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2022-10-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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iso4217:GBP
12875715
2022-10-01
2023-07-31
12875715
2023-07-31
12875715
2022-09-30
12875715
2021-10-01
2022-09-30
12875715
2022-09-30
12875715
2021-09-30
12875715
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2022-10-01
2023-07-31
12875715
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2022-10-01
2023-07-31
12875715
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2022-10-01
2023-07-31
12875715
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2022-10-01
2023-07-31
12875715
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2022-10-01
2023-07-31
12875715
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2022-10-01
2023-07-31
12875715
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2022-09-30
12875715
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12875715
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2023-07-31
12875715
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2023-07-31
12875715
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12875715
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2023-07-31
12875715
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12875715
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12875715
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12875715
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12875715
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12875715
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12875715
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12875715
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2022-09-30
12875715
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2022-09-30
12875715
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2023-07-31
12875715
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12875715
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12875715
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12875715
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2022-10-01
2023-07-31
12875715
core:EntitiesControlledByKeyManagementPersonnel
2022-10-01
2023-07-31
COMPANY REGISTRATION NUMBER:
12875715
Filleted Unaudited Financial Statements |
|
Period from 1 October 2022 to 31 July 2023
Officers and professional advisers |
1 |
|
|
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements |
2 |
|
|
Statement of financial position |
3 |
|
|
Notes to the financial statements |
5 |
|
|
Officers and Professional Advisers |
|
Registered office |
139 Euston Road |
|
Morecambe |
|
LA4 5LF |
|
|
Accountants |
Riverside Accountancy Lancaster Limited |
|
Chartered accountants |
|
Second Floor, Riverside Offices |
|
26 St George's Quay |
|
Lancaster |
|
LA1 1RD |
|
|
Bankers |
TSB |
|
PO Box 373 |
|
Leeds |
|
LS14 9GQ |
|
|
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Megasun 139 Limited |
|
Period from 1 October 2022 to 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Megasun 139 Limited for the Period ended 31 July 2023, which comprise the 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Megasun 139 Limited in accordance with the terms of our engagement letter dated 7 June 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Megasun 139 Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Megasun 139 Limited and its director for our work or for this report.
It is your duty to ensure that Megasun 139 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 Megasun 139 Limited. You consider that Megasun 139 Limited is exempt from the statutory audit requirement for the Period. We have not been instructed to carry out an audit or a review of the financial statements of Megasun 139 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.
Riverside Accountancy Lancaster Limited
Chartered accountants
Second Floor, Riverside Offices
26 St George's Quay
Lancaster
LA1 1RD
22 April 2024
Statement of Financial Position |
|
31 July 2023
|
31 Jul 23 |
30 Sep 22 |
Note |
£ |
£ |
|
|
|
Fixed assets
Tangible assets |
5 |
53,172 |
14,164 |
|
|
|
|
Current assets
Stocks |
1,000 |
1,000 |
Debtors |
6 |
4,792 |
13,900 |
Cash at bank and in hand |
48,435 |
32,721 |
|
-------- |
-------- |
|
54,227 |
47,621 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
30,990 |
18,520 |
|
-------- |
-------- |
Net current assets |
23,237 |
29,101 |
|
-------- |
-------- |
Total assets less current liabilities |
76,409 |
43,265 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
19,494 |
– |
|
-------- |
-------- |
Net assets |
56,915 |
43,265 |
|
-------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
9 |
1 |
1 |
Profit and loss account |
56,914 |
43,264 |
|
-------- |
-------- |
Shareholder funds |
56,915 |
43,265 |
|
-------- |
-------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the Period ending 31 July 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 member has not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476
;
-
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 July 2023
These financial statements were approved by the
board of directors
and authorised for issue on
22 April 2024
, and are signed on behalf of the board by:
Company registration number:
12875715
Notes to the Financial Statements |
|
Period from 1 October 2022 to 31 July 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 139 Euston Road, Morecambe, LA4 5LF.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured as fair value through the profit and loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements have been rounded to the nearest £1.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible 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:
|
Fixtures and fittings |
- |
25% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
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.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a 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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. 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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are 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.
4.
Employee numbers
The average number of persons employed by the company during the Period amounted to
8
(2022:
6
).
5.
Tangible assets
|
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 October 2022 |
22,602 |
– |
22,602 |
Additions |
22,000 |
31,000 |
53,000 |
|
-------- |
-------- |
-------- |
At 31 July 2023 |
44,602 |
31,000 |
75,602 |
|
-------- |
-------- |
-------- |
Depreciation |
|
|
|
At 1 October 2022 |
8,438 |
– |
8,438 |
Charge for the period |
7,534 |
6,458 |
13,992 |
|
-------- |
-------- |
-------- |
At 31 July 2023 |
15,972 |
6,458 |
22,430 |
|
-------- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 July 2023 |
28,630 |
24,542 |
53,172 |
|
-------- |
-------- |
-------- |
At 30 September 2022 |
14,164 |
– |
14,164 |
|
-------- |
-------- |
-------- |
|
|
|
|
6.
Debtors
|
31 Jul 23 |
30 Sep 22 |
|
£ |
£ |
Trade debtors |
1,045 |
– |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
2,914 |
– |
Other debtors |
833 |
13,900 |
|
------- |
-------- |
|
4,792 |
13,900 |
|
------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
31 Jul 23 |
30 Sep 22 |
|
£ |
£ |
Social security and other taxes |
24,356 |
9,973 |
Other creditors |
6,634 |
8,547 |
|
-------- |
-------- |
|
30,990 |
18,520 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
31 Jul 23 |
30 Sep 22 |
|
£ |
£ |
Other creditors |
19,494 |
– |
|
-------- |
---- |
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
31 Jul 23 |
30 Sep 22 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
10.
Events after the end of the reporting period
After the year end and before the accounts were signed the company purchased a new building (which it has previously rented) by means of finance, this has resulted in a fixed and floating charge held on 174 Lancaster Road, Morecambe.
11.
Director's advances, credits and guarantees
During the Period the director entered into the following advances and credits with the company:
|
31 Jul 23 |
|
|
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
L Padgett |
12,650 |
3,078 |
(
15,728) |
– |
|
|
-------- |
------- |
-------- |
---- |
|
|
|
|
|
|
|
30 Sep 22 |
|
|
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
L Padgett |
(
286) |
13,236 |
(
300) |
12,650 |
|
|
---- |
-------- |
---- |
-------- |
|
|
|
|
|
|
12.
Related party transactions
Within the accounts, there are amounts owing from to connected parties of £2,380 (2022 owed £6446)
13.
Controlling party
The company is controlled by its Director.