MONOS LIMITED

Company limited by guarantee

Company Registration Number:
05442101 (England and Wales)

Unaudited statutory accounts for the year ended 30 May 2023

Period of accounts

Start date: 31 May 2022

End date: 30 May 2023

MONOS LIMITED

Contents of the Financial Statements

for the Period Ended 30 May 2023

Directors report
Balance sheet
Additional notes
Balance sheet notes

MONOS LIMITED

Directors' report period ended 30 May 2023

The directors present their report with the financial statements of the company for the period ended 30 May 2023

Principal activities of the company

Objects and aims The main activity is to promote the study of Christian spirituality and Christian monasticism, and to share with the local community how these monastic values can be applied to our daily lives, including the provision of monastic hospitality. Public benefit We continue to support local artists and crafters by providing a place for them to sell their wares and for occasional work. We continue to renovate an outside building for crafting purposes and continue to seek funding for this. We have started to work with Leicestershire tourist board in promoting our crafting and wellbeing groups and this year we see a developing partnership with the National Forest in promoting craft activities for the general public.

Additional information

Going concern As trustees we feel the charity is a going concern despite the liabilities from the bounce back loan and current rent arrears etc due to the sipport of St Joseph’s Rural Centre CIC. We have been working closely with St Joseph’s Rural Centre CIC who is agreed to continue with the running of the tearoom including all the debt that comes with it and to support the charity going forward through donations as well as alleviating us from all current bills of our rented property whilst allowing the charity to operate its vision from the building with no charge. This process started to be discussed before Covid, but because of the impact of covid on the charity, was eventually finalised on 21st June 2022. The charity can now clearly focus on its main aim of providing an annual conference propagating the positive impact that the general public can receive from integrating monastic principles like work/life balance into family, work and business



Directors

The directors shown below have held office during the whole of the period from
31 May 2022 to 30 May 2023

Gwen Williams
Michael Waldram
David Gyln


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
18 July 2024

And signed on behalf of the board by:
Name: Gwen Williams
Status: Director

MONOS LIMITED

Balance sheet

As at 30 May 2023

Notes 2023 2022


£

£
Current assets
Debtors: 3 658 22,201
Total current assets: 658 22,201
Creditors: amounts falling due within one year: 4 ( 13,942 ) ( 24,041 )
Net current assets (liabilities): (13,284) (1,840)
Total assets less current liabilities: (13,284) ( 1,840)
Creditors: amounts falling due after more than one year: 5 ( 24,886 ) ( 29,982 )
Provision for liabilities: ( 10,718 )
Total net assets (liabilities): (38,170) (42,540)
Members' funds
Profit and loss account: (38,170) ( 42,540)
Total members' funds: ( 38,170) (42,540)

The notes form part of these financial statements

MONOS LIMITED

Balance sheet statements

For the year ending 30 May 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 28 July 2024
and signed on behalf of the board by:

Name: Gwen Williams
Status: Director

The notes form part of these financial statements

MONOS LIMITED

Notes to the Financial Statements

for the Period Ended 30 May 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Other accounting policies

    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 The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019)- (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation Monos Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Going concern The financial statements have been prepared on a going concern basis. The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. See the going concern section of the trustees report Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Page 7Monos Limited Notes to the Financial Statements for the Year Ended 30 May 2023 Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. Government grants Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Stock Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO). 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 charity will not be able to collect all amounts due according to the original terms of the receivables. Page 8Monos Limited Notes to the Financial Statements for the Year Ended 30 May 2023 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. 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 Statement of Financial Activities 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 charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Provisions Provisions are recognised when the charity has an obligation at the reporting date as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Fund structure Unrestricted income funds are gen

MONOS LIMITED

Notes to the Financial Statements

for the Period Ended 30 May 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 11 11

MONOS LIMITED

Notes to the Financial Statements

for the Period Ended 30 May 2023

3. Debtors

2023 2022
£ £
Other debtors 658 22,201
Total 658 22,201

MONOS LIMITED

Notes to the Financial Statements

for the Period Ended 30 May 2023

4. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 12,952 9,023
Taxation and social security 561
Accruals and deferred income 990 14,457
Total 13,942 24,041

MONOS LIMITED

Notes to the Financial Statements

for the Period Ended 30 May 2023

5. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Bank loans and overdrafts 24,886 29,982
Total 24,886 29,982