Registered number
00511431
Montagu Saxby Limited
Filleted Accounts
29 February 2024
Montagu Saxby Limited
Registered number: 00511431
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 833,688 500,841
Investments 4 600,100 -
1,433,788 500,841
Current assets
Debtors 5 - 56
Cash at bank and in hand 202,277 1,156,041
202,277 1,156,097
Creditors: amounts falling due within one year 6 (10,715) (15,552)
Net current assets 191,562 1,140,545
Net assets 1,625,350 1,641,386
Capital and reserves
Called up share capital 5,000 5,000
Profit and loss account 1,620,350 1,636,386
Shareholders' funds 1,625,350 1,641,386
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
D. J. Saxby
Director
Approved by the board on 9 September 2024
Montagu Saxby Limited
Notes to the Accounts
for the year ended 29 February 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 rendering of services. 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 over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 555,151 11,235 566,386
Additions 350,144 - 350,144
At 29 February 2024 905,295 11,235 916,530
Depreciation
At 1 March 2023 55,515 10,030 65,545
Charge for the year 16,996 301 17,297
At 29 February 2024 72,511 10,331 82,842
Net book value
At 29 February 2024 832,784 904 833,688
At 28 February 2023 499,636 1,205 500,841
4 Investments
Other
investments
£
Cost
Additions 600,100
At 29 February 2024 600,100
The market value of the investments at the balance sheet date was £640,605.
5 Debtors 2024 2023
£ £
Other debtors - 56
6 Creditors: amounts falling due within one year 2024 2023
£ £
Non-equity preference shares 1,500 1,500
Trade creditors 1,854 1,800
Taxation and social security costs 1,140 7,300
Other creditors 6,221 4,952
10,715 15,552
7 Loans from directors
Description and conditions B/fwd Introduced Withdrawn C/fwd
£ £ £ £
D. J. Saxby
Amount due to the director at the balance sheet date 2,880 520 - 3,400
2,880 520 - 3,400
8 Related party transactions
The company purchased a property from the directors for £345,000 (plus Stamp Duty Land Tax and other costs) during the year. In the directors' opinion this represented its open market value.
9 Controlling party
The company is controlled by the directors and shareholders D. J. Saxby and P. A. Saxby.
10 Other information
Montagu Saxby Limited is a private company limited by shares and incorporated in England. Its registered office is:
Cedar Cottage
Broken Gate Lane
Denham
Uxbridge
UB9 4LB
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