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COMPANY REGISTRATION NUMBER: 10014657
Madandkat Finance Limited
Filleted Unaudited Financial Statements
31 March 2023
Madandkat Finance Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Madandkat Finance Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Madandkat Finance Limited
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 financial statements of Madandkat Finance Limited for the year ended 31 March 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Madandkat Finance Limited, as a body, in accordance with the terms of our engagement letter dated 11 November 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Madandkat Finance Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Madandkat Finance Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Madandkat Finance Limited 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 Madandkat Finance Limited. You consider that Madandkat Finance 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 financial statements of Madandkat Finance 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 financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
29 November 2023
Madandkat Finance Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
55,642
Current assets
Debtors: due within one year
6
380,492
Debtors: due after more than one year
6
2,212,776
Cash at bank and in hand
468
----
------------
2,593,736
Creditors: amounts falling due within one year
7
833,047
----
------------
Net current assets
1,760,689
----
------------
Total assets less current liabilities
1,816,331
Creditors: amounts falling due after more than one year
8
1,907,446
----
------------
Net liabilities
( 91,115)
----
------------
Madandkat Finance Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 1)
( 91,116)
----
--------
Shareholders deficit
( 91,115)
----
--------
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.
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 were approved by the board of directors and authorised for issue on 29 November 2023 , and are signed on behalf of the board by:
Mr A Pearce
Director
Company registration number: 10014657
Madandkat Finance 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 England and Wales. The address of the registered office is Hebblethwaites, 2 Westbrook Court, Sharrow Vale Road, Sheffield, S11 8YZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 2 ).
5. Tangible assets
Motor vehicles
£
Cost
At 1 April 2022
113,050
Disposals
( 113,050)
---------
At 31 March 2023
---------
Depreciation
At 1 April 2022
57,408
Disposals
( 57,408)
---------
At 31 March 2023
---------
Carrying amount
At 31 March 2023
---------
At 31 March 2022
55,642
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2023
----
At 31 March 2022
55,642
--------
6. Debtors
Debtors falling due within one year are as follows:
2023
2022
£
£
Other debtors
380,492
----
---------
Debtors falling due after one year are as follows:
2023
2022
£
£
Amounts owed by group undertakings
2,212,776
----
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
775,549
Social security and other taxes
147
Other creditors
57,351
----
---------
833,047
----
---------
Other creditors include hire purchase borrowings of £57,351 (2021 £18,541) secured on the relevant assets.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,907,446
----
------------
Other creditors include hire purchase borrowings of £nil (2021 £57,351) secured on the relevant assets.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2022: £1,907,446) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
Interest at a rate of Nil% (2021 3.75%) per annum is payable on these borrowings.
9. Controlling party
The ultimate parent company is Madandkat Holdings Limited, a company controlled by Mr A Pearce and the company registered office address is 2 Westbrook Court, Sharrowvale Road, Sheffield, S11 8YZ