Registered number
07211314
Madisons Banstead Limited
Unaudited Filleted Accounts
31 March 2023
Madisons Banstead Limited
Registered number: 07211314
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 30,000 30,000
Tangible assets 4 47,046 52,385
77,046 82,385
Current assets
Stocks 42,345 36,384
Debtors 5 114,208 103,150
Cash at bank and in hand 882,101 833,569
1,038,654 973,103
Creditors: amounts falling due within one year 6 (210,111) (202,333)
Net current assets 828,543 770,770
Net assets 905,589 853,155
Capital and reserves
Called up share capital 1 1
Profit and loss account 905,588 853,154
Shareholders' funds 905,589 853,155
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B B Madhvani
Director
Approved by the board on 22 December 2023
Madisons Banstead Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 30,000
At 31 March 2023 30,000
Amortisation
At 31 March 2023 -
Net book value
At 31 March 2023 30,000
At 31 March 2022 30,000
Goodwill is not amortized as the Directors are of the opinion that the residual value is greater than the book value
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 37,969 61,321 99,290
Additions 2,965 - 2,965
At 31 March 2023 40,934 61,321 102,255
Depreciation
At 1 April 2022 37,707 9,198 46,905
Charge for the year 485 7,819 8,304
At 31 March 2023 38,192 17,017 55,209
Net book value
At 31 March 2023 2,742 44,304 47,046
At 31 March 2022 262 52,123 52,385
5 Debtors 2023 2022
£ £
Trade debtors 91,511 83,626
Other debtors 22,697 19,524
114,208 103,150
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 173,159 167,818
Taxation and social security costs 27,764 33,515
Other creditors 9,188 1,000
210,111 202,333
7 Other information
Madisons Banstead Limited is a private company limited by shares and incorporated in England. Its registered office is:
25 Nork Way
Banstead
Surrey
SM7 1PB
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