Mainmoon Limited |
Notes to the Accounts |
for the year ended 31 March 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Government grants |
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Grants received during the year from the government are recognised as other income. This income is recognised when the application is made to the local authority after receiving confirmation of entitlement from them. There would either be a debtor, a deferred income or no balance due recognised depending upon when the cash was received from the local authority. The grants received in the year include Coronavirus Job Retention Scheme (CJRS). CJRS is recognised on a straight line basis, accrued over the furlough period for each relevant employee on the PAYE payroll scheme. Cash payments were received from HMRC. |
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Stocks |
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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. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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30 |
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3 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 April 2023 |
90,000 |
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At 31 March 2024 |
90,000 |
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Amortisation |
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At 1 April 2023 |
90,000 |
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At 31 March 2024 |
90,000 |
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Net book value |
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At 31 March 2024 |
- |
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Goodwill is being written off on 25% reducing balance basis. |
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4 |
Tangible fixed assets |
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Fixtures, fittings, tools and equipment |
£ |
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Cost |
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At 1 April 2023 |
437,710 |
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At 31 March 2024 |
437,710 |
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Depreciation |
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At 1 April 2023 |
437,710 |
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At 31 March 2024 |
437,710 |
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Net book value |
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At 31 March 2024 |
- |
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5 |
Controlling party |
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DPKBV Ltd is the ultimate controlling party. |
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6 |
Other information |
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Mainmoon Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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138 Station Road |
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Edgware |
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Middlesex |
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HA8 7AA |