Company Registration No. 06880151 (England and Wales)
MONOLUTION HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MONOLUTION HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr Z Green
Mr D Cleverley
Secretary
Mr Z Green
Company number
06880151
Registered office
Solent Building
Southmoor Lane
Havant
Hampshire
PO9 1JW
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
23 West Street
Havant
Hampshire
PO9 1EU
MONOLUTION HOLDINGS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
MONOLUTION HOLDINGS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MONOLUTION HOLDINGS LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Monolution Holdings Limited for the year ended 30 September 2023 which comprise, the balance sheet 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 at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Monolution Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Monolution Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Monolution Holdings 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 Monolution Holdings Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Monolution Holdings 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 Monolution Holdings Limited. You consider that Monolution Holdings 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 Monolution Holdings 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.
Ormerod Rutter Limited
6 March 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MONOLUTION HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,100,102
1,975,109
Investments
4
8
8
2,100,110
1,975,117
Current assets
Debtors
5
3,000
76,426
Cash at bank and in hand
1,046,514
1,188,628
1,049,514
1,265,054
Creditors: amounts falling due within one year
6
(128,720)
(68,348)
Net current assets
920,794
1,196,706
Total assets less current liabilities
3,020,904
3,171,823
Creditors: amounts falling due after more than one year
7
(750,710)
(854,363)
Provisions for liabilities
9
(57,033)
(51,861)
Net assets
2,213,161
2,265,599
Capital and reserves
Called up share capital
10
8
8
Profit and loss reserves
2,213,153
2,265,591
Total equity
2,213,161
2,265,599
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MONOLUTION HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 6 March 2024 and are signed on its behalf by:
Mr Z Green
Mr D Cleverley
Director
Director
Company Registration No. 06880151
MONOLUTION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information
Monolution Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Solent Building, Southmoor Lane, Havant, Hampshire, PO9 1JW.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
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:
Freehold property
Nil
Improvements to property
Nil
Plant and machinery
25% on reducing balance
Fixtures and fittings
15% on reducing balance
Computer equipment
33% on cost
Motor vehicles
20% on reducing balance
No depreciation is provided on freehold property or improvements to property. The company follows a programme of regular refurbishment and maintenance of its properties, which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly in the opinion of the directors any element of depreciation would be immaterial and no provision has been made. The directors consider the market value to be in excess of cost.
MONOLUTION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
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.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
MONOLUTION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
3
Tangible fixed assets
Freehold property
Improvements to property
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 October 2022
1,332,858
420,686
497,501
75,906
70,572
24,100
2,421,623
Additions
171,107
2,376
1,422
40,000
214,905
At 30 September 2023
1,332,858
420,686
668,608
78,282
71,994
64,100
2,636,528
Depreciation and impairment
At 1 October 2022
322,868
47,274
67,696
8,676
446,514
Depreciation charged in the year
70,826
4,651
3,350
11,085
89,912
At 30 September 2023
393,694
51,925
71,046
19,761
536,426
Carrying amount
At 30 September 2023
1,332,858
420,686
274,914
26,357
948
44,339
2,100,102
At 30 September 2022
1,332,858
420,686
174,633
28,632
2,876
15,424
1,975,109
MONOLUTION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
4
Fixed asset investments
2023
2022
£
£
Investments
8
8
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 October 2022 & 30 September 2023
8
Carrying amount
At 30 September 2023
8
At 30 September 2022
8
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
73,426
Other debtors
3,000
3,000
3,000
76,426
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
73,497
57,357
Amounts owed to group undertakings
45,338
Taxation and social security
5,173
5,690
Other creditors
4,712
5,301
128,720
68,348
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
750,710
854,363
MONOLUTION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
824,207
911,720
Bank loans are secured by way of a legal mortgage on 8 Solent Buildings, Southmoor Lane, Havant, PO9 1JW.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
57,033
51,861
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
4 Ordinary A of £1 each
4
4
2 Ordinary B of £1 each
2
2
1 Ordinary C of £1 each
1
1
1 Ordinary D of £1 each
1
1
8
8
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 '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.
12
Ultimate controlling party
There is no ultimate controlling party.
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