Company registration number 04016956 (England and Wales)
MASTERCRAFT UPHOLSTERY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
MASTERCRAFT UPHOLSTERY LTD
COMPANY INFORMATION
Director
Mr C J Talbot
Secretary
A Lenehan
Company number
04016956
Registered office
39 Bloomfield Road
Blackpool
Lancashire
FY1 6JL
Accountants
Bishops
1 Croft Court
Plumpton Close
Whitehills Business Park
Blackpool
Lancashire
FY4 5PR
MASTERCRAFT UPHOLSTERY LTD
CONTENTS
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 5
MASTERCRAFT UPHOLSTERY LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MASTERCRAFT UPHOLSTERY LTD FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mastercraft Upholstery Ltd for the year ended 30 June 2023 which comprise, the statement of financial position and the related notes 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Mastercraft Upholstery Ltd, as a body, in accordance with the terms of our engagement letter dated 21 January 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Mastercraft Upholstery Ltd and state those matters that we have agreed to state to the board of directors of Mastercraft Upholstery Ltd, 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 Mastercraft Upholstery Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Mastercraft Upholstery Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mastercraft Upholstery Ltd. You consider that Mastercraft Upholstery Ltd 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 financial statements of Mastercraft Upholstery Ltd. 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 financial statements.
Bishops
22 November 2023
Chartered Accountants
1 Croft Court
Plumpton Close
Whitehills Business Park
Blackpool
Lancashire
FY4 5PR
MASTERCRAFT UPHOLSTERY LTD
STATEMENT OF FINANCIAL POSITION
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
43,114
44,944
Current assets
Stocks
37,800
42,200
Debtors
5
139
12,272
Cash at bank and in hand
116,716
110,235
154,655
164,707
Creditors: amounts falling due within one year
6
(40,506)
(59,370)
Net current assets
114,149
105,337
Total assets less current liabilities
157,263
150,281
Provisions for liabilities
(10,779)
(8,540)
Net assets
146,484
141,741
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
146,384
141,641
Total equity
146,484
141,741
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 15 November 2023
Mr C J Talbot
Director
Company Registration No. 04016956
MASTERCRAFT UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Mastercraft Upholstery Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 39 Bloomfield Road, Blackpool, Lancashire, FY1 6JL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less 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 profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MASTERCRAFT UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
MASTERCRAFT UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
23,521
3,222
2,492
44,199
73,434
Additions
11,154
11,154
At 30 June 2023
34,675
3,222
2,492
44,199
84,588
Depreciation and impairment
At 1 July 2022
14,055
894
2,492
11,049
28,490
Depreciation charged in the year
4,348
349
8,287
12,984
At 30 June 2023
18,403
1,243
2,492
19,336
41,474
Carrying amount
At 30 June 2023
16,272
1,979
24,863
43,114
At 30 June 2022
9,466
2,328
33,150
44,944
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
139
12,272
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,824
3,357
Corporation tax
5,442
4,428
Other taxation and social security
12,224
15,015
Other creditors
19,016
36,570
40,506
59,370