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REGISTERED NUMBER: 02315916 (England and Wales)



































Financial Statements

for the Period

1 July 2023 to 31 December 2023

for

Monksoft Limited

Monksoft Limited (Registered number: 02315916)






Contents of the Financial Statements
for the Period 1 July 2023 to 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Monksoft Limited

Company Information
for the Period 1 July 2023 to 31 December 2023







DIRECTORS: E R Hayward
Rev P Stonham
Rev B Thomas





SECRETARY: E R Hayward





REGISTERED OFFICE: Belmont Abbey
Ruckhall Lane
Belmont
Hereford
HR2 9RZ





REGISTERED NUMBER: 02315916 (England and Wales)





AUDITORS: Thorne Widgery Accountancy Ltd
Chartered Accountants
Statutory Auditors
2 Wyevale Business Park
Kings Acre
Hereford
Herefordshire
HR4 7BS

Monksoft Limited (Registered number: 02315916)

Balance Sheet
31 December 2023

31.12.23 30.6.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 55,975 39,250

CURRENT ASSETS
Stocks 10,977 11,452
Debtors 5 87,010 102,760
Cash at bank and in hand 53,008 41,669
150,995 155,881
CREDITORS
Amounts falling due within one year 6 (89,952 ) (95,131 )
NET CURRENT ASSETS 61,043 60,750
TOTAL ASSETS LESS CURRENT LIABILITIES 117,018 100,000

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 17,018 -
117,018 100,000

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 20 August 2024 and were signed on its behalf by:





Rev B Thomas - Director


Monksoft Limited (Registered number: 02315916)

Notes to the Financial Statements
for the Period 1 July 2023 to 31 December 2023

1. STATUTORY INFORMATION

Monksoft 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.

It is a wholly owned subsidiary of Belmont Abbey General CIO, a charity registered in England and Wales (Charity Registration No. 1190035).

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

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.

The financial statements are presented in sterling and are rounded to the nearest pound.

Assessment of going concern
The directors have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The directors have made this assessment in respect to a period of at least one year one from the date of approval of these financial statements.

During the period, the company was profitable and this is expected to be the case for 2024 also. The directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern.

The main impact of the company's financial position is the current macroeconomic and geopolitical climate and the aftermath of the Covid-19 pandemic and the effect on demand for the company's activities and, in particular, the continuing provision of accomodation to the homeless under a contract with Herefordshire Council.

Whilst there will undoubtedly be challenges ahead, the directors do not expect material concerns to arise over the company's financial position.

Critical accounting estimates and areas of judgement
Preparation of the financial statements requires the directors to make certain significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

-estimating of the expected useful life of tangible fixed assets for the purpose of determining the annual
depreciation charge;
-estimating the provision needed, if any, against bad or slow paying debtors;
-estimating certain accrued expenditure; and
-estimating the future income and expenditure flows of the company for the purposes of assessing going
concern.

There are no key assumptions or areas of uncertainty where there is significant risk of material adjustment to the carrying value of the assets and liabilities of the company being required during the financial period ending 30 June 2023.

Monksoft Limited (Registered number: 02315916)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents income from the operation of a guest house and comprises charges for accomodation.

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

Expenditure recognition
Expenditure comprises the direct costs associated with the delivery of the company's services as well as general administrative support costs.

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the compan to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and excludes VAT.

Tangible fixed assets
All assets costing more than £1,000 and with an expected useful life exceeding one year, are capitalised. Tangible fixed assets are included in the financial statement at cost.

Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:

Leasehold improvements4% straight line
Plant and machinery25% straight line
Fixtures and fittings25% straight line

Stocks
Stocks of foodstuffs and items for resale are stated at the lower of cost and net realisable value, with provisions being made for any obsolete or damaged items.

Taxation
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.

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

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.

Monksoft Limited (Registered number: 02315916)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 31 December 2023

2. ACCOUNTING POLICIES - continued

Cash at bank and in hand
Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. They have been discounted to the present value of the future cash receipt where such discounting is material.
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors
Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount the company anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Statement of cash flows
The financial statements do not include a statement of cash flows, because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement under Financial Reporting Standard 102 Section 1A.

Leased assets
Rentals applicable to operating leases where substantially all the benefits and risks of the ownership remain with the lessor are charged on a straight line basis over the lease term.

Payment under Gift Aid
Any taxable profit is transferred cia gift-aided donation each year under a Deed of Covenant to the company's parent charity, provided sufficient distributable reserves are available. Provision is made within creditors for the amount payable in respect of each year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 July 2023 256,769 102,889 112,923 472,581
Additions - 20,651 - 20,651
At 31 December 2023 256,769 123,540 112,923 493,232
DEPRECIATION
At 1 July 2023 223,075 97,333 112,923 433,331
Charge for period 895 3,031 - 3,926
At 31 December 2023 223,970 100,364 112,923 437,257
NET BOOK VALUE
At 31 December 2023 32,799 23,176 - 55,975
At 30 June 2023 33,694 5,556 - 39,250

Monksoft Limited (Registered number: 02315916)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 30.6.23
£    £   
Trade debtors 75,178 94,688
Other debtors 11,832 8,072
87,010 102,760

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 30.6.23
£    £   
Trade creditors 2,577 5,438
Amounts owed to group undertakings 75,904 69,155
Taxation and social security 8,655 16,455
Other creditors 2,816 4,083
89,952 95,131

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Lisa Weaver FCCA (Senior Statutory Auditor)
for and on behalf of Thorne Widgery Accountancy Ltd