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WILLIAM MONK LIMITED

Unaudited Financial Statements

for the Year Ended 31st March 2023






WILLIAM MONK LIMITED (REGISTERED NUMBER: 00254206)






Contents of the Financial Statements
for the year ended 31st March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WILLIAM MONK LIMITED

Company Information
for the year ended 31st March 2023







DIRECTORS: Lance Higham
Gerald Higham
Lynda Higham





SECRETARY: Lynda Higham





REGISTERED OFFICE: 126 Oldham Road
Ashton Under Lyne
Lancashire
OL7 9AH





REGISTERED NUMBER: 00254206 (England and Wales)





ACCOUNTANTS: Haines Watts Wirral Limited
1 Abbots Quay
Monks Ferry
Birkenhead
Merseyside
CH41 5LH

WILLIAM MONK LIMITED (REGISTERED NUMBER: 00254206)

Balance Sheet
31st March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 295 347
Investment property 5 1,200,000 1,200,000
1,200,295 1,200,347

CURRENT ASSETS
Stocks - 11,850
Debtors 6 7,535 12,828
Cash at bank 147,700 147,163
155,235 171,841
CREDITORS
Amounts falling due within one year 7 95,253 101,164
NET CURRENT ASSETS 59,982 70,677
TOTAL ASSETS LESS CURRENT LIABILITIES 1,260,277 1,271,024

CREDITORS
Amounts falling due after more than one
year

8

87,520

127,390
NET ASSETS 1,172,757 1,143,634

CAPITAL AND RESERVES
Called up share capital 10 20,000 20,000
Fair value reserve 11 813,828 813,828
Retained earnings 338,929 309,806
SHAREHOLDERS' FUNDS 1,172,757 1,143,634

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WILLIAM MONK LIMITED (REGISTERED NUMBER: 00254206)

Balance Sheet - continued
31st March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd October 2023 and were signed on its behalf by:





Lance Higham - Director


WILLIAM MONK LIMITED (REGISTERED NUMBER: 00254206)

Notes to the Financial Statements
for the year ended 31st March 2023

1. STATUTORY INFORMATION

William Monk Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:

- Valuation of investment properties.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


WILLIAM MONK LIMITED (REGISTERED NUMBER: 00254206)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans 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.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

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

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to / from related parties.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

WILLIAM MONK LIMITED (REGISTERED NUMBER: 00254206)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st April 2022
and 31st March 2023 47,183
DEPRECIATION
At 1st April 2022 46,836
Charge for year 52
At 31st March 2023 46,888
NET BOOK VALUE
At 31st March 2023 295
At 31st March 2022 347

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2022
and 31st March 2023 1,200,000
NET BOOK VALUE
At 31st March 2023 1,200,000
At 31st March 2022 1,200,000

Fair value at 31st March 2023 is represented by:
£   
Valuation in 2017 813,651
Cost 386,349
1,200,000

If Investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 386,349 386,349

Investment property was valued on an open market basis on 31st March 2023 by the directors .

WILLIAM MONK LIMITED (REGISTERED NUMBER: 00254206)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,591 4,840
Other debtors 2,302 4,346
3,893 9,186

Amounts falling due after more than one year:
Other debtors 3,642 3,642

Aggregate amounts 7,535 12,828

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 38,000 38,000
Trade creditors 9,408 8,388
Taxation and social security 15,202 19,640
Other creditors 32,643 35,136
95,253 101,164

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 87,520 127,390

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 125,520 165,390

The bank loan is secured by a charge on the company's investment property.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20,000 Ordinary £1 20,000 20,000

WILLIAM MONK LIMITED (REGISTERED NUMBER: 00254206)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

11. RESERVES
Fair
value
reserve
£   
At 1st April 2022
and 31st March 2023 813,828

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2023 and 31st March 2022:

2023 2022
£    £   
Gerald Higham
Balance outstanding at start of year 2,776 -
Amounts advanced - 2,776
Amounts repaid (2,776 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 2,776

13. RELATED PARTY DISCLOSURES

Included in creditors are the sums of £5,532 (2022 - £2) , £3,397 (2022 - £nil) and owed to Lance Higham and Gerard Higham, company directors.