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COMPANY REGISTRATION NUMBER: 07412548
Megaflatables Limited
Filleted Unaudited Financial Statements
For the Year Ended
31 October 2017
Megaflatables Limited
Financial Statements
Year Ended 31st October 2017
Contents
Pages
Officers and Professional Advisers
1
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements
2
Statement of Financial Position
3 to 4
Notes to the Financial Statements
5 to 9
Megaflatables Limited
Officers and Professional Advisers
Director
Mr J. P. Spence
Registered Office
Middleborough House
16 Middleborough
Colchester
Essex
CO1 1QT
Accountants
Peyton Tyler Mears
Chartered accountant
Middleborough House
16 Middleborough
Colchester
Essex
CO1 1QT
Megaflatables Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Megaflatables Limited
Year Ended 31st October 2017
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31st October 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Peyton Tyler Mears Chartered accountant
Middleborough House 16 Middleborough Colchester Essex CO1 1QT
3 May 2018
Megaflatables Limited
Statement of Financial Position
31 October 2017
2017
2016
Note
£
£
£
Fixed Assets
Intangible assets
5
2,719
3,518
Tangible assets
6
4,002
3,506
-------
-------
6,721
7,024
Current Assets
Stocks
235,000
197,159
Debtors
7
103,022
69,769
Cash at bank and in hand
16,780
3,122
---------
---------
354,802
270,050
Creditors: amounts falling due within one year
8
154,597
146,579
---------
---------
Net Current Assets
200,205
123,471
---------
---------
Total Assets Less Current Liabilities
206,926
130,495
Creditors: amounts falling due after more than one year
9
47,803
68,279
---------
---------
Net Assets
159,123
62,216
---------
---------
Capital and Reserves
Called up share capital
144,490
144,490
Profit and loss account
14,633
( 82,274)
---------
---------
Shareholders Funds
159,123
62,216
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31st October 2017 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Megaflatables Limited
Statement of Financial Position (continued)
31 October 2017
These financial statements were approved by the board of directors and authorised for issue on 3 May 2018 , and are signed on behalf of the board by:
Mr J. P. Spence
Director
Company registration number: 07412548
Megaflatables Limited
Notes to the Financial Statements
Year Ended 31st October 2017
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Middleborough House, 16 Middleborough, Colchester, Essex, CO1 1QT.
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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1st November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Revenue Recognition
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.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
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:
Patents
-
10% 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 & Machinery
-
33% straight line
Fixtures & Fittings
-
33% 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 measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 are 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.
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 7 (2016: 5 ).
5. Intangible Assets
Patents
£
Cost
At 1st November 2016 and 31st October 2017
7,993
-------
Amortisation
At 1st November 2016
4,475
Charge for the year
799
-------
At 31st October 2017
5,274
-------
Carrying amount
At 31st October 2017
2,719
-------
At 31st October 2016
3,518
-------
6. Tangible Assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1st November 2016
9,000
29,054
38,054
Additions
3,300
617
3,917
--------
--------
--------
At 31st October 2017
12,300
29,671
41,971
--------
--------
--------
Depreciation
At 1st November 2016
9,000
25,548
34,548
Charge for the year
1,100
2,321
3,421
--------
--------
--------
At 31st October 2017
10,100
27,869
37,969
--------
--------
--------
Carrying amount
At 31st October 2017
2,200
1,802
4,002
--------
--------
--------
At 31st October 2016
3,506
3,506
--------
--------
--------
7. Debtors
2017
2016
£
£
Trade debtors
88,649
54,343
Other debtors
14,373
15,426
---------
--------
103,022
69,769
---------
--------
8. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
833
8,933
Trade creditors
17,316
11,335
Social security and other taxes
53,998
32,751
Other creditors
82,450
93,560
---------
---------
154,597
146,579
---------
---------
9. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
833
Other creditors
47,803
67,446
--------
--------
47,803
68,279
--------
--------
10. Director's Advances, Credits and Guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr J. P. Spence
( 50,872)
76,539
( 79,695)
( 54,028)
--------
--------
--------
--------
2016
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr J. P. Spence
( 54,341)
46,301
( 42,832)
( 50,872)
--------
--------
--------
--------
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st November 2015.
No transitional adjustments were required in equity or profit or loss for the period.