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Company registration number: 05386244
Mount Lidden Limited
Trading as Mount Lidden Limited
Unaudited filleted financial statements
31 March 2023
Mount Lidden Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Mount Lidden Limited
Directors and other information
Directors
Mr Alan Drew
Miss Amy Smale
Secretary Miss Amy Smale
Company number 05386244
Registered office Elm Cottage
Trereife
Penzance
Cornwall
TR20 8TJ
Business address Elm Cottage
Trereife
Penzance
Cornwall
TR20 8TJ
Accountant Mrs LT Way
No.1 The Barn
Lower Trembath
Penzance
Cornwall
TR20 8TS
Mount Lidden Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Mount Lidden Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Mount Lidden Limited for the year ended 31 March 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of The Association of Accounting Technicians in England and Wales (AAT) , I am subject to its ethical and other professional requirements which are detailed at www.aat.org.uk.
My work has been undertaken in accordance with the requirements of The Association of Accounting Technicians in England and Wales (AAT) as detailed at www.aat.org.uk
This report is made solely to the Board of your company, as a body, in accordance with the terms of our engagement letter. My work has been undertaken solely to prepare for your approval the accounts of your company and state those matters that we have agreed to state to them, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mount Lidden Limited and its Board of Directors as a body for our work or for this report.It is your duty to ensure that Mount Lidden 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 Mount Lidden Limited. You consider that Mount Lidden 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 Mount Lidden 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.
Mrs LT Way
MCMI, MAAT
No.1 The Barn
Lower Trembath
Penzance
Cornwall
TR20 8TS
28 October 2023
Mount Lidden Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 375,316 390,062
Tangible assets 6 652,852 608,084
Investments 7 - 233,587
_______ _______
1,028,168 1,231,733
Current assets
Stocks 275,624 261,696
Debtors 8 309,199 132,997
Cash at bank and in hand 87,006 56,138
_______ _______
671,829 450,831
Creditors: amounts falling due
within one year 9 ( 383,517) ( 447,988)
_______ _______
Net current assets 288,312 2,843
_______ _______
Total assets less current liabilities 1,316,480 1,234,576
_______ _______
Net assets 1,316,480 1,234,576
_______ _______
Capital and reserves
Reserve for own shares 2 2
Profit and loss account 1,316,478 1,234,574
_______ _______
Shareholders funds 1,316,480 1,234,576
_______ _______
For the 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 financial statements for the year 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2023 , and are signed on behalf of the board by:
Miss Amy Smale
Director
Company registration number: 05386244
Mount Lidden Limited
Statement of changes in equity
Year ended 31 March 2023
Reserve for own shares Profit and loss account Total
£ £ £
At 1 April 2021 2 1,149,887 1,149,889
Profit for the year 84,687 84,687
_______ _______ _______
Total comprehensive income for the year - 84,687 84,687
_______ _______ _______
At 31 March 2022 and 1 April 2022 2 1,234,581 1,234,583
Profit for the year 119,397 119,397
_______ _______ _______
Total comprehensive income for the year - 119,397 119,397
Dividends paid and payable ( 37,500) ( 37,500)
_______ _______ _______
Total investments by and distributions to owners - ( 37,500) ( 37,500)
_______ _______ _______
At 31 March 2023 2 1,316,478 1,316,480
_______ _______ _______
Mount Lidden Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Elm Cottage, Trereife, Penzance, Cornwall, TR20 8TJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation of financial statements
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 that have been enacted or substantively enacted by the balance sheet date.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015 & 2017, is being amortised evenly over its estimated useful life of ten years.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Patents, licences and telephone numbers are being amortised evenly over their estimated useful life of nil years.
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 - Evenly over its useful life of 10 years
Patents, Licences, Permits, Tele No.'s - 0 %
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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - 0 %
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Work in progress is valued at the lower of cost and net realisable value. Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs in profit or loss in the period in which it arises.
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.
Dividend paid
There has been a dividend of £37500.00 to Mr Alan Drew . Mr Buckfield has waivered his rights to his dividend.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 9 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 April 2022 and 31 March 2023 147,459 335,825 483,284
_______ _______ _______
Amortisation
At 1 April 2022 93,222 - 93,222
Charge for the year 14,746 - 14,746
_______ _______ _______
At 31 March 2023 107,968 - 107,968
_______ _______ _______
Carrying amount
At 31 March 2023 39,491 335,825 375,316
_______ _______ _______
At 31 March 2022 54,237 335,825 390,062
_______ _______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2022 353,224 71,096 4,954 391,154 820,428
Additions - 15,352 - 187,550 202,902
Disposals - ( 2,046) ( 591) ( 105,407) ( 108,044)
_______ _______ _______ _______ _______
At 31 March 2023 353,224 84,402 4,363 473,297 915,286
_______ _______ _______ _______ _______
Depreciation
At 1 April 2022 - 44,709 2,290 165,345 212,344
Charge for the year - 6,107 336 87,704 94,147
Disposals - ( 1,031) ( 164) ( 42,862) ( 44,057)
_______ _______ _______ _______ _______
At 31 March 2023 - 49,785 2,462 210,187 262,434
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2023 353,224 34,617 1,901 263,110 652,852
_______ _______ _______ _______ _______
At 31 March 2022 353,224 26,387 2,664 225,809 608,084
_______ _______ _______ _______ _______
7. Investments
Other loans Total
£ £
Cost
At 1 April 2022 233,587 233,587
Disposals ( 233,587) ( 233,587)
_______ _______
At 31 March 2023 - -
_______ _______
Impairment
At 1 April 2022 and 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 - -
_______ _______
At 31 March 2022 233,587 233,587
_______ _______
8. Debtors
2023 2022
£ £
Trade debtors 100,954 117,744
Other debtors 208,245 15,253
_______ _______
309,199 132,997
_______ _______
The debtors above include the following amounts falling due after more than one year:
2023 2022
£ £
Trade debtors 100,954 117,744
Other debtors 17,815 15,253
_______ _______
118,769 132,997
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 210,503 255,065
Trade creditors 10,620 11,647
Corporation tax 17,596 22,186
Social security and other taxes 38,642 39,247
Other creditors 106,156 119,843
_______ _______
383,517 447,988
_______ _______
10. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023 2022
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 100,954 117,744
Other debtors 3,613 3,331
Cash at bank and in hand 87,007 56,138
_______ _______
191,574 177,213
_______ _______
Financial liabilities measured at amortised cost
Bank and other loans 210,503 255,065
Trade creditors 10,620 11,647
Other creditors 2,201 4,000
_______ _______
223,324 270,712
_______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Simon Buckfield ( 100,000) - - ( 100,000)
Mr Alan Drew ( 13,000) 196,087 4,316 187,403
_______ _______ _______ _______
( 113,000) 196,087 4,316 87,403
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Simon Buckfield - ( 100,000) - ( 100,000)
Mr Alan Drew ( 10,000) ( 3,000) - ( 13,000)
_______ _______ _______ _______
( 10,000) ( 103,000) - ( 113,000)
_______ _______ _______ _______