Company registration number 02519701 (England and Wales)
MONTROSE ADMINISTRATORS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
MONTROSE ADMINISTRATORS LIMITED
COMPANY INFORMATION
Directors
Miss L J Cousins
Rathbones Trust Company Limited
Secretary
Miss L J Cousins
Company number
02519701
Registered office
30 Gresham Street
London
EC2V 7QN
MONTROSE ADMINISTRATORS LIMITED
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 7
MONTROSE ADMINISTRATORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The company remained dormant during the year. As the company's continued existence is required, the directors and shareholders have decided to provide sufficient finance for it to meet its liabilities.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Miss L J Cousins
Rathbones Trust Company Limited
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Miss L J Cousins
Director
14 October 2024
MONTROSE ADMINISTRATORS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
2024
2023
£
£
Interest receivable and similar income
5
4
Profit before taxation
5
4
Tax on profit
(1)
(1)
Profit for the financial year
4
3
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MONTROSE ADMINISTRATORS LIMITED
BALANCE SHEET
- 3 -
2024
2023
Notes
£
£
£
£
Current assets
Cash at bank and in hand
207
202
Creditors: amounts falling due within one year
4
(2)
(1)
Net current assets
205
201
Creditors: amounts falling due after more than one year
5
(1,000)
(1,000)
Net liabilities
(795)
(799)
Capital and reserves
Called up share capital
6
5,000
5,000
Profit and loss reserves
(5,795)
(5,799)
Total equity
(795)
(799)
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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 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 14 October 2024 and are signed on its behalf by:
Miss L J Cousins
Director
Company registration number 02519701 (England and Wales)
MONTROSE ADMINISTRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Montrose Administrators Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Gresham Street, London, EC2V 7QN.
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
Ttruehe directors consider it appropriate to prepare the financial statements on the going concern basis as the creditors will not seek to recover the amounts owed until the company has sufficient resources to make payments.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
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.
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.
MONTROSE ADMINISTRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
MONTROSE ADMINISTRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2
1
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,000
1,000
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
5,000 Ordinary Shares of £1 each
5,000
5,000
MONTROSE ADMINISTRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
7
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts owed to related parties
£
£
Other related parties
1,000
1,000
The company owed its shareholders £1,000 at the year end. The amount is not repayable to the shareholders unless the company has sufficient resources to repay this amount.