Registered number
06583547
MONOTRADE LIMITED
Filleted Accounts
31 May 2024
MONOTRADE LIMITED
Registered number: 06583547
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,727 3,386
Current assets
Stocks 154,720 154,260
Debtors 4 27,118 99,089
Cash at bank and in hand 184,492 88,112
366,330 341,461
Creditors: amounts falling due within one year 5 (112,377) (136,490)
Net current assets 253,953 204,971
Total assets less current liabilities 256,680 208,357
Creditors: amounts falling due after more than one year 6 (20,756) (20,746)
Provisions for liabilities (1,266) (1,266)
Net assets 234,658 186,345
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 233,658 185,345
Shareholder's funds 234,658 186,345
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Vesna JOKOVIC
Director
Approved by the board on 9 August 2024
MONOTRADE LIMITED
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance method
Motor vehicles 25% reducing balance method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 5,394 8,950 14,344
At 31 May 2024 5,394 8,950 14,344
Depreciation
At 1 June 2023 3,520 7,438 10,958
Charge for the year 281 378 659
At 31 May 2024 3,801 7,816 11,617
Net book value
At 31 May 2024 1,593 1,134 2,727
At 31 May 2023 1,874 1,512 3,386
4 Debtors 2024 2023
£ £
Trade debtors 27,118 85,693
Other debtors - 13,396
27,118 99,089
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 10,000
Trade creditors 11,061 12,184
Taxation and social security costs 27,266 16,086
Director's loan account 40,844 47,444
Other creditors 33,206 50,776
112,377 136,490
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,756 20,746
7 Controlling party
During the period the company was under the control of its director, Mrs. Vesna JOKOVIC, by virtue of her shareholding in the company.
8 Other information
MONOTRADE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
65 Delamere Road
Hayes
Middlesex
UB4 0NN
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