Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01false1010falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00380170 2022-04-01 2023-03-31 00380170 2021-04-01 2022-03-31 00380170 2023-03-31 00380170 2022-03-31 00380170 c:Director2 2022-04-01 2023-03-31 00380170 d:Buildings 2022-04-01 2023-03-31 00380170 d:PlantMachinery 2022-04-01 2023-03-31 00380170 d:PlantMachinery 2023-03-31 00380170 d:PlantMachinery 2022-03-31 00380170 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00380170 d:FurnitureFittings 2022-04-01 2023-03-31 00380170 d:FurnitureFittings 2023-03-31 00380170 d:FurnitureFittings 2022-03-31 00380170 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00380170 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00380170 d:CurrentFinancialInstruments 2023-03-31 00380170 d:CurrentFinancialInstruments 2022-03-31 00380170 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00380170 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 00380170 d:ShareCapital 2023-03-31 00380170 d:ShareCapital 2022-03-31 00380170 d:SharePremium 2023-03-31 00380170 d:SharePremium 2022-03-31 00380170 d:CapitalRedemptionReserve 2023-03-31 00380170 d:CapitalRedemptionReserve 2022-03-31 00380170 d:RetainedEarningsAccumulatedLosses 2023-03-31 00380170 d:RetainedEarningsAccumulatedLosses 2022-03-31 00380170 c:FRS102 2022-04-01 2023-03-31 00380170 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 00380170 c:FullAccounts 2022-04-01 2023-03-31 00380170 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00380170 d:WithinOneYear 2023-03-31 00380170 d:WithinOneYear 2022-03-31 00380170 d:BetweenOneFiveYears 2023-03-31 00380170 d:BetweenOneFiveYears 2022-03-31 00380170 d:MoreThanFiveYears 2023-03-31 00380170 d:MoreThanFiveYears 2022-03-31 00380170 2 2022-04-01 2023-03-31 00380170 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 00380170










T. MASTERS & SONS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
T. MASTERS & SONS LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 6


 
T. MASTERS & SONS LIMITED
REGISTERED NUMBER: 00380170

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
17,581
21,504

Current assets
  

Stocks
  
66,558
75,088

Debtors
 5 
395,704
425,982

Cash at bank and in hand
 6 
814,370
779,184

  
1,276,632
1,280,254

Creditors: amounts falling due within one year
 7 
(319,923)
(359,538)

Net current assets
  
 
 
956,709
 
 
920,716

Total assets less current liabilities
  
974,290
942,220

  

Net assets
  
974,290
942,220


Capital and reserves
  

Called up share capital 
  
17,468
17,468

Share premium account
  
183,658
183,658

Capital redemption reserve
  
7,984
7,984

Profit and loss account
  
765,180
733,110

  
974,290
942,220


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2023.

S.A. White
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
T. MASTERS & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

T. Masters & Sons Limited (the Company) is a private company, limited by shares, incorporated and domiciled in England. The address of the registered office and principal place of business is Salem Street, Great Bridge,Tipton, West Midlands DY4 7JH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 2

 
T. MASTERS & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Buildings
-
2%
straight line
Plant and machinery
-
10%
reducing balance
Furniture, fittings and equipment
-
10%
reducing balance/33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

 
T. MASTERS & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
T. MASTERS & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 10).


4.


Tangible fixed assets





Plant and machinery
Furniture, fittings and equipment
Total

£
£
£



Cost


At 1 April 2022
30,994
15,123
46,117



At 31 March 2023

30,994
15,123
46,117



Depreciation


At 1 April 2022
17,970
6,643
24,613


Charge for the year on owned assets
1,302
2,621
3,923



At 31 March 2023

19,272
9,264
28,536



Net book value



At 31 March 2023
11,722
5,859
17,581



At 31 March 2022
13,024
8,480
21,504

Page 5

 
T. MASTERS & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
129,554
212,066

Other debtors
266,150
213,916

395,704
425,982



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
814,370
779,184



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
130,852
186,727

Corporation tax
9,315
2,928

Other taxation and social security
37,574
6,806

Other creditors
73,106
103,127

Accruals and deferred income
69,076
59,950

319,923
359,538



8.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
25,837
28,042

Later than 1 year and not later than 5 years
85,531
91,837

Later than 5 years
38,500
60,500

149,868
180,379

 
Page 6