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REGISTERED NUMBER: 05637558 (England and Wales)






Monarch City Living Limited

Financial Statements

for the Year Ended 29 April 2023






Monarch City Living Limited (Registered number: 05637558)

Contents of the Financial Statements
for the year ended 29 April 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Monarch City Living Limited

Company Information
for the year ended 29 April 2023







DIRECTORS: Mr D Noble
Mr C D Noble





SECRETARY: Mr C D Noble





REGISTERED OFFICE: Noble House
Perseverance Street
Castleford
West Yorkshire
WF10 1LD





REGISTERED NUMBER: 05637558 (England and Wales)





ACCOUNTANTS: SMH Jolliffe Cork Ltd
Chartered Accountants
33 George Street
Wakefield
West Yorkshire
WF1 1LX

Monarch City Living Limited (Registered number: 05637558)

Balance Sheet
29 April 2023

2023 2022
Notes £ £
CURRENT ASSETS
Stocks 1,810,300 1,851,100
Debtors 4 44,694 60,524
Cash at bank 54,785 26,637
1,909,779 1,938,261
CREDITORS
Amounts falling due within one year 5 1,754,009 1,870,617
NET CURRENT ASSETS 155,770 67,644
TOTAL ASSETS LESS CURRENT
LIABILITIES

155,770

67,644

Monarch City Living Limited (Registered number: 05637558)

Balance Sheet - continued
29 April 2023

2023 2022
Notes £ £

CAPITAL AND RESERVES
Called up share capital 6 100 100
Retained earnings 155,670 67,544
SHAREHOLDERS' FUNDS 155,770 67,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 April 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:




Mr D Noble - Director



Mr C D Noble - Director


Monarch City Living Limited (Registered number: 05637558)

Notes to the Financial Statements
for the year ended 29 April 2023


1. STATUTORY INFORMATION

The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

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.

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

Turnover represents sales of property recognised at the fair value of the consideration received or receivable. This is recognised on legal completion of the property sale.

Stocks
Stocks are stated at the lower of cost and estimated selling price less the costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss. Reversals of impairment losses are also recognised in the profit and loss.

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 its financial instruments.

Financial instruments are recognised in the company's balance sheet 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.

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 have been enacted or substantively enacted by the balance sheet date.


Monarch City Living Limited (Registered number: 05637558)

Notes to the Financial Statements - continued
for the year ended 29 April 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.

3. EMPLOYEES AND DIRECTORS

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

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 8,521 23,710
Other debtors 939 -
Called up share capital not paid 100 100
Prepayments and accrued income 35,134 36,714
44,694 60,524

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 11,186 10,616
Amounts owed to related undertakings 1,709,611 1,348,464
Tax 20,885 -
VAT 5,340 5,287
Other creditors 2,600 2,600
Directors' current accounts - 501,250
Accruals and deferred income 4,387 2,400
1,754,009 1,870,617

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary A £1 100 100

Monarch City Living Limited (Registered number: 05637558)

Notes to the Financial Statements - continued
for the year ended 29 April 2023


7. CONTINGENT LIABILITIES

The company is subject to an agreement with Handelsbanken Plc., dated 29 October 2020, whereby it has agreed to secure the ultimate balance of the secured liabilities of a related company, D. Noble Limited. This agreement remains in place whilst any settlement is outstanding. As part of the agreement Handelsbanken Plc. hold a legal mortgage over the stock and a fixed charge over all the other assets of the company.

As at 29 April 2023 the borrowings of D. Noble Limited amounted to £1,500,000.