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Registration number: 00821584

Minale Tattersfield & Partners Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Minale Tattersfield & Partners Ltd
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Minale Tattersfield & Partners Ltd for the year ended 30 November 2023 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Minale Tattersfield & Partners Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Minale Tattersfield & Partners Ltd and state those matters that we have agreed to state to the Board of Directors of Minale Tattersfield & Partners Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Minale Tattersfield & Partners Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Minale Tattersfield & Partners Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Minale Tattersfield & Partners Ltd. You consider that Minale Tattersfield & Partners Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Minale Tattersfield & Partners Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MG Group (Professional Services) Limited
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

23 August 2024

 

Minale Tattersfield & Partners Ltd

(Registration number: 00821584)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

49,303

65,737

Current assets

 

Debtors

5

45,995

154,459

Cash at bank and in hand

 

5

5

 

46,000

154,464

Creditors: Amounts falling due within one year

6

(200,790)

(139,486)

Net current (liabilities)/assets

 

(154,790)

14,978

Total assets less current liabilities

 

(105,487)

80,715

Creditors: Amounts falling due after more than one year

6

(29,366)

(64,226)

Net (liabilities)/assets

 

(134,853)

16,489

Capital and reserves

 

Called up share capital

9

81,000

81,000

Share premium reserve

187

187

Retained earnings

(216,040)

(64,698)

Shareholders' (deficit)/funds

 

(134,853)

16,489

For the financial year ending 30 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 23 August 2024
 

.........................................
Mr Wing Hang Philip Yip
Director

 

Minale Tattersfield & Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH
England

These financial statements were authorised for issue by the director on 23 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.

 

Minale Tattersfield & Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

Plant and machinery

25% Reducing balance

Fixtures and fittings

25% Reducing balance

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Minale Tattersfield & Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Minale Tattersfield & Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 6).

 

Minale Tattersfield & Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

8,009

346,656

354,665

At 30 November 2023

8,009

346,656

354,665

Depreciation

At 1 December 2022

4,630

284,298

288,928

Charge for the year

845

15,589

16,434

At 30 November 2023

5,475

299,887

305,362

Carrying amount

At 30 November 2023

2,534

46,769

49,303

At 30 November 2022

3,379

62,358

65,737

5

Debtors

Current

2023
£

2022
£

Trade debtors

45,995

40,001

Other debtors

-

114,458

 

45,995

154,459

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

60,088

75,080

Trade creditors

 

39,062

22,817

Taxation and social security

 

6,242

14,746

Accruals and deferred income

 

3,800

3,800

Other creditors

 

91,598

23,043

 

200,790

139,486

Creditors: amounts falling due after more than one year

 

Minale Tattersfield & Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

29,366

64,226

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

29,366

64,226

Current loans and borrowings

2023
£

2022
£

Bank borrowings

39,242

39,242

Bank overdrafts

20,846

35,838

60,088

75,080

8

Related party transactions

During the year the company made the following related party transactions:

Director
During the year, the Director received further loans of £83,500 and repaid £117,276. Interest was charged at an annual rate of 2.5%. At the balance sheet date, the amount due to the Director was £36,706 (2022: £2,930).

Company Under Common Control
At the balance sheet date, the company under common control repaid £43,000. The amount due from the company under common control was £Nil (2022: £43,000). The loans were interest free and repayable on demand.
 

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

81,000

81,000

81,000

81,000