Silverfin false 31/03/2023 01/04/2022 31/03/2023 S R Mundy 12/05/2021 30 November 2023 The principal activity of the company is that of a holding company. 13390643 2023-03-31 13390643 bus:Director1 2023-03-31 13390643 2022-03-31 13390643 core:CurrentFinancialInstruments 2023-03-31 13390643 core:CurrentFinancialInstruments 2022-03-31 13390643 core:ShareCapital 2023-03-31 13390643 core:ShareCapital 2022-03-31 13390643 core:SharePremium 2023-03-31 13390643 core:SharePremium 2022-03-31 13390643 core:RetainedEarningsAccumulatedLosses 2023-03-31 13390643 core:RetainedEarningsAccumulatedLosses 2022-03-31 13390643 core:CostValuation 2022-03-31 13390643 core:AdditionsToInvestments 2023-03-31 13390643 core:CostValuation 2023-03-31 13390643 bus:OrdinaryShareClass1 2023-03-31 13390643 2022-04-01 2023-03-31 13390643 bus:FullAccounts 2022-04-01 2023-03-31 13390643 bus:SmallEntities 2022-04-01 2023-03-31 13390643 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 13390643 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 13390643 bus:Director1 2022-04-01 2023-03-31 13390643 2021-05-12 2022-03-31 13390643 core:Subsidiary1 2022-04-01 2023-03-31 13390643 core:Subsidiary1 1 2022-04-01 2023-03-31 13390643 core:Subsidiary1 1 2021-05-12 2022-03-31 13390643 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 13390643 bus:OrdinaryShareClass1 2021-05-12 2022-03-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 13390643 (England and Wales)

MUNDY VENEER HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

MUNDY VENEER HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

MUNDY VENEER HOLDINGS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
MUNDY VENEER HOLDINGS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTOR S R Mundy
REGISTERED OFFICE 4 Castle Road
Chelston Business Park
Wellington
TA21 9JQ
United Kingdom
COMPANY NUMBER 13390643 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
MUNDY VENEER HOLDINGS LIMITED

BALANCE SHEET

As at 31 March 2023
MUNDY VENEER HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 31.03.2023 31.03.2022
£ £
Fixed assets
Investments 3 5,000,000 0
5,000,000 0
Current assets
Debtors 4 0 2
Cash at bank and in hand 5 208 100
208 102
Creditors: amounts falling due within one year 6 ( 3,033) ( 800)
Net current liabilities (2,825) (698)
Total assets less current liabilities 4,997,175 (698)
Net assets/(liabilities) 4,997,175 ( 698)
Capital and reserves
Called-up share capital 7 80 2
Share premium account 4,000,000 0
Profit and loss account 997,095 ( 700 )
Total shareholders' funds/(deficit) 4,997,175 ( 698)

For the financial 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.

Director's responsibilities:

The financial statements of Mundy Veneer Holdings Limited (registered number: 13390643) were approved and authorised for issue by the Director on 30 November 2023. They were signed on its behalf by:

S R Mundy
Director
MUNDY VENEER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
MUNDY VENEER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Mundy Veneer Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4 Castle Road, Chelston Business Park, Wellington, TA21 9JQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Mundy Veneer Group has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Therefore, the director is satisfied that the going concern basis of preparation is correct.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if their fair value can otherwise be measured reliably.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

Year ended
31.03.2023
Period from
12.05.2021 to
31.03.2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Fixed asset investments

Investments in subsidiaries

31.03.2023
£
Cost
At 01 April 2022 0
Additions 5,000,000
At 31 March 2023 5,000,000
Carrying value at 31 March 2023 5,000,000
Carrying value at 31 March 2022 0

The company purchased the entire share capital of 1,000 £1.00 Ordinary A and B shares in Mundy Veneer Limited on 10 November 2022 for a combined consideration of £5,000,000. This valuation was based on a professional valuation of the subsidiary company.

Investments in shares

Name of entity Registered office Nature of business Class of
shares
Ownership
31.03.2023
Ownership
31.03.2022
Mundy Veneer Limited 4 Castle Road, Chelston Business Park, Wellington, Somerset, TA1 9JQ. Supplier of veneer and other related products. Ordinary A & B 100.00% 0.00%

4. Debtors

31.03.2023 31.03.2022
£ £
Other debtors 0 2

5. Cash and cash equivalents

31.03.2023 31.03.2022
£ £
Cash at bank and in hand 208 100

6. Creditors: amounts falling due within one year

31.03.2023 31.03.2022
£ £
Amounts owed to Group undertakings 1,233 500
Accruals 1,800 300
3,033 800

7. Called-up share capital

31.03.2023 31.03.2022
£ £
Allotted, called-up and fully-paid
80 Ordinary shares of £ 1.00 each (31.03.2022: 2 shares of £ 1.00 each) 80 2

During the year, 78 Ordinary shares were allotted in the company with an aggregate nominal value of £78.