1 April 2023 v2024.10.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP113019802023-04-012024-03-27113019802024-03-27113019802023-03-3111301980core:WithinOneYear2024-03-2711301980core:WithinOneYear2023-03-3111301980core:AfterOneYear2023-03-3111301980core:ShareCapital2024-03-2711301980core:ShareCapital2023-03-3111301980core:RetainedEarningsAccumulatedLosses2024-03-2711301980core:RetainedEarningsAccumulatedLosses2023-03-3111301980bus:Director12023-04-012024-03-2711301980bus:RegisteredOffice2023-04-012024-03-2711301980core:OfficeEquipment2023-04-012024-03-2711301980core:MotorVehicles2023-04-012024-03-27113019802022-04-012023-03-3111301980core:PlantMachinery2023-04-0111301980core:PlantMachinery2023-04-012024-03-2711301980core:PlantMachinery2023-03-311130198012023-04-012024-03-2711301980countries:EnglandWales2023-04-012024-03-2711301980bus:AuditExemptWithAccountantsReport2023-04-012024-03-2711301980bus:PrivateLimitedCompanyLtd2023-04-012024-03-2711301980bus:SmallEntities2023-04-012024-03-2711301980bus:FullAccounts2023-04-012024-03-27
Company registration number:
11301980
Mastery Marketing Limited
Unaudited Filleted Financial Statements for the year ended
27 March 2024
Mastery Marketing Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Mastery Marketing Limited
Year ended
27 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
Mastery Marketing Limited
for the year ended
27 March 2024
which comprise the income statement, statement of income and retained earnings, statement of financial position and 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 at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Mastery Marketing Limited
, as a body, in accordance with the terms of our engagement letter dated 9 April 2018. Our work has been undertaken solely to prepare for your approval the
financial statements
of
Mastery Marketing Limited
and state those matters that we have agreed to state to the Board of Directors of
Mastery Marketing Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Mastery Marketing Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Mastery Marketing 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 loss of
Mastery Marketing Limited
. You consider that
Mastery Marketing 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 Mastery Marketing 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.
A&C Chartered Accountants
Marsland Chambers
1a Marsland Road
Sale Moor
Cheshire
M33 3HP
United Kingdom
Mastery Marketing Limited
Statement of Financial Position
27 March 2024
20242023
Note££
Fixed assets    
Tangible assets 5 -  
173,601
 
Current assets    
Debtors 6
590,497
 
436,987
 
Cash at bank and in hand
118,021
 
548,877
 
708,518
 
985,864
 
Creditors: amounts falling due within one year 7
(185,922
)
(277,557
)
Net current assets
522,596
 
708,307
 
Total assets less current liabilities 522,596   881,908  
Creditors: amounts falling due after more than one year 8 -  
(64,297
)
Provisions for liabilities -  
(10,535
)
Net assets
522,596
 
807,076
 
Capital and reserves    
Called up share capital
103
 
103
 
Profit and loss account
522,493
 
806,973
 
Shareholders funds
522,596
 
807,076
 
For the year ending
27 March 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
9 April 2024
, and are signed on behalf of the board by:
N Taylor
Director
Company registration number:
11301980
Mastery Marketing Limited
Notes to the Financial Statements
Year ended
27 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Marsland Chambers
,
1a Marsland Road
,
Sale Moor
,
Cheshire
,
M33 3HP
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% reducing balance
Motor vehicles
25% reducing balance

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

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 in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

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.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2023:
4.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2023
197,540
 
Additions
1,917
 
Disposals
(199,457
)
At
27 March 2024
-  
Depreciation  
At
1 April 2023
23,939
 
Charge
43,266
 
Disposals
(67,205
)
At
27 March 2024
-  
Carrying amount  
At
27 March 2024
-  
At 31 March 2023
173,601
 

6 Debtors

20242023
££
Other debtors
590,497
 
436,987
 

7 Creditors: amounts falling due within one year

20242023
££
Taxation and social security
123,803
 
266,044
 
Other creditors
62,119
 
11,513
 
185,922
 
277,557
 

8 Creditors: amounts falling due after more than one year

20242023
££
Other creditors -  
64,297
 

9 Directors' advances, credit and guarantees

The following advances and credits to directors subsisted during the years ended 31 March 2023 and period ended 27 March 2024:
Nathan Taylor
Year ended 31 March 2023
Balance at 01/04/2022: £312,818 owed to the company.
£173,917 was repaid to the company.
Balance at 31/03/2023: £138,901 owed to the company.
Period ended 27 March 2024
Balance at 01/04/2023: £138,901 owed to the company.
£97,122 was loaned to the director.
Balance at 27/03/2024: £236,023 owed to the company.
Lynn Taylor
Year ended 31 March 2023
Balance at 01/04/2022: £13,001 owed to the company.
£54,402 was loaned to the director.
Balance at 31/03/2023: £67,403 owed to the company.
Period ended 27/03/2024
Balance at 01/04/2023: £67,403 owed to the company.
£282 was repaid to the company.
Balance at 27/03/2024: £67,121 owed to the company.
David Taylor
Year ended 31 March 2023
Balance at 01/04/2022: £10,001 owed to the company.
£10,313 was repaid to the company.
Balance at 31/03/2023: £312 owed to the director.
Period ended 27/03/2024
Balance at 01/04/2023: £312 owed to the director.
£282 was loaned to the director.
Balance at 27/03/2024: £594 owed to the director.
The above loan is unsecured, interest free and repayable on demand.

10 Controlling party

During the period ended 27 February 2024, the directors, Nathan Taylor, Lynn Taylor and David Taylor, controlled the company by virtue of a controlling interest of 100% of the issued ordinary share capital.