Company Registration No. 13445056 (England and Wales)
Montholme Asset Management Limited
Unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
Montholme Asset Management Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
Montholme Asset Management Limited
Statement of financial position
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
587,423
586,284
Current assets
Debtors
4
18,911
2,678
Cash at bank and in hand
214,424
47,742
233,335
50,420
Creditors: amounts falling due within one year
5
(62,007)
(32,667)
Net current assets
171,328
17,753
Total assets less current liabilities
758,751
604,037
Creditors: amounts falling due after more than one year
6
(280,000)
(280,000)
Net assets
478,751
324,037
Capital and reserves
Called up share capital
7
310,000
310,000
Profit and loss reserves
168,751
14,037
Total equity
478,751
324,037
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Montholme Asset Management Limited
Statement of financial position (continued)
As at 31 March 2023
Page 2
The financial statements were approved and signed by the director and authorised for issue on 5 October 2023.
05 October 2023
Jake Watson
Director
Company Registration No. 13445056
Montholme Asset Management Limited
Statement of changes in equity
For the year ended 31 March 2023
Page 3
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 8 June 2021
-
Period ended 31 March 2022:
Profit and total comprehensive income for the period
-
26,037
26,037
Issue of share capital
7
310,000
-
310,000
Dividends
-
(12,000)
(12,000)
Balance at 31 March 2022
310,000
14,037
324,037
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
154,714
154,714
Balance at 31 March 2023
310,000
168,751
478,751
Montholme Asset Management Limited
Notes to the financial statements
For the year ended 31 March 2023
Page 4
1
Accounting policies
Company information
Montholme Asset Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 42 Montholme Road, London, England, SW11 6HY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents:
a) rental income from operating leases and is recognised on a straight line basis over the term of the relevant lease; and
b) amounts receivable from management services, shown net of VAT, and is recognised when the goods or service are provided.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Montholme Asset Management Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 5
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Montholme Asset Management Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 6
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Investment property
2023
£
Fair value
At 1 April 2022
586,284
Additions
1,512
Other changes
(373)
At 31 March 2023
587,423
Investment property comprises the land and building at Hunters Industrial Estate, Cardiff. In the opinion of the director, the book cost is representative of the fair value of the investment property as at 31 March 2023.
Montholme Asset Management Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 7
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
17,430
1,217
Other debtors
1,481
1,461
18,911
2,678
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
450
Corporation tax
36,291
6,107
Other taxation and social security
11,460
6,099
Other creditors
14,256
20,011
62,007
32,667
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
280,000
280,000
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
310,000
310,000
310,000
310,000
Full rights to receive notice of, and attend vote at general meetings. One share carries one vote, and full rights to dividends and capital distributions (including upon winding up).
8
Ultimate controlling party
Jake Watson is the ultimate controlling party by virtue of his shareholding.