Company No:
Contents
DIRECTOR | S R Mundy |
REGISTERED OFFICE | 4 Castle Road |
Chelston Business Park | |
Wellington | |
TA21 9JQ | |
United Kingdom |
COMPANY NUMBER | 13390643 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Blackbrook Gate 1 | |
Blackbrook Business Park | |
Taunton | |
Somerset TA1 2PX |
Note | 31.03.2023 | 31.03.2022 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
|
|
|
5,000,000 | 0 | |||
Current assets | ||||
Debtors | 4 |
|
|
|
Cash at bank and in hand | 5 |
|
|
|
208 | 102 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current liabilities | (2,825) | (698) | ||
Total assets less current liabilities | 4,997,175 | (698) | ||
Net assets/(liabilities) |
|
(
|
||
Capital and reserves | ||||
Called-up share capital | 7 |
|
|
|
Share premium account |
|
|
||
Profit and loss account |
|
(
|
||
Total shareholders' funds/(deficit) |
|
(
|
Director's responsibilities:
The financial statements of Mundy Veneer Holdings Limited (registered number:
S R Mundy
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Mundy Veneer Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4 Castle Road, Chelston Business Park, Wellington, TA21 9JQ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Mundy Veneer Group has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Therefore, the director is satisfied that the going concern basis of preparation is correct.
Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if their fair value can otherwise be measured reliably.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Year ended 31.03.2023 |
Period from 12.05.2021 to 31.03.2022 |
||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
Investments in subsidiaries
31.03.2023 | |
£ | |
Cost | |
At 01 April 2022 |
|
Additions |
|
At 31 March 2023 |
|
Carrying value at 31 March 2023 |
|
Carrying value at 31 March 2022 |
|
The company purchased the entire share capital of 1,000 £1.00 Ordinary A and B shares in Mundy Veneer Limited on 10 November 2022 for a combined consideration of £5,000,000. This valuation was based on a professional valuation of the subsidiary company.
Investments in shares
Name of entity | Registered office | Nature of business | Class of shares |
Ownership 31.03.2023 |
Ownership 31.03.2022 |
|
4 Castle Road, Chelston Business Park, Wellington, Somerset, TA1 9JQ. | Supplier of veneer and other related products. |
|
|
|
31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Other debtors |
|
|
31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Cash at bank and in hand |
|
|
31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Amounts owed to Group undertakings |
|
|
|
Accruals |
|
|
|
|
|
31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
During the year, 78 Ordinary shares were allotted in the company with an aggregate nominal value of £78.