REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2023 |
for |
Molsom & Associates Limited |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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. |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Molsom & Associates Limited (Registered number: 03371599) |
Statement of Financial Position |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 5 |
Tangible assets | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 12 |
Retained earnings |
Shareholders' funds |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
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 |
5. | Intangible fixed assets |
Registered |
Goodwill | trademarks | Totals |
£ | £ | £ |
Cost |
At 1 June 2022 |
and 31 May 2023 |
Amortisation |
At 1 June 2022 |
Amortisation for year |
At 31 May 2023 |
Net book value |
At 31 May 2023 |
At 31 May 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2023 |
Depreciation |
At 1 June 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2023 |
Net book value |
At 31 May 2023 |
At 31 May 2022 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Directors' current accounts | 76,896 | - |
VAT |
Prepayments |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Hire purchase contracts | - | 6,177 |
Directors' current accounts | - | 219 |
Accruals and deferred income |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
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 |
Between one and five years |
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: | £ | £ |
Ordinary | £1 | 10 | 10 |