16 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 825,000 808,650 16,350 825,000 16,350 xbrli:pure xbrli:shares iso4217:GBP 03850601 2022-04-01 2023-03-31 03850601 2023-03-31 03850601 2022-03-31 03850601 2021-04-01 2022-03-31 03850601 2022-03-31 03850601 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03850601 core:FurnitureFittings 2022-04-01 2023-03-31 03850601 bus:Director1 2022-04-01 2023-03-31 03850601 core:NetGoodwill 2022-03-31 03850601 core:NetGoodwill 2023-03-31 03850601 core:LandBuildings 2022-03-31 03850601 core:FurnitureFittings 2022-03-31 03850601 core:LandBuildings 2023-03-31 03850601 core:FurnitureFittings 2023-03-31 03850601 core:LandBuildings 2022-04-01 2023-03-31 03850601 core:WithinOneYear 2023-03-31 03850601 core:WithinOneYear 2022-03-31 03850601 core:ShareCapital 2023-03-31 03850601 core:ShareCapital 2022-03-31 03850601 core:RetainedEarningsAccumulatedLosses 2023-03-31 03850601 core:RetainedEarningsAccumulatedLosses 2022-03-31 03850601 core:NetGoodwill 2022-04-01 2023-03-31 03850601 core:NetGoodwill 2022-03-31 03850601 core:LandBuildings 2022-03-31 03850601 core:FurnitureFittings 2022-03-31 03850601 bus:SmallEntities 2022-04-01 2023-03-31 03850601 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03850601 bus:FullAccounts 2022-04-01 2023-03-31 03850601 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03850601 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 03850601
MASTERS (UK) LIMITED
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
MASTERS (UK) LIMITED
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
16,350
Tangible assets
6
1,002,267
1,014,371
------------
------------
1,002,267
1,030,721
Current assets
Stocks
74,560
69,021
Debtors
7
816,115
357,429
Cash at bank and in hand
1,802,243
2,324,498
------------
------------
2,692,918
2,750,948
Creditors: amounts falling due within one year
8
532,919
712,572
------------
------------
Net current assets
2,159,999
2,038,376
------------
------------
Total assets less current liabilities
3,162,266
3,069,097
------------
------------
Net assets
3,162,266
3,069,097
------------
------------
MASTERS (UK) LIMITED
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
9
3,162,264
3,069,095
------------
------------
Shareholders funds
3,162,266
3,069,097
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2023 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 were approved by the board of directors and authorised for issue on 12 December 2023 , and are signed on behalf of the board by:
Mr Musadiq Master
Director
Company registration number: 03850601
MASTERS (UK) LIMITED
Notes to the Financial Statements
Year ended 31 March 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 741A Stratford Road, Sparkhill, Birmingham, B11 4DG.
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 at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents sales excluding value added tax. The turnover and profit before taxation are attributed to one principle activity of the company.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% at cost
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Freehold property
-
1% reducing balance
Fixtures & Equipment
-
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 19 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
825,000
---------
Amortisation
At 1 April 2022
808,650
Charge for the year
16,350
---------
At 31 March 2023
825,000
---------
Carrying amount
At 31 March 2023
---------
At 31 March 2022
16,350
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Investment Properties
Total
£
£
£
£
Cost
At 1 April 2022
350,576
230,894
556,704
1,138,174
Additions
39,931
39,931
---------
---------
---------
------------
At 31 March 2023
350,576
270,825
556,704
1,178,105
---------
---------
---------
------------
Depreciation
At 1 April 2022
48,453
75,954
124,407
Charge for the year
2,713
48,718
51,431
---------
---------
---------
------------
At 31 March 2023
51,166
124,672
175,838
---------
---------
---------
------------
Carrying amount
At 31 March 2023
299,410
146,153
556,704
1,002,267
---------
---------
---------
------------
At 31 March 2022
302,123
154,940
556,704
1,013,767
---------
---------
---------
------------
7. Debtors
2023
2022
£
£
Trade debtors
164,603
288,139
Other debtors
651,512
69,290
---------
---------
816,115
357,429
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
199,943
231,957
Corporation tax
25,544
150,515
Social security and other taxes
4,977
Other creditors
152,431
22,172
Other creditors
155,001
302,951
---------
---------
532,919
712,572
---------
---------
9. Reserves
There is a planned capital expenditure for acquiring land for building project.
10. Related party transactions
The company has taken advantage of exemption under section 33.1A of FRS102, from the requirement to disclose transactions with wholly owned members of the group.