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COMPANY REGISTRATION NUMBER: 05973026
Mazingtree Ltd
Filleted Unaudited Financial Statements
For the period ended
30 June 2022
Mazingtree Ltd
Financial Statements
Period from 1 November 2021 to 30 June 2022
Contents
Page
Officers and professional advisers
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Mazingtree Ltd
Officers and Professional Advisers
The board of directors
Mr D J Ball (Appointed 27 October 2022)
Mr M Holland (Appointed 27 October 2022)
Mr D J Middleton (Appointed 27 October 2022)
Mr J A Allan (Resigned 27 October 2022)
Mrs P M Allan (Resigned 27 October 2022)
Registered office
Unit N12b
Phase 1
1 Davy Road
Plymouth Science Park
Derriford
England
PL6 8BX
Accountants
Clay Shaw Thomas Ltd
Chartered accountants
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Mazingtree Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Mazingtree Ltd
Period from 1 November 2021 to 30 June 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mazingtree Ltd for the period ended 30 June 2022, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Mazingtree Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Mazingtree Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mazingtree Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Mazingtree Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Mazingtree Ltd. You consider that Mazingtree Ltd is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Mazingtree Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Clay Shaw Thomas Ltd Chartered accountants
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
23 October 2023
Mazingtree Ltd
Statement of Financial Position
30 June 2022
30 Jun 22
31 Oct 21
Note
£
£
£
Fixed assets
Intangible assets
5
2,600
Tangible assets
6
7,491
----
--------
10,091
Current assets
Stocks
5,000
Debtors
7
18,198
7,747
Cash at bank and in hand
8,547
10,939
--------
--------
26,745
23,686
Creditors: amounts falling due within one year
8
26,363
30,088
--------
--------
Net current assets/(liabilities)
382
( 6,402)
----
--------
Total assets less current liabilities
382
3,689
Provisions
Taxation including deferred tax
1,917
----
-------
Net assets
382
1,772
----
-------
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss account
10
( 618)
772
-------
-------
Shareholders funds
382
1,772
-------
-------
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 income statement has not been delivered.
For the period ending 30 June 2022 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Mazingtree Ltd
Statement of Financial Position (continued)
30 June 2022
These financial statements were approved by the board of directors and authorised for issue on 23 October 2023 , and are signed on behalf of the board by:
Mr D J Middleton
Director
Company registration number: 05973026
Mazingtree Ltd
Notes to the Financial Statements
Period from 1 November 2021 to 30 June 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 Unit N12b, Phase 1, 1 Davy Road, Plymouth Science Park, Derriford, PL6 8BX, 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 The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed whether there are any material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the directors have taken in to account all available information about the future and conclude that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
Website
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Improvements to property
-
10% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 4 (2021: 5 ).
5. Intangible assets
Goodwill
Other intangible assets
Total
£
£
£
Cost
At 1 November 2021
10,000
3,900
13,900
Additions
Disposals
( 10,000)
( 3,900)
( 13,900)
--------
-------
--------
At 30 June 2022
--------
-------
--------
Amortisation
At 1 November 2021
10,000
1,300
11,300
Charge for the period
Disposals
( 10,000)
( 1,300)
( 11,300)
--------
-------
--------
At 30 June 2022
--------
-------
--------
Carrying amount
At 30 June 2022
--------
-------
--------
At 31 October 2021
2,600
2,600
--------
-------
--------
6. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 November 2021
2,700
11,636
1,110
15,446
Additions
4,495
4,495
Disposals
( 2,700)
( 16,131)
( 1,110)
( 19,941)
-------
--------
-------
--------
At 30 June 2022
-------
--------
-------
--------
Depreciation
At 1 November 2021
2,700
4,370
885
7,955
Disposals
( 2,700)
( 4,370)
( 885)
( 7,955)
-------
--------
-------
--------
At 30 June 2022
-------
--------
-------
--------
Carrying amount
At 30 June 2022
-------
--------
-------
--------
At 31 October 2021
7,266
225
7,491
-------
--------
-------
--------
7. Debtors
30 Jun 22
31 Oct 21
£
£
Trade debtors
6,141
7,747
Other debtors
12,057
--------
-------
18,198
7,747
--------
-------
8. Creditors: amounts falling due within one year
30 Jun 22
31 Oct 21
£
£
Trade creditors
9,811
9,536
Social security and other taxes
12,378
13,889
Other creditors
4,174
6,663
--------
--------
26,363
30,088
--------
--------
9. Called up share capital
Issued, called up and fully paid
30 Jun 22
31 Oct 21
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Directors' advances, credits and guarantees
Included in debtors are the following amounts owed by former directors:
2022
£
Balance owed by the director at 1 November 2021 (2,858)
Drawings 19,500
Repaid (4,585)
--------
Balance owed by the director at 30 June 2022 12,057
--------
There are no fixed terms of repayment or interest charged.
12. Controlling party
On 27 October 2022 the company was subject to a takeover by Flotek Group Limited, who now own 100% of the called up share capital. In the opinion of the directors there is no ultimate controlling party.
13. Accounting reference period
The accounting reference period was shortened to 30 June 2022. The results for the year therefore represent an 8 month period.