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Registered number: 05998510
Monster Films (Wales) Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
TaxAssist Accountants
64 Southwark Bridge Road
London
SE1 0AS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05998510
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 44,508 51,628
44,508 51,628
CURRENT ASSETS
Debtors 5 410,287 146,829
Cash at bank and in hand 3,315 208,490
413,602 355,319
Creditors: Amounts Falling Due Within One Year 6 (322,661 ) (268,195 )
NET CURRENT ASSETS (LIABILITIES) 90,941 87,124
TOTAL ASSETS LESS CURRENT LIABILITIES 135,449 138,752
Creditors: Amounts Falling Due After More Than One Year 7 - (35,833 )
NET ASSETS 135,449 102,919
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 135,448 102,918
SHAREHOLDERS' FUNDS 135,449 102,919
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Hall
Director
24 September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Monster Films (Wales) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05998510 . The registered office is 3 Kings Lane, Stretford, Manchester, M32 8GQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 5)
4 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2022 5,962 54,652 9,730 67,197 137,541
Additions - - 4,518 3,500 8,018
As at 30 November 2023 5,962 54,652 14,248 70,697 145,559
Depreciation
As at 1 December 2022 3,106 31,596 8,331 42,880 85,913
Provided during the period 714 5,764 1,480 7,180 15,138
As at 30 November 2023 3,820 37,360 9,811 50,060 101,051
Net Book Value
As at 30 November 2023 2,142 17,292 4,437 20,637 44,508
As at 1 December 2022 2,856 23,056 1,399 24,317 51,628
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 50,101 29,500
Prepayments and accrued income 359,464 91,625
Other debtors - David Howard - 24,442
Other Debtors - Rental Deposits 722 722
Net wages - 540
410,287 146,829
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 13,128 66,432
Corporation tax 35,830 30,245
P.A.Y.E. control account 694 2,998
VAT 40,642 49,210
Pension payable - 248
Credit card - AMEX 18,311 14,134
Intercompany loans 179,784 91,079
Credit Card - Barclaycard 925 -
Accruals and deferred income 30,337 1,575
Director's loan account 3,010 17,439
Staff Loan - (5,165 )
322,661 268,195
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7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans - 35,833
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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