REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 16 December 2022 to 31 March 2024 |
for |
Mindful Memorials Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 16 December 2022 to 31 March 2024 |
for |
Mindful Memorials Limited |
Mindful Memorials Limited (Registered number: 14545880) |
Contents of the Financial Statements |
for the period 16 December 2022 to 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Mindful Memorials Limited |
Company Information |
for the period 16 December 2022 to 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Kingfisher House |
65 Market Place |
Market Weighton |
York |
East Riding of Yorks |
YO43 3AN |
Mindful Memorials Limited (Registered number: 14545880) |
Balance Sheet |
31 March 2024 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Mindful Memorials Limited (Registered number: 14545880) |
Balance Sheet - continued |
31 March 2024 |
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 |
Mindful Memorials Limited (Registered number: 14545880) |
Notes to the Financial Statements |
for the period 16 December 2022 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Mindful Memorials Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on the directors historical experience and knowledge as well as other factors which may be considered relevant, as a result the actual results may differ from these estimates. |
The estimates and underlying assumptions applied are reviewed by the directors on an ongoing basis. |
Revisions to these accounting estimates are recognised in the period to which the the revisions have been , revised where these revisions affect only that period, or in the period of revision and future periods where this revision would affect both current and future periods. |
No key sources of estimation uncertainty are noted by management that have a significant effect on the amounts recognised in the financial statements. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
Goodwill |
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected useful life, which is five years. |
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when the is an indication that the unit my be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Mindful Memorials Limited (Registered number: 14545880) |
Notes to the Financial Statements - continued |
for the period 16 December 2022 to 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis: |
Plant and machinery | 10% - 20% | Reducing balance |
Fixtures fittings and equipment | 10% - 20% | Reducing balance |
Motor vehicles | 15% - 25% | Reducing balance |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). |
Where it is not possible to estimate the recoverable amount on an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Recoverable amount is the higher of fair value less costs to sell and value in use. |
If the recoverable amount of an assets is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Mindful Memorials Limited (Registered number: 14545880) |
Notes to the Financial Statements - continued |
for the period 16 December 2022 to 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions relating to the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there is a legally enforceable right to set off the recognised amounts and there in an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets: |
Basic financial assets, which include trade receivable, cash and bank balances are initially recorded at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market value rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities: |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidence as residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities: |
Basic financial liabilities, including creditors, loans from related parties that are classified as debt, are initially recognised at transaction price (unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future payments discounts at a market rate of interest). Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors represent obligations to pay for goods and services provided to the company in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year, if not they are presented as amounts due for payment in excess of one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. |
Cash and cash equivalents: |
Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Mindful Memorials Limited (Registered number: 14545880) |
Notes to the Financial Statements - continued |
for the period 16 December 2022 to 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss sa as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefit fro the leased asset are consumed. |
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. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of and employee or to provide terminate benefits. |
Going concern |
The directors were pleased with the results for the first period of trading having bought the memorial department of J Rotherham Limited from the administrators, it was important to the directors that all debts and advanced payments were honoured as part of this agreement and have been reflected within the first periods reported trading results. |
With the above now being honoured and with the overall financial effect of these costs now being reported, the directors are of the opinion that the company is now able to trade freely under its own terms and normal trading conditions, the directors are of the opinion that the company will return to future profitability and that the company will have sufficient working capital to be able to continue to trade into the foreseeable future. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
Mindful Memorials Limited (Registered number: 14545880) |
Notes to the Financial Statements - continued |
for the period 16 December 2022 to 31 March 2024 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
The net carrying amount of assets held under finance leases included in plant and machinery above is £41,153. |
6. | DEBTORS |
£ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Deferred tax asset |
£ |
Accelerated capital allowances | ( |
) |
Tax losses carried forward |
Mindful Memorials Limited (Registered number: 14545880) |
Notes to the Financial Statements - continued |
for the period 16 December 2022 to 31 March 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Hire purchase contracts (see note 9) |
Payments on account |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Hire purchase contracts (see note 9) |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire |
purchase |
contracts |
£ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
£ |
Within one year |
Between one and five years |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Advances or credits have been granted by the company to the directors as follows: |
The facilities are provided interest free up to £10,000 if exceeded interest is charged on the full balance,the facilities provided are unsecured and are repayable on demand. |
Description | % Rate | Opening | Amounts | Amounts | Closing |
Balance | Advanced | Repaid | Balance |
£ | £ | £ | £ |
Directors Loans | 2.25 | £Nil | 3,934 | (2,602 | ) | 1,332 |
£Nil | 3,934 | (2,602 | ) | 1,332 |