REGISTERED NUMBER: |
Financial Statements |
for the Period |
1 July 2023 to 31 December 2023 |
for |
Monksoft Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 |
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 |
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 |
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 improvements | 4% straight line |
Plant and machinery | 25% straight line |
Fixtures and fittings | 25% 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 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 July 2023 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 June 2023 |
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 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 30.6.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |