Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-310false2022-08-01No description of principal activity57truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03496699 2022-08-01 2023-07-31 03496699 2021-08-01 2022-07-31 03496699 2023-07-31 03496699 2022-07-31 03496699 c:CompanySecretary1 2022-08-01 2023-07-31 03496699 c:Director1 2022-08-01 2023-07-31 03496699 c:Director2 2022-08-01 2023-07-31 03496699 c:Director3 2022-08-01 2023-07-31 03496699 c:RegisteredOffice 2022-08-01 2023-07-31 03496699 d:PlantMachinery 2022-08-01 2023-07-31 03496699 d:PlantMachinery 2023-07-31 03496699 d:PlantMachinery 2022-07-31 03496699 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03496699 d:MotorVehicles 2022-08-01 2023-07-31 03496699 d:MotorVehicles 2023-07-31 03496699 d:MotorVehicles 2022-07-31 03496699 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03496699 d:OfficeEquipment 2022-08-01 2023-07-31 03496699 d:OfficeEquipment 2023-07-31 03496699 d:OfficeEquipment 2022-07-31 03496699 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03496699 d:ComputerEquipment 2022-08-01 2023-07-31 03496699 d:ComputerEquipment 2023-07-31 03496699 d:ComputerEquipment 2022-07-31 03496699 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03496699 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03496699 d:ComputerSoftware 2022-08-01 2023-07-31 03496699 d:ComputerSoftware 2023-07-31 03496699 d:ComputerSoftware 2022-07-31 03496699 d:OtherResidualIntangibleAssets 2022-08-01 2023-07-31 03496699 d:CurrentFinancialInstruments 2023-07-31 03496699 d:CurrentFinancialInstruments 2022-07-31 03496699 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 03496699 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 03496699 d:ShareCapital 2023-07-31 03496699 d:ShareCapital 2022-07-31 03496699 d:RetainedEarningsAccumulatedLosses 2023-07-31 03496699 d:RetainedEarningsAccumulatedLosses 2022-07-31 03496699 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 03496699 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 03496699 c:FRS102 2022-08-01 2023-07-31 03496699 c:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 03496699 c:FullAccounts 2022-08-01 2023-07-31 03496699 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03496699 d:ComputerSoftware d:OwnedIntangibleAssets 2022-08-01 2023-07-31 03496699 e:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 03496699









MAINSTAR COMPANY LIMITED







 
UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
MAINSTAR COMPANY LIMITED
 
 
COMPANY INFORMATION


Directors
J M Toal 
C Toal 
P L Lord 




Company secretary
C Toal



Registered number
03496699



Registered office
International House
307 Cotton Exchange

Old Hall Street

Liverpool

L3 9LQ




Accountants
Grant Thornton UK LLP
Chartered Accountants

Royal Liver Building

Liverpool

L3 1PS





 
MAINSTAR COMPANY LIMITED
 

CONTENTS



Page
Accountant's Report
1
Statement of Financial Position
2 - 3
Notes to the Financial Statements
4 - 11


  
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Report to the directors on the preparation of the unaudited statutory financial statements of Mainstar Company Limited for the year ended 31 July 2023 

We have compiled the accompanying financial statements of Mainstar Company Limited (the ‘company’)  based on the information you have provided. These financial statements comprise the Statement of Financial Position of Mainstar Company Limited as at 31 July 2023, and a summary of significant accounting policies and other explanatory information. 

We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), 'Compilation Engagements'.

We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standardsincluding Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Waleswe are subject to its ethical and other professional requirements which are detailed at www.icaew.com

These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.

Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

This report is made solely to the Company's directors, as a body,  in accordance with the terms of our engagement letter dated 20 March 2024Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Company's directors, as a body,  in this report in accordance with our engagement letter dated 20 March 2024. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its directors, as a body,  for our work or for this report.




Grant Thornton UK LLP
 
Chartered Accountants
  
Liverpool

24 April 2024
Page 1

 
MAINSTAR COMPANY LIMITED
REGISTERED NUMBER:03496699

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note

Fixed assets
  

Intangible assets
 5 
-
2,527

Tangible assets
 6 
17,408
38,018

  
17,408
40,545

Current assets
  

Debtors: amounts falling due within one year
 7 
171,805
530,490

Cash at bank and in hand
  
6,204,399
6,648,767

  
6,376,204
7,179,257

Creditors: amounts falling due within one year
 8 
(6,753,165)
(7,156,161)

Net current (liabilities)/assets
  
 
 
(376,961)
 
 
23,096

Total assets less current liabilities
  
(359,553)
63,641

Provisions for liabilities
  

Deferred tax
 9 
(2,501)
(7,322)

  
 
 
(2,501)
 
 
(7,322)

Net (liabilities)/assets
  
(362,054)
56,319


Capital and reserves
  

Called up share capital 
  
26,342
26,342

Profit and loss account
  
(388,396)
29,977

  
(362,054)
56,319


Page 2

 
MAINSTAR COMPANY LIMITED
REGISTERED NUMBER:03496699
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P L Lord
Director

Date: 24 April 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
MAINSTAR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Mainstar Company Limited is a private company limited by shares, incorporated in England and Wales.
Registered number is 03496699.
Registered address: International House, 307 Cotton Exchange, Old Hall Street, Liverpool, L3 9LQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

From 3 July 2023, the Company ceased trading. The directors intend to strike off the company. The financial statements have therefore been prepared on a basis other than that of the going concern basis as the company is not expected to continue in existence for at least 12 months from the date of approval of the financial statements. This basis includes writing down the company's assets to net realisable value.

 
2.3

Foreign currency translation

Functional and presentational currency

The Company's functional and presentational currency is Euros

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 4

 
MAINSTAR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in profit or loss in the same period as the related expenditure.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
MAINSTAR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
10 years

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6

 
MAINSTAR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
20%
reducing balance
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. 

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
MAINSTAR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

  
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of inancial assets and liabilities like trade and other debtors and creditors, loans from banks and other hird parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans nd other accounts receivable and payable, are initially measured at present value of the future cash lows and subsequently at amortised cost using the effective interest method. Debt instruments that re payable or receivable within one year, typically trade debtors and creditors, are measured, initially ad subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022: 7).

Page 8

 
MAINSTAR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Directors' remuneration

2023
2022

Directors' emoluments
46,417
1,404,676



5.


Intangible assets




Computer software




Cost


At 1 August 2022
3,964



At 31 July 2023

3,964



Amortisation


At 1 August 2022
1,437


Charge for the year on owned assets
363


Impairment charge
2,164



At 31 July 2023

3,964



Net book value



At 31 July 2023
-



At 31 July 2022
2,527



Page 9

 
MAINSTAR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Computer equipment
Total




Cost or valuation


At 1 August 2022
223,788
21,369
11,426
12,465
269,048


Disposals
(86,899)
-
-
-
(86,899)



At 31 July 2023

136,889
21,369
11,426
12,465
182,149



Depreciation


At 1 August 2022
196,121
12,795
10,772
11,342
231,030


Charge for the year on owned assets
3,202
2,611
131
375
6,319


Disposals
(72,608)
-
-
-
(72,608)



At 31 July 2023

126,715
15,406
10,903
11,717
164,741



Net book value



At 31 July 2023
10,174
5,963
523
748
17,408



At 31 July 2022
27,667
8,574
654
1,123
38,018


7.


Debtors

2023
2022


Trade debtors
170,523
517,240

Other debtors
1,282
3,065

Prepayments and accrued income
-
10,185

171,805
530,490


Page 10

 
MAINSTAR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Creditors: Amounts falling due within one year

2023
2022

Trade creditors
2,502
726

Other taxation and social security
10,981
8,636

Other creditors
6,724,067
7,136,143

Accruals and deferred income
15,615
10,656

6,753,165
7,156,161



9.


Deferred taxation




2023








At beginning of year
(7,322)


Charged to profit or loss
4,821



At end of year
(2,501)

The provision for deferred taxation is made up as follows:

2023
2022


Accelerated capital allowances
(2,501)
(7,322)


10.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling €372 (2022: €690) were payable to the fund at the reporting date and are included in creditors.


11.


Related party transactions

Included in creditors falling due within one year is an amount of €6,723,725 (2022: €7,135,454), payable by the company to J M Toal, a director of the Company. 

 
Page 11