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Registration number: 14091323

Mostays Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Mostays Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Mostays Ltd

(Registration number: 14091323)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

42,066

49,343

Current assets

 

Debtors

5

506

742

Cash at bank and in hand

 

15,132

2,760

 

15,638

3,502

Creditors: Amounts falling due within one year

6

(15,965)

(14,259)

Net current liabilities

 

(327)

(10,757)

Total assets less current liabilities

 

41,739

38,586

Creditors: Amounts falling due after more than one year

6

(32,152)

(38,059)

Provisions for liabilities

(7,993)

(9,375)

Net assets/(liabilities)

 

1,594

(8,848)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

1,593

(8,849)

Shareholders' funds/(deficit)

 

1,594

(8,848)

 

Mostays Ltd

(Registration number: 14091323)
Statement of Financial Position as at 30 June 2024 (continued)

For the financial year ending 30 June 2024 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 Statement of Comprehensive Income.

Approved and authorised by the director on 30 August 2024
 


Mr Mo Fawzi
Director

 

Mostays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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:
9 Morden Road
Bournemouth
England
BH9 2SB
England

Principal activity

The principal activity of the company is that of a holiday letting company.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Mostays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue 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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures and fittings

25% reducing balance

Motor vehicles

15% reducing balance

 

Mostays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past
event; it is probable that the entity will be required to transfer economic benefits in settlement and the
amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the
statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at
the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current
best estimate of the amount that would be required to settle the obligation. Any adjustments to the
amounts previously recognised are recognised in profit or loss unless the provision was originally
recognised as part of the cost of an asset. When a provision is measured at the present value of the
amount expected to be required to settle the obligation, the unwinding of the discount is recognised in
finance costs in profit or loss in the period it arises.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Mostays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

150

57,919

58,069

Additions

180

-

180

At 30 June 2024

330

57,919

58,249

Depreciation

At 1 July 2023

38

8,688

8,726

Charge for the year

73

7,384

7,457

At 30 June 2024

111

16,072

16,183

Carrying amount

At 30 June 2024

219

41,847

42,066

At 30 June 2023

112

49,231

49,343

5

Debtors

2024
£

2023
£

Prepayments

506

742

506

742

 

Mostays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

5,907

5,907

Trade creditors

1,868

1,333

Accruals and deferred income

1,512

1,200

Other creditors

6,678

5,819

15,965

14,259

Loans included above are secured against the assets to which they relate.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Loans and borrowings

32,152

38,059

Loans included above are secured against the assets to which they relate.

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Related party transactions

Transactions with the director

During the year the director entered into the following advances and credits with the company:

2024

At 1 July 2023
£

Advances / (credits) to the director
£

At 30 June 2024
£

The Director

(5,699)

19

(5,680)

       
     

 

2023

At 6 May 2022
£

Advances / credits to the director
£

At 30 June 2023
£

The Director

-

(5,699)

(5,699)