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COMPANY REGISTRATION NUMBER: 12156435
Montgomery Bird Ltd
Filleted Unaudited Financial Statements
31 October 2023
Montgomery Bird Ltd
Balance Sheet
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
3,699
4,931
Current assets
Stocks
146,103
Debtors
6
17,973
176,051
Cash at bank and in hand
2,303
30,380
--------
---------
20,276
352,534
Creditors: amounts falling due within one year
7
28,286
15,617
--------
---------
Net current (liabilities)/assets
( 8,010)
336,917
-------
---------
Total assets less current liabilities
( 4,311)
341,848
Creditors: amounts falling due after more than one year
8
20,833
394,043
--------
---------
Net liabilities
( 25,144)
( 52,195)
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 25,244)
( 52,295)
--------
--------
Shareholders deficit
( 25,144)
( 52,195)
--------
--------
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 profit and loss account has not been delivered.
For the 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.
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 .
Montgomery Bird Ltd
Balance Sheet (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 26 July 2024 , and are signed on behalf of the board by:
W Lee
Director
Company registration number: 12156435
Montgomery Bird Ltd
Notes to the Financial Statements
Year ended 31 October 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 The Old Forge, Bowling Green Yard, Kirkgate, Knaresborough, HG5 8FL.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 equipment
-
25 % reducing balance
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
33% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 2 ).
5. Tangible assets
Plant & equipment
Fixtures & fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 November 2022 and 31 October 2023
6,499
353
254
7,106
-------
----
----
-------
Depreciation
At 1 November 2022
1,971
101
103
2,175
Charge for the year
1,132
63
37
1,232
-------
----
----
-------
At 31 October 2023
3,103
164
140
3,407
-------
----
----
-------
Carrying amount
At 31 October 2023
3,396
189
114
3,699
-------
----
----
-------
At 31 October 2022
4,528
252
151
4,931
-------
----
----
-------
6. Debtors
2023
2022
£
£
Trade debtors
4,208
19,135
Other debtors
13,765
156,916
--------
---------
17,973
176,051
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
3,594
689
Social security and other taxes
12,814
3,050
Other creditors
1,878
1,878
--------
--------
28,286
15,617
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,833
30,833
Other creditors
363,210
--------
---------
20,833
394,043
--------
---------