Company registration number 05833223 (England and Wales)
MAS INTIMATES UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MAS INTIMATES UK LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
MAS INTIMATES UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
63
Current assets
Stocks
80,588
206,594
Debtors
6
275,110
101,125
Cash at bank and in hand
176,752
90,660
532,450
398,379
Creditors: amounts falling due within one year
7
(218,795)
(148,092)
Net current assets
313,655
250,287
Net assets
313,655
250,350
Capital and reserves
Called up share capital
35,003
35,003
Profit and loss reserves
278,652
215,347
Total equity
313,655
250,350
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 February 2024 and are signed on its behalf by:
K R Dharmendra
Director
Company registration number 05833223 (England and Wales)
MAS INTIMATES UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
as restated
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
35,003
132,364
167,367
Year ended 31 December 2022:
Profit and total comprehensive income
-
82,983
82,983
Balance at 31 December 2022
35,003
215,347
250,350
Year ended 31 December 2023:
Profit and total comprehensive income
-
63,305
63,305
Balance at 31 December 2023
35,003
278,652
313,655
MAS INTIMATES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
MAS Intimates UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Beauchamp Court, 10 Victors Way, Barnet, Hertfordshire, EN5 5TZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net amounts receivable for design services and sale of garments.
Revenue is recognised for design services at the point the services are rendered.
Revenue from the sale of goods is recognised when the goods have been delivered to the customer.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% p.a. on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
MAS INTIMATES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
MAS INTIMATES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
MAS INTIMATES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors 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 period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,860
15,000
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022: 1).
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
2,187
Depreciation and impairment
At 1 January 2023
2,124
Depreciation charged in the year
63
At 31 December 2023
2,187
Carrying amount
At 31 December 2023
At 31 December 2022
63
MAS INTIMATES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
251,747
97,253
Other debtors
23,363
3,872
275,110
101,125
7
Creditors: amounts falling due within one year
2023
2022
as restated
£
£
Trade creditors
7,860
18,020
Amounts owed to group undertakings
98,199
23,172
Corporation tax
23,418
19,378
Other taxation and social security
9,620
2,658
Other creditors
79,698
84,864
218,795
148,092
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Engin Zekia FCA
Statutory Auditor:
Gerald Edelman LLP
Date of audit report:
15 February 2024
9
Related party transactions
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
MAS INTIMATES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Controlling Party
The parent company is MAS Intimates (Private) Limited, a company incorporated in Sri Lanka. The company is consolidated into the group accounts of MAS Intimates (Private) Limited. The parent company's registered office address is 10th Floor, Aitken Spence Tower II, 315 Vauxhall Street, Colombo, Sri Lanka.
11
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Creditors due within one year
Taxation
(15,460)
(6,576)
(22,036)
Other creditors
(160,665)
34,609
(126,056)
Net assets
222,317
28,033
250,350
Capital and reserves
Profit and loss reserves
187,314
28,033
215,347
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Turnover
569,058
34,609
603,667
Taxation
(12,802)
(6,576)
(19,378)
Profit for the financial period
54,950
28,033
82,983
MAS INTIMATES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Prior period adjustment
(Continued)
- 9 -
Reconciliation of changes in equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Prior year intercompany balance overstated
-
34,609
Prior year corporation tax liability understated
-
(6,576)
Total adjustments
-
28,033
Equity as previously reported
167,367
222,317
Equity as adjusted
167,367
250,350
Analysis of the effect upon equity
Profit and loss reserves
-
28,033
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Prior year income understated
34,609
Prior year corporation tax liability understated
(6,576)
Total adjustments
28,033
Profit as previously reported
54,950
Profit as adjusted
82,983
2023-12-312023-01-01false15 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedK DharmendraD Fernando JayawardaneG JayasekaraBBK Formation Limitedfalse058332232023-01-012023-12-31058332232023-12-31058332232022-12-3105833223core:OtherPropertyPlantEquipment2023-12-3105833223core:OtherPropertyPlantEquipment2022-12-3105833223core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3105833223core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3105833223core:ShareCapital2023-12-3105833223core:ShareCapital2022-12-3105833223core:RetainedEarningsAccumulatedLosses2023-12-3105833223core:RetainedEarningsAccumulatedLosses2022-12-3105833223core:ShareCapital2021-12-3105833223core:RetainedEarningsAccumulatedLosses2021-12-3105833223bus:Director12023-01-012023-12-3105833223core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31058332232022-01-012022-12-3105833223core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3105833223core:FurnitureFittings2023-01-012023-12-3105833223core:OtherPropertyPlantEquipment2022-12-31058332232022-12-3105833223core:OtherPropertyPlantEquipment2023-01-012023-12-3105833223core:CurrentFinancialInstruments2022-12-3105833223core:WithinOneYear2023-12-3105833223core:WithinOneYear2022-12-3105833223core:CurrentFinancialInstruments2023-12-3105833223core:ContinuingOperations2022-01-012022-12-3105833223bus:PrivateLimitedCompanyLtd2023-01-012023-12-3105833223bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3105833223bus:FRS1022023-01-012023-12-3105833223bus:Audited2023-01-012023-12-3105833223bus:Director22023-01-012023-12-3105833223bus:Director32023-01-012023-12-3105833223bus:CompanySecretary12023-01-012023-12-3105833223bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP