Registration number:
Mosimann's Limited
for the Year Ended 31 March 2023
Mosimann's Limited
(Registration number: 02186889)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Other financial assets |
23,000 |
23,000 |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
270,010 |
270,010 |
|
Share premium reserve |
600,000 |
600,000 |
|
Revaluation reserve |
2,050,461 |
2,298,520 |
|
Profit and loss account |
(1,729,900) |
(1,093,754) |
|
Shareholders' funds |
1,190,571 |
2,074,776 |
Mosimann's Limited
(Registration number: 02186889)
Balance Sheet as at 31 March 2023
For the financial 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 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
......................................... |
Mosimann's Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
The company's functional and presentational currency is Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
At the time of approving the financial statements, having sold a freehold property and generated substantial funds therefrom, the directors have a reasonable expectation that the company can continue in operational existence and meet its liabilities as and when the fall due for a period of not less than 12 months. Accordingly, the directors continue to prepare the financial statements on a going concern basis.
Revenue recognition
Revenue represents amounts receivable from restaurant services, membership income and outside catering revenue net of VAT and trade discounts.
Revenue from the sale of food and beverages is recognised as soon as the service is provided.
Membership income is recognised on receipt and is not time apportioned as no rebate is payable on termination of membership.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.
Mosimann's Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 |
Buildings |
2% straight line |
Land and buildings leasehold |
over the length of the lease |
Plant and machinery |
25% straight line |
Motor vehicles |
25% straight line |
Fixtures, fittings and equipment |
10% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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.
Mosimann's Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Mosimann's Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
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At 1 April 2022 |
|
|
|
|
Revaluation |
( |
- |
- |
( |
Additions |
- |
|
- |
|
Disposals |
- |
- |
( |
( |
At 31 March 2023 |
|
|
|
|
Depreciation |
||||
At 1 April 2022 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
Impairment |
( |
- |
- |
( |
At 31 March 2023 |
|
|
|
|
Carrying amount |
||||
At 31 March 2023 |
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|
|
|
At 31 March 2022 |
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|
|
|
Included within the net book value of land and buildings above is £3,430,001 (2022 - £3,625,095) in respect of freehold land and buildings, £Nil (2022 - £Nil) in respect of long leasehold land and buildings and £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
Mosimann's Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 April 2022 |
23,000 |
23,000 |
At 31 March 2023 |
23,000 |
23,000 |
Carrying amount |
||
At 31 March 2023 |
|
23,000 |
Stocks |
2023 |
2022 |
|
Finished goods and goods for resale |
|
|
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Mosimann's Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
Current loans and borrowings
2023 |
2022 |
|
Bank borrowings |
|
|
Bank overdrafts |
|
|
Hire purchase contracts |
|
|
|
|
Bank borrowings
The bank borrowings relate to a |
Mosimann's Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Bank securities held
The bank holds security by way of charges over the company's properties, fixed charges over the company's book and other debts, goodwill, uncalled capital and intellectual property and a floating charge over all other assets.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
A Ordinary shares of £1 each |
270,000 |
270,000 |
270,000 |
270,000 |
B Ordinary shares of £1 each |
10 |
10 |
10 |
10 |
|
|
|
|
Commitments under operating leases |
At 31 March 2023 the company had future minimum lease payments due under non-cancellable operating leases totalling £165,000 (2022: £385.000).
Non adjusting events after the financial period |
|
Related party transactions |
Included in other debtors is an amount of £24,330 (2022 - £20,734) owed by the directors.
Included in other creditors is an amount of £243,869 (2022 - £70,925) owed to a director.
These balances are interest free and repayable on demand.