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COMPANY REGISTRATION NUMBER: 12281795
Mason & Sons (London) LTD
Filleted Unaudited Financial Statements
For the year ended
31 October 2022
Mason & Sons (London) LTD
Statement of Financial Position
31 October 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
4,576
507
Current assets
Stocks
21,518
Debtors
6
18,795
18,370
Cash at bank and in hand
18,863
10,066
--------
--------
59,176
28,436
Creditors: amounts falling due within one year
7
138,406
111,468
---------
---------
Net current liabilities
79,230
83,032
--------
--------
Total assets less current liabilities
( 74,654)
( 82,525)
--------
--------
Net liabilities
( 74,654)
( 82,525)
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 74,655)
( 82,526)
--------
--------
Shareholder deficit
( 74,654)
( 82,525)
--------
--------
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 Section 1A of 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 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has 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 .
Mason & Sons (London) LTD
Statement of Financial Position (continued)
31 October 2022
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
E Mason
Director
Company registration number: 12281795
Mason & Sons (London) LTD
Notes to the Financial Statements
Year ended 31 October 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34 Montagu Square, London, W1H 2LJ, England.
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.
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.
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.
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:
Fixtures and fittings
-
6% straight line
Equipment
-
50% 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.
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 entity becomes a party to the contractual provisions of the instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 November 2021
806
806
Additions
7,928
2,449
10,377
-------
-------
--------
At 31 October 2022
8,734
2,449
11,183
-------
-------
--------
Depreciation
At 1 November 2021
299
299
Charge for the year
5,047
1,261
6,308
-------
-------
--------
At 31 October 2022
5,346
1,261
6,607
-------
-------
--------
Carrying amount
At 31 October 2022
3,388
1,188
4,576
-------
-------
--------
At 31 October 2021
507
507
-------
-------
--------
6. Debtors
2022
2021
£
£
Trade debtors
( 114)
Other debtors
18,795
18,484
--------
--------
18,795
18,370
--------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
17,167
Trade creditors
109,933
57,207
Social security and other taxes
19,040
Other creditors
9,433
37,094
---------
---------
138,406
111,468
---------
---------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
E Mason
( 110)
18,640
18,530
----
--------
--------
2021
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
E Mason
( 53)
( 57)
( 110)
----
----
----
9. Controlling party
The company is a wholly owned subsidiary of Curraneye Ltd, a company registered in England.