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REGISTERED NUMBER: 03371599 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Molsom & Associates Limited

Molsom & Associates Limited (Registered number: 03371599)

Contents of the Financial Statements
for the Year Ended 31 May 2023










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 10


Molsom & Associates Limited

Company Information
for the Year Ended 31 May 2023







Director: A K Molsom





Registered office: 5 Hall Place
Spalding
Lincolnshire
PE11 1SA





Registered number: 03371599 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Molsom & Associates Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Molsom & Associates Limited for the year ended 31 May 2023 which comprise the Statement of income and retained earnings, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Molsom & Associates Limited in accordance with the terms of our engagement letter dated 26 September 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Molsom & Associates Limited and state those matters that we have agreed to state to the director of Molsom & Associates Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Molsom & Associates Limited and its director for our work or for this report.

It is your duty to ensure that Molsom & Associates 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 Molsom & Associates Limited. You consider that Molsom & Associates 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 Molsom & Associates 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.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


4 December 2023

Molsom & Associates Limited (Registered number: 03371599)

Statement of Financial Position
31 May 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 5 1,925 2,009
Tangible assets 6 46,163 57,516
48,088 59,525

Current assets
Stocks 48,661 31,171
Debtors 7 100,309 35,995
Cash at bank and in hand 106,200 133,375
255,170 200,541
Creditors
Amounts falling due within one year 8 98,332 97,505
Net current assets 156,838 103,036
Total assets less current liabilities 204,926 162,561

Creditors
Amounts falling due after more than one
year

9

-

(2,059

)

Provisions for liabilities (10,377 ) (10,368 )
Net assets 194,549 150,134

Capital and reserves
Called up share capital 12 10 10
Retained earnings 194,539 150,124
Shareholders' funds 194,549 150,134

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Molsom & Associates Limited (Registered number: 03371599)

Statement of Financial Position - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 December 2023 and were signed by:





A K Molsom - Director


Molsom & Associates Limited (Registered number: 03371599)

Notes to the Financial Statements
for the Year Ended 31 May 2023


1. Statutory information

Molsom & Associates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis.

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.

Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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- 10 years straight line

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.

Molsom & Associates Limited (Registered number: 03371599)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


3. Accounting policies - continued

Intangible assets
Other intangible assets are trademarks which are capitalised by the company and reviewed annually for impairment.

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:

Registered trademarks- 4% straight line

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 fixed 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:

Plant and machinery- 20% straight line
Fixtures and fittings- 25% reducing balance or 20% straight line
Motor vehicles- 25% reducing balance
Computer equipment- 25% reducing balance or 33.3% straight line

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.

Molsom & Associates Limited (Registered number: 03371599)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


3. Accounting policies - continued

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.

Financial instruments
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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities.

Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Molsom & Associates Limited (Registered number: 03371599)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


3. Accounting policies - continued

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.

Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to the Profit and Loss Account by equal annual instalments over the expected useful lives of the relevant assets.

4. Employees and directors

The average number of employees during the year was 17 (2022 - 17 ) .

5. Intangible fixed assets
Registered
Goodwill trademarks Totals
£    £    £   
Cost
At 1 June 2022
and 31 May 2023 250,000 2,093 252,093
Amortisation
At 1 June 2022 250,000 84 250,084
Amortisation for year - 84 84
At 31 May 2023 250,000 168 250,168
Net book value
At 31 May 2023 - 1,925 1,925
At 31 May 2022 - 2,009 2,009

Molsom & Associates Limited (Registered number: 03371599)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


6. Tangible fixed assets
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 June 2022 73,919 103,849 48,609 11,661 238,038
Additions - - - 6,836 6,836
Disposals - - - (1,070 ) (1,070 )
At 31 May 2023 73,919 103,849 48,609 17,427 243,804
Depreciation
At 1 June 2022 52,952 101,220 21,266 5,084 180,522
Charge for year 6,727 657 6,836 3,364 17,584
Eliminated on disposal - - - (465 ) (465 )
At 31 May 2023 59,679 101,877 28,102 7,983 197,641
Net book value
At 31 May 2023 14,240 1,972 20,507 9,444 46,163
At 31 May 2022 20,967 2,629 27,343 6,577 57,516

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 3,638 17,648
Directors' current accounts 76,896 -
VAT 13,511 10,244
Prepayments 6,264 8,103
100,309 35,995

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 52,708 48,785
Corporation tax 30,570 22,642
Social security and other taxes 1,962 5,025
Other creditors 1,860 1,761
Hire purchase contracts - 6,177
Directors' current accounts - 219
Accruals and deferred income 11,232 12,896
98,332 97,505

9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Hire purchase contracts - 2,059

Molsom & Associates Limited (Registered number: 03371599)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


10. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 27,000 27,314
Between one and five years 29,250 56,250
56,250 83,564

11. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 8,236

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10 Ordinary £1 10 10