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Registration number: 06760109

Molewood Consulting Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 November 2023

 

Molewood Consulting Ltd

(Registration number: 06760109)
Balance Sheet as at 29 November 2023

Note

2023
£

2022
£

Current assets

 

Debtors

6

5,405

5,000

Cash at bank and in hand

 

9,238

2,767

 

14,643

7,767

Creditors: Amounts falling due within one year

7

(15,651)

(15,159)

Total assets less current liabilities

 

(1,008)

(7,392)

Creditors: Amounts falling due after more than one year

7

(1,416)

(5,200)

Net liabilities

 

(2,424)

(12,592)

Capital and reserves

 

Called up share capital

2,000

2,000

Share premium reserve

100,000

100,000

Retained earnings

(104,424)

(114,592)

Shareholders' deficit

 

(2,424)

(12,592)

 

Molewood Consulting Ltd

(Registration number: 06760109)
Balance Sheet as at 29 November 2023

For the financial year ending 29 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 August 2024
 

.........................................
S R Cole
Company secretary and director

 

Molewood Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2023

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

Principal activity

The principal activity of the Company is that of media consultancy.

The address of its registered office is:
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
England

These financial statements were authorised for issue by the director on 27 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the time of preparing the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseebale future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

 

Molewood Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2023

Tax

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been
enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Molewood Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2023

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Staff numbers

The average number of persons employed by the Company (including the director) during the year, was 2 (2022 - 0).

 

Molewood Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2023

5

Tangible assets

Plant and machinery
 £

Total
£

Cost or valuation

At 30 November 2022

3,411

3,411

At 29 November 2023

3,411

3,411

Depreciation

At 30 November 2022

3,411

3,411

At 29 November 2023

3,411

3,411

Carrying amount

At 29 November 2023

-

-

At 29 November 2022

-

-

6

Debtors

Current

2023
£

2022
£

Trade debtors

5,405

5,000

 

5,405

5,000

 

Molewood Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

4,344

14,539

Taxation and social security

4,315

-

Other creditors

6,992

620

15,651

15,159

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

1,416

5,200

8

Dividends

The director is recommending a final dividend of £Nil (2022 - £Nil) per share totalling £Nil (2022 - £Nil). This dividend has not been accrued in the balance sheet.

9

Related party transactions

S Cole
(Director)
During the year Molewood Consulting Limited paid expenses totalling £nil to S Cole (2022 - £36,322). During the year S Cole paid expenses on behalf of Molewood Consulting Limited totalling £6,347 (2022: £36,942). At the balance sheet date the amount due to S Cole was £6,967 (2022- £620).