Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-319false2023-04-01false10falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00380170 2023-04-01 2024-03-31 00380170 2022-04-01 2023-03-31 00380170 2024-03-31 00380170 2023-03-31 00380170 c:Director2 2023-04-01 2024-03-31 00380170 d:PlantMachinery 2023-04-01 2024-03-31 00380170 d:PlantMachinery 2024-03-31 00380170 d:PlantMachinery 2023-03-31 00380170 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00380170 d:FurnitureFittings 2023-04-01 2024-03-31 00380170 d:FurnitureFittings 2024-03-31 00380170 d:FurnitureFittings 2023-03-31 00380170 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00380170 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00380170 d:CurrentFinancialInstruments 2024-03-31 00380170 d:CurrentFinancialInstruments 2023-03-31 00380170 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00380170 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00380170 d:ShareCapital 2024-03-31 00380170 d:ShareCapital 2023-03-31 00380170 d:SharePremium 2024-03-31 00380170 d:SharePremium 2023-03-31 00380170 d:CapitalRedemptionReserve 2024-03-31 00380170 d:CapitalRedemptionReserve 2023-03-31 00380170 d:RetainedEarningsAccumulatedLosses 2024-03-31 00380170 d:RetainedEarningsAccumulatedLosses 2023-03-31 00380170 c:FRS102 2023-04-01 2024-03-31 00380170 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00380170 c:FullAccounts 2023-04-01 2024-03-31 00380170 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00380170 d:WithinOneYear 2024-03-31 00380170 d:WithinOneYear 2023-03-31 00380170 d:BetweenOneFiveYears 2024-03-31 00380170 d:BetweenOneFiveYears 2023-03-31 00380170 d:MoreThanFiveYears 2024-03-31 00380170 d:MoreThanFiveYears 2023-03-31 00380170 2 2023-04-01 2024-03-31 00380170 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 00380170










T. MASTERS & SONS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
T. MASTERS & SONS LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 6


 
T. MASTERS & SONS LIMITED
REGISTERED NUMBER: 00380170

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
15,021
17,581

Current assets
  

Stocks
  
106,200
66,558

Debtors
 5 
451,418
395,704

Cash at bank and in hand
 6 
605,076
814,370

  
1,162,694
1,276,632

Creditors: amounts falling due within one year
 7 
(194,093)
(319,923)

Net current assets
  
 
 
968,601
 
 
956,709

Total assets less current liabilities
  
983,622
974,290

  

Net assets
  
983,622
974,290


Capital and reserves
  

Called up share capital 
  
17,468
17,468

Share premium account
  
183,658
183,658

Capital redemption reserve
  
7,984
7,984

Profit and loss account
  
774,512
765,180

  
983,622
974,290


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 on 20 August 2024.

S.A. White
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
T. MASTERS & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

T. Masters & Sons Limited (the Company) is a private company, limited by shares, incorporated and domiciled in England. The address of the registered office and principal place of business is Salem Street, Great Bridge,Tipton, West Midlands DY4 7JH.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

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 2

 
T. MASTERS & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
reducing balance
Furniture, fittings and equipment
-
10%
reducing balance/33.3% 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.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.5

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.

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.7

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 3

 
T. MASTERS & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

 
2.9

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 balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Taxation

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 balance sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 10).

Page 4

 
T. MASTERS & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Furniture, fittings and equipment
Total

£
£
£



Cost


At 1 April 2023
30,994
15,123
46,117



At 31 March 2024

30,994
15,123
46,117



Depreciation


At 1 April 2023
19,272
9,264
28,536


Charge for the year on owned assets
1,173
1,387
2,560



At 31 March 2024

20,445
10,651
31,096



Net book value



At 31 March 2024
10,549
4,472
15,021



At 31 March 2023
11,722
5,859
17,581

Page 5

 
T. MASTERS & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
239,209
129,554

Other debtors
208,963
266,150

Prepayments and accrued income
3,246
-

451,418
395,704



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
605,076
814,370



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
120,041
130,852

Corporation tax
4,062
9,315

Other taxation and social security
8,258
37,574

Other creditors
42,343
73,106

Accruals and deferred income
19,389
69,076

194,093
319,923



8.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
22,746
25,837

Later than 1 year and not later than 5 years
88,000
85,531

Later than 5 years
16,500
38,500

127,246
149,868

 
Page 6