Company Registration No. 10863904 (England and Wales)
MASON & FIFTH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
MASON & FIFTH LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MASON & FIFTH LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
281,157
299,186
Current assets
Debtors
4
79,820
55,605
Cash at bank and in hand
346
1
80,166
55,606
Creditors: amounts falling due within one year
5
(390,735)
(382,827)
Net current liabilities
(310,569)
(327,221)
Total assets less current liabilities
(29,412)
(28,035)
Capital and reserves
Called up share capital
300
300
Profit and loss reserves
(29,712)
(28,335)
Total equity
(29,412)
(28,035)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
B M Prevezer
Director
Company Registration No. 10863904
MASON & FIFTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Mason & Fifth Limited is a private company limited by shares incorporated in England and Wales. The registered office is 38 Rosebery Avenue, London, England, EC1R 4RN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future due to ongoing support from it's parent. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The accounts relate to year end 31 March 2023. The comparative figures relate to 8 months from 1 August 2021 to 31 March 2022.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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 bases:

Leasehold improvements
Over the period of lease
Fixtures and fittings
25% straight line method
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

1.6
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 balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

MASON & FIFTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured 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 the present value of the future receipts discounted at a market 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 evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

There were no employees during the current year or previous period.

3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2022
339,468
8,600
348,068
Additions
3,108
-
0
3,108
At 31 March 2023
342,576
8,600
351,176
Depreciation and impairment
At 1 April 2022
44,045
4,837
48,882
Depreciation charged in the year
18,987
2,150
21,137
At 31 March 2023
63,032
6,987
70,019
Carrying amount
At 31 March 2023
279,544
1,613
281,157
At 31 March 2022
295,423
3,763
299,186
MASON & FIFTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
79,820
55,605
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank overdrafts
-
0
5
Amounts owed to group undertakings
386,235
380,362
Accruals and deferred income
4,500
2,460
390,735
382,827
6
Controlling party

The ultimate controlling party is Mason & Fifth Holdings Limited, which owns 100% of the issued share capital.

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