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COMPANY REGISTRATION NUMBER: 06826581
Mastercote UK Ltd
Unaudited financial statements
31 March 2023
Mastercote UK Ltd
Statement of financial position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
250,788
219,595
Current assets
Stocks
30,000
23,000
Debtors
7
340,744
346,083
Cash at bank and in hand
65,763
20,154
---------
---------
436,507
389,237
Creditors: Amounts falling due within one year
8
( 518,766)
( 506,992)
---------
---------
Net current liabilities
( 82,259)
( 117,755)
---------
---------
Total assets less current liabilities
168,529
101,840
Creditors: Amounts falling due after more than one year
9
( 86,351)
( 10,000)
Provisions
Taxation including deferred tax
( 32,294)
( 30,276)
Accruals and deferred income
( 12,101)
( 20,679)
---------
---------
Net assets
37,783
40,885
---------
---------
Capital and reserves
Called up share capital
4
4
Profit and loss account
37,779
40,881
-------
-------
Shareholders funds
37,783
40,885
-------
-------
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 income and retained earnings 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 .
Mastercote UK Ltd
Statement of financial position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 21 November 2023 , and are signed on behalf of the board by:
Mrs D Gaskin
Director
Company registration number: 06826581
Mastercote UK Ltd
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 52-54 Wendover Road, Rackheath Industrial Estate, Rackheath, Norwich, NR13 6LH.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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
-
fully written down
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 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:
Leasehold improvements
-
15 years straight line
Plant and machinery
-
20% reducing balance
Fixures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Average number of employees
The average number of employees during the year was 31 (2022: 23 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
1
----
Amortisation
At 1 April 2022 and 31 March 2023
1
----
Carrying amount
At 31 March 2023
----
At 31 March 2022
----
6. Tangible assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
141,226
254,176
15,075
16,963
427,440
Additions
30,908
34,207
65,115
---------
---------
-------
-------
---------
At 31 March 2023
172,134
288,383
15,075
16,963
492,555
---------
---------
-------
-------
---------
Depreciation
At 1 April 2022
20,931
168,632
3,658
14,624
207,845
Charge for the year
10,813
20,243
2,281
585
33,922
---------
---------
-------
-------
---------
At 31 March 2023
31,744
188,875
5,939
15,209
241,767
---------
---------
-------
-------
---------
Carrying amount
At 31 March 2023
140,390
99,508
9,136
1,754
250,788
---------
---------
-------
-------
---------
At 31 March 2022
120,295
85,544
11,417
2,339
219,595
---------
---------
-------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
331,295
344,448
Other debtors
9,449
1,635
---------
---------
340,744
346,083
---------
---------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
59,203
60,000
Trade creditors
135,996
149,850
Social security and other taxes
115,275
114,615
Other creditors
208,292
182,527
---------
---------
518,766
506,992
---------
---------
Included within other creditors is an amount of £142,690 (2022: £91,748) which is secured by way of a fixed and floating charge over the company's assets .
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
86,351
10,000
-------
-------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
7,000
12,000
Later than 1 year and not later than 5 years
7,000
------
-------
7,000
19,000
------
-------