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REGISTERED NUMBER: 03173762 (England and Wales)













MASTERCRATE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






MASTERCRATE LIMITED (REGISTERED NUMBER: 03173762)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


MASTERCRATE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: M Wray
W Wray





SECRETARY: M Wray





REGISTERED OFFICE: 255 Green Lanes
Palmers Green
London
N13 4XE





REGISTERED NUMBER: 03173762 (England and Wales)





ACCOUNTANTS: John Crook & Partners
Chartered Accountants
255 Green Lanes
Palmers Green
London
N13 4XE

MASTERCRATE LIMITED (REGISTERED NUMBER: 03173762)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 145,593 117,506

CURRENT ASSETS
Stocks 215,849 220,051
Debtors 5 228,050 223,179
Cash at bank 20,253 -
464,152 443,230
CREDITORS
Amounts falling due within one year 6 162,483 198,533
NET CURRENT ASSETS 301,669 244,697
TOTAL ASSETS LESS CURRENT
LIABILITIES

447,262

362,203

CREDITORS
Amounts falling due after more than one
year

7

(74,965

)

(76,182

)

PROVISIONS FOR LIABILITIES (46,024 ) (19,775 )
NET ASSETS 326,273 266,246

CAPITAL AND RESERVES
Called up share capital 9 3,500 3,500
Share premium 89,657 89,657
Retained earnings 233,116 173,089
SHAREHOLDERS' FUNDS 326,273 266,246

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MASTERCRATE LIMITED (REGISTERED NUMBER: 03173762)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





M Wray - Director


MASTERCRATE LIMITED (REGISTERED NUMBER: 03173762)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Mastercrate Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - over the unexpired lease term
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

MASTERCRATE LIMITED (REGISTERED NUMBER: 03173762)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 11,887 46,251 116,175 174,313
Additions - - 70,916 70,916
At 31 March 2024 11,887 46,251 187,091 245,229
DEPRECIATION
At 1 April 2023 3,260 42,707 10,840 56,807
Charge for year 1,189 531 41,109 42,829
At 31 March 2024 4,449 43,238 51,949 99,636
NET BOOK VALUE
At 31 March 2024 7,438 3,013 135,142 145,593
At 31 March 2023 8,627 3,544 105,335 117,506

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 92,629
Additions 70,916
At 31 March 2024 163,545
DEPRECIATION
At 1 April 2023 9,215
Charge for year 36,640
At 31 March 2024 45,855
NET BOOK VALUE
At 31 March 2024 117,690
At 31 March 2023 83,414

MASTERCRATE LIMITED (REGISTERED NUMBER: 03173762)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 183,920 175,342
Prepayments and accrued income 23,630 27,337
207,550 202,679

Amounts falling due after more than one year:
Other debtors 20,500 20,500

Aggregate amounts 228,050 223,179

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 31,524
Trade creditors 9,181 13,818
Social security and other taxes 31,425 10,763
Value added tax 30,399 25,434
Bank loan 10,000 10,000
Hire purchase 42,809 28,631
Directors' current accounts - 38,982
Sundry creditors and accruals 38,669 39,381
162,483 198,533

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loan 12,500 22,500
Hire purchase 62,465 53,682
74,965 76,182

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 77,439 89,269
Between one and five years 309,756 309,756
In more than five years 77,439 154,698
464,634 553,723

MASTERCRATE LIMITED (REGISTERED NUMBER: 03173762)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,500 Ordinary £1 3,500 3,500

10. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 71,261

11. ULTIMATE CONTROLLING PARTY

The controlling party is M Wray.