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Registered number: 07827331
Mark Stevenson Mothership Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Brisan Accountancy Ltd
Canada House, First Floor, 20/20 Business Park
Maidstone
Kent
ME16 0LS
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 07827331
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 67,598 67,465
67,598 67,465
CURRENT ASSETS
Debtors 5 2,606 9,174
Cash at bank and in hand 43,122 33,894
45,728 43,068
Creditors: Amounts Falling Due Within One Year 6 (56,052 ) (61,648 )
NET CURRENT ASSETS (LIABILITIES) (10,324 ) (18,580 )
TOTAL ASSETS LESS CURRENT LIABILITIES 57,274 48,885
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (694 ) (729 )
NET ASSETS 56,580 48,156
CAPITAL AND RESERVES
Called up share capital 8 200 200
Profit and Loss Account 56,380 47,956
SHAREHOLDERS' FUNDS 56,580 48,156
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mark Stevenson
Director
7 May 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 April 2022 200 42,425 42,625
Profit for the year and total comprehensive income - 135,831 135,831
Dividends paid - (130,300) (130,300)
As at 31 March 2023 and 1 April 2023 200 47,956 48,156
Profit for the year and total comprehensive income - 105,924 105,924
Dividends paid - (97,500) (97,500)
As at 31 March 2024 200 56,380 56,580
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Notes to the Financial Statements
1. General Information
Mark Stevenson Mothership Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07827331 . The registered office is Upper Flat, 1 Musgrove Road, London, London, SE14 5PP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold no depreciation
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on cost
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 64,423 1,238 19,666 85,327
Additions - - 1,549 1,549
As at 31 March 2024 64,423 1,238 21,215 86,876
Depreciation
As at 1 April 2023 - 846 17,016 17,862
Provided during the period - 98 1,318 1,416
As at 31 March 2024 - 944 18,334 19,278
Net Book Value
As at 31 March 2024 64,423 294 2,881 67,598
As at 1 April 2023 64,423 392 2,650 67,465
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,400 6,000
Prepayments and accrued income 206 174
Other debtors - 3,000
2,606 9,174
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 279 179
Corporation tax 33,966 32,155
Other taxes and social security - 85
VAT 6,821 3,819
Director's loan account 14,986 25,410
56,052 61,648
7. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 694 729
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Page 6
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
9. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans due to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Mark Stevenson 25,410 25,690 15,266 - 14,986
The above loan is unsecured, interest free, repayable on demand and ranks equally with other unsecured creditors of the company.
10. Ultimate Controlling Party
The company's ultimate controlling party is M Stevenson by virtue of his ownership of 100% of the issued voting share capital in the company.
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