Daniel Monk Limited 10312912 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is specialised design activities. Digita Accounts Production Advanced 6.30.9574.0 true 10312912 2022-09-01 2023-08-31 10312912 2023-08-31 10312912 core:FinanceLeases core:CurrentFinancialInstruments 2023-08-31 10312912 core:FinanceLeases core:Non-currentFinancialInstruments 2023-08-31 10312912 core:CurrentFinancialInstruments 2023-08-31 10312912 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 10312912 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 10312912 core:FurnitureFittingsToolsEquipment 2023-08-31 10312912 core:MotorVehicles 2023-08-31 10312912 bus:SmallEntities 2022-09-01 2023-08-31 10312912 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 10312912 bus:FullAccounts 2022-09-01 2023-08-31 10312912 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 10312912 bus:RegisteredOffice 2022-09-01 2023-08-31 10312912 bus:Director1 2022-09-01 2023-08-31 10312912 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 10312912 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 10312912 core:MotorCars 2022-09-01 2023-08-31 10312912 core:MotorVehicles 2022-09-01 2023-08-31 10312912 core:OfficeEquipment 2022-09-01 2023-08-31 10312912 core:OtherRelatedParties 2022-09-01 2023-08-31 10312912 core:UKTax 2022-09-01 2023-08-31 10312912 countries:EnglandWales 2022-09-01 2023-08-31 10312912 2022-08-31 10312912 core:FurnitureFittingsToolsEquipment 2022-08-31 10312912 core:MotorVehicles 2022-08-31 10312912 2021-09-01 2022-08-31 10312912 2022-08-31 10312912 core:FinanceLeases core:CurrentFinancialInstruments 2022-08-31 10312912 core:FinanceLeases core:Non-currentFinancialInstruments 2022-08-31 10312912 core:CurrentFinancialInstruments 2022-08-31 10312912 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 10312912 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 10312912 core:FurnitureFittingsToolsEquipment 2022-08-31 10312912 core:MotorVehicles 2022-08-31 10312912 core:UKTax 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 10312912

Daniel Monk Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Daniel Monk Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Daniel Monk Limited

Company Information

Director

Mr Daniel Monk

Registered office

B104, The Fuel Tanks
8-12 Creekside,
London,
SE8 3DX

Accountants

Field Sullivan Limited
9 Hare & Billet Road
Blackheath
SE3 0RB

 

Daniel Monk Limited

(Registration number: 10312912)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

7,431

14,725

Current assets

 

Debtors

6

24,768

3,180

Cash at bank and in hand

 

6,376

17,394

 

31,144

20,574

Creditors: Amounts falling due within one year

7

(24,416)

(18,502)

Net current assets

 

6,728

2,072

Total assets less current liabilities

 

14,159

16,797

Creditors: Amounts falling due after more than one year

7

(14,061)

(16,755)

Net assets

 

98

42

Capital and reserves

 

Called up share capital

1

1

Retained earnings

97

41

Shareholders' funds

 

98

42

For the financial year ending 31 August 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Daniel Monk Limited

(Registration number: 10312912)
Balance Sheet as at 31 August 2023

Approved and authorised by the director on 9 February 2024
 

.........................................
Mr Daniel Monk
Director

 

Daniel Monk Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
B104, The Fuel Tanks
8-12 Creekside,
London,
SE8 3DX

These financial statements were authorised for issue by the director on 9 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Key sources of estimation uncertainty

In the application of the company’s accounting policies, the director are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.

 

Daniel Monk Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and turnover is recognised when the service is delivered. When the service delivered straddles the accounting period end, the income is apportioned on a pro-rata basis.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Motor cars

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Daniel Monk Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Daniel Monk Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

11,169

9,898

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

2,251

27,190

29,441

Disposals

(88)

-

(88)

At 31 August 2023

2,163

27,190

29,353

Depreciation

At 1 September 2022

1,121

13,595

14,716

Charge for the year

496

6,798

7,294

Eliminated on disposal

(88)

-

(88)

At 31 August 2023

1,529

20,393

21,922

Carrying amount

At 31 August 2023

634

6,797

7,431

At 31 August 2022

1,130

13,595

14,725

 

Daniel Monk Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

24,768

3,180

 

24,768

3,180

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

2,694

2,694

Amounts due to related parties

10

481

100

Social security and other taxes

 

8,841

4,716

Accruals

 

1,230

1,150

Income tax liability

11,170

9,842

 

24,416

18,502

Due after one year

 

Loans and borrowings

8

14,061

16,755

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

14,061

16,755

 

Daniel Monk Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

14,061

16,755

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

2,694

2,694

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £39,000.00 (2022 - £68,700.00) per ordinary share

 

39,000

 

68,700

         

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,570

9,825

Summary of transactions with other related parties


Daniel Monk

 
Sole director and shareholder

 
During the year the company paid for personal expenses totalling £2,558 (2022: £nil). The director was due a salary of £12,570 (2022: £9,825) and recieved dividends of £39,000 (2022: £68,700). At the balance sheet date the amount due to Daniel Monk was £484 (2022: £100).