Silverfin false false 30/04/2024 01/05/2023 30/04/2024 M Martin 01/04/2014 24 October 2024 The principal activity of the company continues to be that of commercial property rental and sale of used cars. 08006184 2024-04-30 08006184 bus:Director1 2024-04-30 08006184 2023-04-30 08006184 core:CurrentFinancialInstruments 2024-04-30 08006184 core:CurrentFinancialInstruments 2023-04-30 08006184 core:ShareCapital 2024-04-30 08006184 core:ShareCapital 2023-04-30 08006184 core:SharePremium 2024-04-30 08006184 core:SharePremium 2023-04-30 08006184 core:CapitalRedemptionReserve 2024-04-30 08006184 core:CapitalRedemptionReserve 2023-04-30 08006184 core:RetainedEarningsAccumulatedLosses 2024-04-30 08006184 core:RetainedEarningsAccumulatedLosses 2023-04-30 08006184 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2024-04-30 08006184 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-04-30 08006184 bus:OrdinaryShareClass1 2024-04-30 08006184 2023-05-01 2024-04-30 08006184 bus:FilletedAccounts 2023-05-01 2024-04-30 08006184 bus:SmallEntities 2023-05-01 2024-04-30 08006184 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 08006184 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08006184 bus:Director1 2023-05-01 2024-04-30 08006184 2022-05-01 2023-04-30 08006184 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 08006184 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08006184 (England and Wales)

MASTERMAIN LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

MASTERMAIN LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

MASTERMAIN LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
MASTERMAIN LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 188,547 188,547
188,547 188,547
Current assets
Stocks 170,000 170,000
Debtors 4 173,098 200,516
Cash at bank and in hand 46,393 8,392
389,491 378,908
Creditors: amounts falling due within one year 5 ( 6,709) ( 4,330)
Net current assets 382,782 374,578
Total assets less current liabilities 571,329 563,125
Net assets 571,329 563,125
Capital and reserves
Called-up share capital 6 5 5
Share premium account 499,995 499,995
Capital redemption reserve 70 70
Profit and loss account 71,259 63,055
Total shareholder's funds 571,329 563,125

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Mastermain Limited (registered number: 08006184) were approved and authorised for issue by the Director on 24 October 2024. They were signed on its behalf by:

M Martin
Director
MASTERMAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
MASTERMAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
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

Mastermain 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 C/O Bishop Fleming Llp, 10 North Place, Cheltenham, GL50 4DW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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 Statement of Financial Position date.

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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Investment property

Investment property
£
Valuation
As at 01 May 2023 188,547
As at 30 April 2024 188,547

4. Debtors

2024 2023
£ £
Amounts owed by connected companies 173,098 166,098
Amounts owed by director 0 34,418
173,098 200,516

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 132 1,068
Amounts owed to director 3,216 0
Accruals 1,334 1,232
Taxation and social security 2,027 2,030
6,709 4,330

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
5,000 Ordinary B shares of £ 0.001 each 5 5

7. Related party transactions

Transactions with the entity's director

At the balance sheet date an amount of £3,216 (2023: £34,418 owed by the director) was owed by the company to the director. Interest on the overdrawn balance was charged at 2.25% per annum. but interest has not been charged on the amount due to the director. The loan is repayable on demand.