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Registration number: 03095047

Monk Investment Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Monk Investment Management Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Monk Investment Management Limited

Company Information

Directors

Mr J H Slade

Mr D A Monk

Ms J Macmillan

Company secretary

Mr J H Slade

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Monk Investment Management Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Monk Investment Management Limited for the year ended 31 March 2023 as set out on pages 3 to 10 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Monk Investment Management Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Monk Investment Management Limited and state those matters that we have agreed to state to the Board of Directors of Monk Investment Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Monk Investment Management Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Monk Investment Management Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Monk Investment Management Limited. You consider that Monk Investment Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Monk Investment Management Limited. 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 accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

1 November 2023

 

Monk Investment Management Limited

(Registration number: 03095047)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

107,169

116,304

Investments

5

95

95

 

107,264

116,399

Current assets

 

Debtors

6

67,364

110,172

Cash at bank and in hand

 

68,600

51,968

 

135,964

162,140

Creditors: Amounts falling due within one year

7

(115,699)

(110,145)

Net current assets

 

20,265

51,995

Total assets less current liabilities

 

127,529

168,394

Creditors: Amounts falling due after more than one year

7

(23,333)

(33,333)

Provisions for liabilities

(7,094)

(7,027)

Net assets

 

97,102

128,034

Capital and reserves

 

Called up share capital

610

610

Retained earnings

96,492

127,424

Shareholders' funds

 

97,102

128,034

 

Monk Investment Management Limited

(Registration number: 03095047)
Balance Sheet as at 31 March 2023

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 November 2023 and signed on its behalf by:
 

.........................................

Ms J Macmillan

Director

 

Monk Investment Management 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.

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

The principal place of business is:
4 The Crescent
Plymouth
Devon
PL1 3AB

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 using the historic cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Financial reporting Standard 102 Section 1A - the Financial reporting Standard applicable in the UK and republic of Ireland and the Companies Act 2006.
 

Revenue recognition

Turnover comprises the fair value of the consideration received for the provision of property management, surveying and valuation services in the ordinary course of the company’s. Turnover is shown net of value added tax, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.

Government grants

Government grants are fair value of the grants received by the government to support the company in the ordinary course of the company’s activities. The company recognises government grant income when the amount of grant can be reliably measured, and it is highly probable that future economic benefits of the grant will flow to the company.

Where government grants are received for long-term commitments and expenses, the amount of grant received is time apportioned appropriately, and released to match the relevant cost each year.

Tax

The tax expense for the period comprises current and deferred 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.

 

Monk Investment Management Limited

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

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Freehold property

2% straight line on buidlings/ Nil depreciation on land

Leasehold improvements

2% straight line

Fixtures and fittings

20% reducing balance

Computer equipment

3 years straight line

Motor vehicles

25% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Monk Investment Management Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

 

Monk Investment Management Limited

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

4

Tangible assets

Freehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Leasehold property improvements
£

Total
£

Cost or valuation

At 1 April 2022

85,500

66,238

40,145

12,863

204,746

Additions

-

1,481

-

-

1,481

At 31 March 2023

85,500

67,719

40,145

12,863

206,227

Depreciation

At 1 April 2022

6,709

59,347

11,290

11,096

88,442

Charge for the year

1,030

2,328

7,213

45

10,616

At 31 March 2023

7,739

61,675

18,503

11,141

99,058

Carrying amount

At 31 March 2023

77,761

6,044

21,642

1,722

107,169

At 31 March 2022

78,791

6,891

28,855

1,767

116,304

 

Monk Investment Management Limited

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

5

Investments

2023
£

2022
£

Investments in subsidiaries

95

95

Subsidiaries

£

Cost or valuation

At 1 April 2022

95

Provision

Carrying amount

At 31 March 2023

95

At 31 March 2022

95

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Monk & Partners Residential Services Ltd

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Ordinary 'A' shares

95%

95%

 

England

     

Subsidiary undertakings

Monk & Partners Residential Services Ltd

The principal activity of Monk & Partners Residential Services Ltd is residential surveys.

 

Monk Investment Management Limited

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

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

43,644

56,967

Amounts owed by group undertakings and undertakings in which the company has a participating interest

23,012

-

Prepayments

 

708

1,093

Other debtors

 

-

52,112

 

67,364

110,172

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10,000

10,000

Trade creditors

 

31,076

3,176

Taxation and social security

 

39,282

43,887

Accruals and deferred income

 

8,545

12,707

Other creditors

 

26,796

40,375

 

115,699

110,145

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

23,333

33,333