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Company No: 11206669 (England and Wales)

MONART SPA LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

MONART SPA LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MONART SPA LIMITED

BALANCE SHEET

As at 31 December 2023
MONART SPA LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 664,384 744,279
664,384 744,279
Current assets
Cash at bank and in hand 880 881
880 881
Creditors: amounts falling due within one year 4 ( 1,774,174) ( 1,719,174)
Net current liabilities (1,773,294) (1,718,293)
Total assets less current liabilities (1,108,910) (974,014)
Net liabilities ( 1,108,910) ( 974,014)
Capital and reserves
Called-up share capital 5 2 2
Profit and loss account ( 1,108,912 ) ( 974,016 )
Total shareholder's deficit ( 1,108,910) ( 974,014)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Monart Spa Limited (registered number: 11206669) were approved and authorised for issue by the Board of Directors on 24 September 2024. They were signed on its behalf by:

M J Griffin
Director
MONART SPA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MONART SPA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Monart Spa Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Fixed asset investments

2023 2022
£ £
Participating interests 7 7
Other investments and loans 664,377 744,272
664,384 744,279

Investments in associates Loans Total
£ £ £
Cost or valuation before impairment
At 01 January 2023 7 744,272 744,279
Change in value of loans receivable 0 ( 134,895) ( 134,895)
Capital introduced 0 55,000 55,000
At 31 December 2023 7 664,377 664,384
Carrying value at 31 December 2023 7 664,377 664,384
Carrying value at 31 December 2022 7 744,272 744,279

The fixed asset investment relates to the company's capital investment in and loans to Poundbury Spa LLP.

4. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to Group undertakings 1,774,174 1,719,174

5. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

6. Ultimate controlling party

Parent Company:

Monart International Limited, a company incorporated in Eire.