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Registration number: 10814436

Minerva of Hereford Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Minerva of Hereford Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Minerva of Hereford Limited

Company Information

Directors

Mr J J Arkell

Mr M S Cruse

Mr Jordan Arkell

Registered office

Unit 5 Glebe Farm Business Park
Stoke Edith
Hereford
HR1 4HG

Accountants

Young & Co
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

Minerva of Hereford Limited

(Registration number: 10814436)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

168,589

138,892

Current assets

 

Stocks

6

96,805

91,222

Debtors

7

89,629

31,580

Cash at bank and in hand

 

52,332

7,081

 

238,766

129,883

Creditors: Amounts falling due within one year

8

(237,191)

(320,387)

Net current assets/(liabilities)

 

1,575

(190,504)

Total assets less current liabilities

 

170,164

(51,612)

Creditors: Amounts falling due after more than one year

8

(83,932)

(60,783)

Net assets/(liabilities)

 

86,232

(112,395)

Capital and reserves

 

Called up share capital

9

150,200

102

Retained earnings

(63,968)

(112,497)

Shareholders' funds/(deficit)

 

86,232

(112,395)

For the financial year ending 31 July 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.

 

Minerva of Hereford Limited

(Registration number: 10814436)
Balance Sheet as at 31 July 2023
(continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

.........................................
Mr M S Cruse
Director

 

Minerva of Hereford Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 5 Glebe Farm Business Park
Stoke Edith
Hereford
HR1 4HG
England

The principal place of business is:
Unit 5 Glebe Farm Business Park
Stoke Edith
Hereford
HR1 4HG
England

These financial statements were authorised for issue by the Board on 17 November 2023.

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 in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Minerva of Hereford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
(continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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

Leasehold property improvements

10% of cost per annum

Motor Vehicles

25% of written down value per annum

Plant and machinery

10% of cost per annum

Fixtures and Fittings

20% of cost per annum

Computer equipment

33% of cost per annum

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Minerva of Hereford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
(continued)

2

Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

33% of cost per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Minerva of Hereford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
(continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Minerva of Hereford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
(continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 16).

 

Minerva of Hereford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
(continued)

4

Intangible assets

Contractual customer relationships
 £

Total
£

Cost or valuation

At 1 August 2022

1,478

1,478

At 31 July 2023

1,478

1,478

Amortisation

At 1 August 2022

1,478

1,478

At 31 July 2023

1,478

1,478

Carrying amount

At 31 July 2023

-

-

 

Minerva of Hereford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
(continued)

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

20,087

140,305

37,496

197,888

Additions

-

9,613

55,467

65,080

Disposals

-

(2,950)

(21,146)

(24,096)

At 31 July 2023

20,087

146,968

71,817

238,872

Depreciation

At 1 August 2022

5,076

28,294

25,626

58,996

Charge for the year

2,009

18,268

5,592

25,869

Eliminated on disposal

-

(1,426)

(13,156)

(14,582)

At 31 July 2023

7,085

45,136

18,062

70,283

Carrying amount

At 31 July 2023

13,002

101,832

53,755

168,589

At 31 July 2022

15,011

112,011

11,870

138,892

Included within the net book value of land and buildings above is £13,002 (2022 - £15,011) in respect of long leasehold land and buildings.
 

 

Minerva of Hereford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
(continued)

6

stocks

2023
£

2022
£

Work in progress

6,805

36,222

Other inventories

90,000

55,000

96,805

91,222

7

Debtors

2023
£

2022
£

Trade debtors

83,639

24,901

Prepayments

5,990

6,679

89,629

31,580

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

44,836

53,665

Trade creditors

 

66,501

58,670

Taxation and social security

 

39,428

22,229

Accruals and deferred income

 

2,947

4,552

Other creditors

 

83,479

181,271

 

237,191

320,387

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £6,847 (2022 - £7,265).

 

Minerva of Hereford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
(continued)

8

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

83,932

60,783

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £48,073 (2022 - £21,353).

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

102

102

Preference shares of £1 (2022 - £0) each

150,000

150,000

-

-

 

150,200

150,200

102

102

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

35,859

39,430

Hire purchase contracts

48,073

21,353

83,932

60,783

 

Minerva of Hereford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
(continued)

10

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,123

5,826

Bank overdrafts

32,866

40,573

Hire purchase contracts

6,847

7,266

44,836

53,665

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £138,489 (2022 - £192,916).