Mongade Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 09505095 (England and Wales)
Mongade Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Mongade Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
6,723
5,689
Investments
3
15,632
15,632
22,355
21,321
Current assets
Debtors
4
74,185
95,465
Cash at bank and in hand
1,327
2,864
75,512
98,329
Creditors: amounts falling due within one year
5
(356,440)
(280,194)
Net current liabilities
(280,928)
(181,865)
Net liabilities
(258,573)
(160,544)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(258,574)
(160,545)
Total equity
(258,573)
(160,544)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mongade Limited
Balance Sheet (Continued)
As at 31 March 2024
Page 2
The financial statements were approved and signed by the director and authorised for issue on 15 October 2024
G Ferrero
Director
Company Registration No. 09505095
Mongade Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 3
1
Accounting policies
Company information
Mongade Limited is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the year end the company had a deficit on reserves of £258,573 (202true3: £160,544). The company is supported by a loan from the director which amounted to £351,980 at 31 March 2024 (2023: £277,094). The director has confirmed that he will not require repayment of this loan within 12 months of signature of these accounts unless the company is able to make such repayment without restricting its ability to continue to trade. Furthermore during the same period he will provide sufficient additional funding to enable the business to continue to meet its liabilities as they fall due. On that basis the director continues to adopt the going concern basis in the preparation of the accounts.
1.3
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
3 years straight line
Computer equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Mongade Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
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.
1.8
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments at fair value.
1.9
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Mongade Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 5
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
12,542
Additions
4,168
At 31 March 2024
16,710
Depreciation and impairment
At 1 April 2023
6,853
Depreciation charged in the year
3,134
At 31 March 2024
9,987
Carrying amount
At 31 March 2024
6,723
At 31 March 2023
5,689
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
15,632
15,632
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
38,134
62,336
Other debtors
29,326
28,565
Prepayments and accrued income
6,725
4,564
74,185
95,465
Mongade Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 6
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
960
Other creditors
351,980
277,094
Accruals and deferred income
3,500
3,100
356,440
280,194
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
7
Related party transactions
Included within creditors due within one year is an amount of £351,980 (2023: £277,094) due to G Ferrero, the director of the company. The loan is interest-free and unsecured.
Included within debtors is an amount of £30,055 (2023: £27,894) due from an entity under common control. Interest on the loan is charged at 8% and is unsecured.