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COMPANY REGISTRATION NUMBER: 11747928
Master Design Ltd
Filleted Unaudited Financial Statements
31 May 2023
Master Design Ltd
Balance Sheet
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
248,914
332,841
Current assets
Stocks
104,621
Debtors
6
19,846
208,289
Cash at bank and in hand
312,461
46,386
---------
---------
332,307
359,296
Creditors: amounts falling due within one year
7
817
118,447
---------
---------
Net current assets
331,490
240,849
---------
---------
Total assets less current liabilities
580,404
573,690
Creditors: amounts falling due after more than one year
8
779,999
829,999
---------
---------
Net liabilities
( 199,595)
( 256,309)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 199,596)
( 256,310)
---------
---------
Shareholders deficit
( 199,595)
( 256,309)
---------
---------
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 (including profit and loss account) has not been delivered.
For the year ending 31 May 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 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Master Design Ltd
Balance Sheet (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 13 February 2024 , and are signed on behalf of the board by:
Mr S Ainsworth
Director
Company registration number: 11747928
Master Design Ltd
Notes to the Financial Statements
Year ended 31 May 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 Eastham House Farm, Clitheroe Road,, Mitton,, Clitheroe, BB7 9PH, Lancs.
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.
Going concern
The company made a loss in the first period of trade. The director confirms that his loan will remain in place as required by the company and the accounts can be prepared on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no material judgements, estimates or assumptions.
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.
Income 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 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.
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:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
25% straight line
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.
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
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. 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 4 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2022
441,585
61,225
3,932
506,742
Additions
201,550
55,500
257,050
Disposals
( 282,580)
( 60,000)
( 342,580)
---------
--------
-------
---------
At 31 May 2023
360,555
56,725
3,932
421,212
---------
--------
-------
---------
Depreciation
At 1 June 2022
156,615
15,831
1,455
173,901
Charge for the year
51,776
10,079
983
62,838
Disposals
( 54,941)
( 9,500)
( 64,441)
---------
--------
-------
---------
At 31 May 2023
153,450
16,410
2,438
172,298
---------
--------
-------
---------
Carrying amount
At 31 May 2023
207,105
40,315
1,494
248,914
---------
--------
-------
---------
At 31 May 2022
284,970
45,394
2,477
332,841
---------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
11,592
192,790
Amounts owed by related parties
4,375
12,833
Other debtors
3,879
2,666
--------
---------
19,846
208,289
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
( 774)
104,459
Social security and other taxes
791
12,172
Other creditors
800
1,816
----
---------
817
118,447
----
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
779,999
829,999
---------
---------
9. Director's advances, credits and guarantees
During the period £50,000 was repaid to the director in respect of his loan to the company. As at 31 May 2023 £779,999 (2022 £829,999) is still outstanding in respect of this loan and will not be repaid before 31 May 2024.
10. Related party transactions
During the period construction services were performed on behalf of Ribble Valley Luxury Homes Ltd, resulting in sales totalling £82,275. Ribble Valley Luxury Homes Ltd is under common control. As at 31 May 2023 £4,375 (2022 £23,291) was owed by this company and will be repaid by 31 May 2024. Also during the period, construction services were performed for the director's sole trade business, resulting in sales totalling £116,612. As at 31 May 2023 £668 (2022 £50,604) was owed and will be repaid by 28 28 February 2024.