1 13/02/2023 30/04/2024 2024-04-30 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-02-13 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 14657246 2023-02-13 2024-04-30 14657246 2024-04-30 14657246 2023-02-12 14657246 core:PlantMachinery 2023-02-13 2024-04-30 14657246 core:FurnitureFittingsToolsEquipment 2023-02-13 2024-04-30 14657246 core:MotorVehicles 2023-02-13 2024-04-30 14657246 bus:RegisteredOffice 2023-02-13 2024-04-30 14657246 bus:LeadAgentIfApplicable 2023-02-13 2024-04-30 14657246 bus:Director1 2023-02-13 2024-04-30 14657246 bus:Director2 2023-02-13 2024-04-30 14657246 bus:Director3 2023-02-13 2024-04-30 14657246 bus:Director4 2023-02-13 2024-04-30 14657246 core:PlantMachinery 2024-04-30 14657246 core:FurnitureFittingsToolsEquipment 2024-04-30 14657246 core:MotorVehicles 2024-04-30 14657246 core:DeferredTaxation 2023-02-13 2024-04-30 14657246 core:ShareCapital 2023-02-13 2024-04-30 14657246 core:RetainedEarningsAccumulatedLosses 2023-02-13 2024-04-30 14657246 core:WithinOneYear 2024-04-30 14657246 core:UKTax 2023-02-13 2024-04-30 14657246 bus:AllOrdinaryShares 2023-02-13 2024-04-30 14657246 core:ShareCapital 2024-04-30 14657246 core:RetainedEarningsAccumulatedLosses 2024-04-30 14657246 core:PreviouslyStatedAmount core:ShareCapital 2024-04-30 14657246 core:AcceleratedTaxDepreciationDeferredTax 2024-04-30 14657246 core:DeferredTaxation 2024-04-30 14657246 bus:Director1 2024-04-30 14657246 bus:Director2 2024-04-30 14657246 bus:SmallEntities 2023-02-13 2024-04-30 14657246 bus:AuditExemptWithAccountantsReport 2023-02-13 2024-04-30 14657246 bus:SmallCompaniesRegimeForAccounts 2023-02-13 2024-04-30 14657246 bus:PrivateLimitedCompanyLtd 2023-02-13 2024-04-30 14657246 bus:FullAccounts 2023-02-13 2024-04-30
Company registration number: 14657246
Master Holmes Ltd
Unaudited filleted financial statements
30 April 2024
Master Holmes Ltd
Contents
Directors and other information
Directors responsibilities statement
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Master Holmes Ltd
Directors and other information
Directors Mr Michael Holmes
Mr Philip Masters
Miss Louise Stone
Mrs Faye Masters
Company number 14657246
Registered office 82 West Street
Rochford
Essex
SS4 1AS
Business address 32 Great Wheatley Road
Rayleigh
Essex
SS6 7AP
Accountants Murphy Collins Limited
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Master Holmes Ltd
Directors responsibilities statement
Period ended 30 April 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Master Holmes Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Master Holmes Ltd
Period ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Master Holmes Ltd for the period ended 30 April 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Master Holmes Ltd, as a body, in accordance with the terms of our engagement letter dated 13 February 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Master Holmes Ltd and state those matters that we have agreed to state to the board of directors of Master Holmes Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Master Holmes Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Master Holmes Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Master Holmes Ltd. You consider that Master Holmes Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Master Holmes Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Murphy Collins Limited
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
5 September 2024
Master Holmes Ltd
Statement of financial position
30 April 2024
30/04/24
Note £ £
Fixed assets
Tangible assets 7 25,106
_______
25,106
Current assets
Cash at bank and in hand 106,163
_______
106,163
Creditors: amounts falling due
within one year 8 ( 62,619)
_______
Net current assets 43,544
_______
Total assets less current liabilities 68,650
Provisions for liabilities 9 ( 4,770)
_______
Net assets 63,880
_______
Capital and reserves
Called up share capital 102
Profit and loss account 63,778
_______
Shareholders funds 63,880
_______
For the period ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 September 2024 , and are signed on behalf of the board by:
Mr Michael Holmes Mr Philip Masters
Director Director
Company registration number: 14657246
Master Holmes Ltd
Statement of changes in equity
Period ended 30 April 2024
Called up share capital Profit and loss account Total
£ £ £
At 13 February 2023 - - -
Profit for the period 123,778 123,778
_______ _______ _______
Total comprehensive income for the period - 123,778 123,778
Issue of ordinary shares 102 102
Issue of b shares - ( 34,000) ( 34,000)
Dividends paid and payable ( 26,000) ( 26,000)
_______ _______ _______
Total investments by and distributions to owners 102 ( 60,000) ( 59,898)
_______ _______ _______
At 30 April 2024 102 63,778 63,880
_______ _______ _______
Master Holmes Ltd
Notes to the financial statements
Period ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Sovereign House, 82 West Street, Rochford, Essex, SS4 1AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1
5. Tax on profit
Major components of tax expense
Period
ended
30/04/24
£
Current tax:
UK current tax expense 33,379
_______
Deferred tax:
Origination and reversal of timing differences 4,770
_______
Tax on profit 38,149
_______
6. Dividends
Equity dividends
Period
ended
30/04/24
£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period) 60,000
_______
Ordinary shares - £26,000
B Shares - £34,000
7. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 13 February 2023 - - - -
Additions 1,800 375 30,573 32,748
_______ _______ _______ _______
At 30 April 2024 1,800 375 30,573 32,748
_______ _______ _______ _______
Depreciation
At 13 February 2023 - - - -
Charge for the year 420 88 7,134 7,642
_______ _______ _______ _______
At 30 April 2024 420 88 7,134 7,642
_______ _______ _______ _______
Carrying amount
At 30 April 2024 1,380 287 23,439 25,106
_______ _______ _______ _______
8. Creditors: amounts falling due within one year
30/04/24
£
Corporation tax 33,379
Social security and other taxes 21,692
Other creditors 7,548
_______
62,619
_______
9. Provisions
Deferred tax (note 10) Total
£ £
At 13 February 2023 - -
Additions 4,770 4,770
_______ _______
At 30 April 2024 4,770 4,770
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
30/04/24
£
Included in provisions (note 9) 4,770
_______
The deferred tax account consists of the tax effect of timing differences in respect of:
30/04/24
£
Accelerated capital allowances 4,770
_______
11. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 30/04/24
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Michael Holmes - 50 ( 1,455) ( 1,405)
Mr Philip Masters - 52 ( 1,455) ( 1,403)
_______ _______ _______ _______
- 102 ( 2,910) ( 2,808)
_______ _______ _______ _______
12. Controlling Party
Mr M Holmes, Mr P Master, Miss L Stone and Mrs F Masters jointly control the company.