Abbey Retail MCR Limited - Filleted accounts

Registered number

07119330

Abbey Retail MCR Limited

Filleted Accounts

31 March 2017

Abbey Retail MCR Limited
Registered number:		07119330
Balance Sheet
as at 31 March 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	2		79,718			66,157

Current assets
Stocks		23,751			151,765
Stock Insurance Claim	2a	349,235
Debtors	3	441,698			190,248
Cash at bank and in hand		57,986			92,980
		872,670			434,993

Creditors: amounts falling due within one year	4	(530,426)			(440,829)

Net current assets/(liabilities)			342,244			(5,836)

Net assets			421,962			60,321

Capital and reserves
Called up share capital			100			100
Profit and loss account			421,862			60,221

Shareholders' funds			421,962			60,321

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mrs Shazia Naeem
Director
Approved by the board on 10 October 2017

Abbey Retail MCR Limited
Notes to the Accounts
for the year ended 31 March 2017


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery	8% reducing balance


	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.



	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Tangible fixed assets
					Plant and machinery etc
£
	Cost
	At 1 April 2016				107,506
	Additions				20,493
	At 31 March 2017				127,999

	Depreciation
	At 1 April 2016				41,349
	Charge for the year				6,932
	At 31 March 2017				48,281

	Net book value
	At 31 March 2017				79,718
	At 31 March 2016				66,157



2a	Stock Insurance Claim		349,235		-



3	Debtors		2017		2016
£				£

	Trade debtors		141,698		190,248
	Prototype and Samples		300,000		-
			441,698		190,248


4	Creditors: amounts falling due within one year		2017		2016
£				£

	Trade creditors		378,139		342,019
	Corporation tax		48,886		24,924
	Other taxes and social security costs		80,664		44,136
	Other creditors		22,737		29,750
			530,426		440,829


5	Controlling party

	Mrs Shazia Naeem has a controlling interest in the company by the virtue of her 100% holding of the ordinary shares of the company.


6	Other information

	Abbey Retail MCR Limited is a private company limited by shares and incorporated in England. Its registered office is:
	10 Grandale Street
	Manchester
	M14 5WG