending 2018-01-31
Michael Andrew Limited - Period Ending 2018-01-31
Registration number:
Michael Andrew Limited
for the Year Ended 31 January 2018
Accountants & Business Advisors
237 Westcombe Hill
Blackheath
London
SE3 7DW
Michael Andrew Limited
Contents
Company Information |
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Accountants' Report |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Michael Andrew Limited
Company Information
Director |
Mr David Millington |
Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Michael Andrew Limited
for the Year Ended 31 January 2018
In accordance with your instructions, we have prepared the statutory accounts your approval for the year ended 31 January 2018 as set out on pages 3 to 8 from the company's accounting records and on the basis of information and explanations you have given to us.
You consider that Michael Andrew Limited is exempt from an audit for the year ended 31 January 2018. You have acknowledged, on the balance sheet, your responsibilities for ensuring that the company keeps adequate accounting records which comply with section 386 of the Companies Act 2006, and for preparing the statutory accounts that give a true and fair view of the state of affairs of the company and of its loss for the financial year.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these financial statements.
......................................
Accountants & Business Advisors
Blackheath
London
SE3 7DW
Page 2 |
Michael Andrew Limited
(Registration number: 04324182)
Abridged Balance Sheet as at 31 January 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Cash at bank and in hand |
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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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Accruals and deferred income |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
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For the financial year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Page 3 |
Michael Andrew Limited
(Registration number: 04324182)
Abridged Balance Sheet as at 31 January 2018
Approved and authorised by the
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Page 4 |
Michael Andrew Limited
Notes to the Abridged Financial Statements for the Year Ended 31 January 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged 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.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
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:
Page 5 |
Michael Andrew Limited
Notes to the Abridged Financial Statements for the Year Ended 31 January 2018
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
25% reducing balance |
Computer equipment |
33% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5% straight line |
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.
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.
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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Page 6 |
Michael Andrew Limited
Notes to the Abridged Financial Statements for the Year Ended 31 January 2018
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Loss before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
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Depreciation expense |
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Amortisation expense |
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Intangible assets |
Total |
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Cost or valuation |
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At 1 February 2017 |
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At 31 January 2018 |
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Amortisation |
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At 1 February 2017 |
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Amortisation charge |
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At 31 January 2018 |
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Carrying amount |
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At 31 January 2018 |
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At 31 January 2017 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
Page 7 |
Michael Andrew Limited
Notes to the Abridged Financial Statements for the Year Ended 31 January 2018
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 February 2017 |
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At 31 January 2018 |
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Depreciation |
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At 1 February 2017 |
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Charge for the year |
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At 31 January 2018 |
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Carrying amount |
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At 31 January 2018 |
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At 31 January 2017 |
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Stocks |
2018 |
2017 |
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Raw materials and consumables |
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Work in progress |
- |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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50,000 |
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50,000 |
Page 8 |