REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Masons Of Yorkshire Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Masons Of Yorkshire Ltd |
Masons Of Yorkshire Ltd (Registered number: 08303103) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Masons Of Yorkshire Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
34 Romanby Road |
NORTHALLERTON |
North Yorkshire |
DL7 8NF |
Masons Of Yorkshire Ltd (Registered number: 08303103) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Masons Of Yorkshire Ltd (Registered number: 08303103) |
Balance Sheet - continued |
31 December 2023 |
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 |
Masons Of Yorkshire Ltd (Registered number: 08303103) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Masons Of Yorkshire Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax. |
The company recognises revenue when it transfers control of a product to a customer, generally being when the goods have shipped to the customer. |
Revenue is reduced for rebates and other similar allowances. |
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 loesses. |
Trademarks are being amortised evenly over their estimated useful life of ten years. |
Brand, Design & Artwork intangibles are being amortised evenly over their estimated useful life of two, three and five years depending on the asset. |
Website Development is being amortised evenly over its estimated useful life of five years. |
Tangible fixed assets |
Leasehold improvements | - |
Plant and machinery | - |
Office & Sales Equipment | - |
Computer equipment | - |
Government grants |
Government grants relates to: |
- | grants towards expenditure on fixed assets, treated as deferred income and credited to the profit and loss account over the useful economic life of the asset; and |
- | a grant received from Northern Powerhouse from an EU Regional Development fund relating to travel/accommodation for a trade mission. The grant has been recognised in the profit and loss account in the period in which the associated expenditure was incurred. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a weighted average basis. Production overheads are allocated to the cost of stock on the basis of the normal level of activity. |
Taxation |
Taxation for the year 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. |
Masons Of Yorkshire Ltd (Registered number: 08303103) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
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 year 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company contributes to the personal pension polices of certain employees and operates a defined contribution pension scheme. Contributions payable for the year are charged to the Income Statement. |
Going concern |
These financial statements have been prepared on a going concern basis. |
The current economic conditions present increased risks for all businesses. In response to such conditions, the Directors have carefully considered these risks, including an assessment of uncertainty of future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
Based on this assessment, the Directors consider that the company maintains an appropriate level of liquidity, sufficient to meet the demands of the business. In addition, the company assets are assessed for recoverability on a regular basis, and the Directors consider that the company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the company's ability to continue as a going concern. This the Directors have continued to adopt the going concern basis of accounting in preparing these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Masons Of Yorkshire Ltd (Registered number: 08303103) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | FIXED ASSET INVESTMENTS |
Interest |
in other |
participating |
interests |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 1,000 |
NET BOOK VALUE |
At 31 December 2023 | 1,000 |
At 31 December 2022 | 1,000 |
Masons Of Yorkshire Ltd (Registered number: 08303103) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | STOCKS |
Change in accounting estimate |
In earlier periods, the estimated value of stock has included a provision for unpaid duty on bottled stock held at the year end. As the stock is held in an excise warehouse the duty point is in fact suspended until the product leaves the warehouse and therefore finished product stocks should be valued excluding duty. The accounting estimate for the valuation of stock has been amended to exclude unpaid duty, and any duty which may have been paid in advance. |
The change in accounting estimate has no impact on the reportable loss / profit arising from the current or future periods. |
8. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Tax |
Prepayments |
Amounts falling due after more than one year: |
Deferred tax asset | 30,063 | - |
Aggregate amounts |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 11) |
Trade creditors |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
11. | LOANS |
The bank borrowings are secured by a fixed and floating charge covering all properties and undertaking of the company. Security has also been provided by a personal guarantee executed by the Director, Mr K W Mason, limited to £50,000. |
The bank overdraft relates to an invoice discounting facility the agreement terms of which allow for drawdown on 85% of approved UK debts to a limit of £800,000. |
12. | OTHER FINANCIAL COMMITMENTS |
The company contributes to the personal pension policy of certain employees and operated a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. At the balance sheet date unpaid contributions of £1,523 (2022 - £3,407) were due to the funds. These are included in other creditors. |
At the reporting date, the Company had outstanding commitments for future minimum lease payments under non-cancellable operating lease arrangements in respect of motor vehicles and equipment totalling £11,513 (2022 - £22,271) and leasehold property totalling £441,680 (2022 - £517,226). |
Masons Of Yorkshire Ltd (Registered number: 08303103) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | RELATED PARTY DISCLOSURES |
A Director has been provided a personal guarantee over the borrowings of the company limited to £50,000. |