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Registration number: 04863431

Moneysworth (Wirral) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Moneysworth (Wirral) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Moneysworth (Wirral) Limited

(Registration number: 04863431)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Intangible assets

4

 

-

 

1,965

Tangible assets

5

 

11,499

 

12,473

   

11,499

 

14,438

Current assets

   

 

Stocks

6

5,100

 

3,270

 

Debtors

7

1,213

 

2,452

 

Cash at bank and in hand

 

14,204

 

20,638

 

 

20,517

 

26,360

 

Creditors: Amounts falling due within one year

8

(6,887)

 

(9,691)

 

Net current assets

   

13,630

 

16,669

Net assets

   

25,129

 

31,107

Capital and reserves

   

 

Called up share capital

9

100

 

100

 

Profit and loss account

25,029

 

31,007

 

Shareholders' funds

   

25,129

 

31,107

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 October 2023 and signed on its behalf by:
 

.........................................
Miss A Dixon
Director

 

Moneysworth (Wirral) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
55 Hoghton Street
Southport
Merseyside
PR9 0PG

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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 company's functional and presentational currency is GBP and no level of rounding has been used in presenting the financial statements.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Moneysworth (Wirral) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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

Plant & machinery

15% reducing balance

Motor Vehicles

25% reducing balance

Fixtures & Fittings

15% 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

20 years

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Moneysworth (Wirral) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Moneysworth (Wirral) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

39,300

39,300

At 31 March 2023

39,300

39,300

Amortisation

At 1 April 2022

37,335

37,335

Amortisation charge

1,965

1,965

At 31 March 2023

39,300

39,300

Carrying amount

At 31 March 2023

-

-

At 31 March 2022

1,965

1,965

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

3,189

14,113

7,495

24,797

Additions

-

1,574

-

1,574

At 31 March 2023

3,189

15,687

7,495

26,371

Depreciation

At 1 April 2022

3,003

7,603

1,718

12,324

Charge for the year

28

1,076

1,444

2,548

At 31 March 2023

3,031

8,679

3,162

14,872

Carrying amount

At 31 March 2023

158

7,008

4,333

11,499

At 31 March 2022

186

6,510

5,777

12,473

6

Stocks

2023
£

2022
£

Raw materials and consumables

5,100

3,270

 

Moneysworth (Wirral) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Debtors

2023
£

2022
£

Other debtors

1,213

2,452

1,213

2,452

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

2,932

4,682

Amounts owed to related parties

43

51

Taxation and social security

 

1,081

1,062

Other creditors

 

2,831

3,896

 

6,887

9,691

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100