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Registration number: 09273027

Peter Monksfield Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Peter Monksfield Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Peter Monksfield Limited

Company Information

Directors

Mr P A Monksfield

Dr S M Jaffe

Registered office

Oakmoore Court
11c Kingswood Road
Hampton Lovett Industrial Estate
Droitwich
Worcs
WR9 0QH

Accountants

Ballards LLP
Chartered Accountants
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Peter Monksfield Limited

(Registration number: 09273027)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

24,717

37,129

Current assets

 

Debtors

5

28,415

31,268

Cash at bank and in hand

 

16,167

7,401

 

44,582

38,669

Creditors: Amounts falling due within one year

6

(35,202)

(35,033)

Net current assets

 

9,380

3,636

Total assets less current liabilities

 

34,097

40,765

Creditors: Amounts falling due after more than one year

6

(12,767)

(20,682)

Net assets

 

21,330

20,083

Capital and reserves

 

Called up share capital

100

100

Retained earnings

21,230

19,983

Shareholders' funds

 

21,330

20,083

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 April 2024 and signed on its behalf by:
 

.........................................
Mr P A Monksfield
Director

   
 

Peter Monksfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Oakmoore Court
11c Kingswood Road
Hampton Lovett Industrial Estate
Droitwich
Worcs
WR9 0QH
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Peter Monksfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Medical equipment

20% straight line

Computer equipment

33% straight line

Motor Vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Peter Monksfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Peter Monksfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

45,055

131,690

176,745

Additions

473

-

473

Disposals

(106)

-

(106)

At 31 October 2023

45,422

131,690

177,112

Depreciation

At 1 November 2022

33,622

105,994

139,616

Charge for the year

6,379

6,424

12,803

Eliminated on disposal

(24)

-

(24)

At 31 October 2023

39,977

112,418

152,395

Carrying amount

At 31 October 2023

5,445

19,272

24,717

At 31 October 2022

11,433

25,696

37,129

5

Debtors

Current

2023
£

2022
£

Trade debtors

19,045

20,532

Prepayments

9,370

9,536

Other debtors

-

1,200

 

28,415

31,268

 

Peter Monksfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Hire purchase and finance lease liabilities

7

7,914

7,914

Trade creditors

 

8,358

7,483

Amounts owed to related parties

1,082

2,230

Other creditors

 

17,848

17,406

 

35,202

35,033

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

12,767

20,682

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

HP and finance lease liability (under 1 yr)

7,914

7,914

7,914

7,914

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liability 1 (1-2 yrs)

7,914

7,914

HP and finance lease liability 1 (2-5 yrs)

4,853

12,768

12,767

20,682