Mauds Ice Creams Ltd NI622224 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is manufacture of ice cream Digita Accounts Production Advanced 6.30.9574.0 true true NI622224 2023-04-01 2024-03-31 NI622224 2024-03-31 NI622224 bus:OrdinaryShareClass1 2024-03-31 NI622224 core:CurrentFinancialInstruments 2024-03-31 NI622224 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI622224 core:Non-currentFinancialInstruments 2024-03-31 NI622224 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI622224 core:Goodwill 2024-03-31 NI622224 core:FurnitureFittingsToolsEquipment 2024-03-31 NI622224 core:LandBuildings 2024-03-31 NI622224 core:MotorVehicles 2024-03-31 NI622224 core:OtherPropertyPlantEquipment 2024-03-31 NI622224 bus:SmallEntities 2023-04-01 2024-03-31 NI622224 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI622224 bus:FilletedAccounts 2023-04-01 2024-03-31 NI622224 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI622224 bus:RegisteredOffice 2023-04-01 2024-03-31 NI622224 bus:Director3 2023-04-01 2024-03-31 NI622224 bus:Director4 2023-04-01 2024-03-31 NI622224 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI622224 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI622224 core:Goodwill 2023-04-01 2024-03-31 NI622224 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI622224 core:LandBuildings 2023-04-01 2024-03-31 NI622224 core:MotorVehicles 2023-04-01 2024-03-31 NI622224 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI622224 core:PlantMachinery 2023-04-01 2024-03-31 NI622224 core:Vehicles 2023-04-01 2024-03-31 NI622224 countries:NorthernIreland 2023-04-01 2024-03-31 NI622224 2023-03-31 NI622224 core:Goodwill 2023-03-31 NI622224 core:FurnitureFittingsToolsEquipment 2023-03-31 NI622224 core:LandBuildings 2023-03-31 NI622224 core:MotorVehicles 2023-03-31 NI622224 core:OtherPropertyPlantEquipment 2023-03-31 NI622224 2022-04-01 2023-03-31 NI622224 2023-03-31 NI622224 bus:OrdinaryShareClass1 2023-03-31 NI622224 core:CurrentFinancialInstruments 2023-03-31 NI622224 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI622224 core:Non-currentFinancialInstruments 2023-03-31 NI622224 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI622224 core:Goodwill 2023-03-31 NI622224 core:FurnitureFittingsToolsEquipment 2023-03-31 NI622224 core:LandBuildings 2023-03-31 NI622224 core:MotorVehicles 2023-03-31 NI622224 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI622224

Mauds Ice Creams Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Mauds Ice Creams Ltd

(Registration number: NI622224)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

115,216

Tangible assets

5

1,265,618

640,444

 

1,265,618

755,660

Current assets

 

Stocks

6

412,145

456,741

Debtors

7

511,107

497,894

Cash at bank and in hand

 

317,278

186,383

 

1,240,530

1,141,018

Creditors: Amounts falling due within one year

8

(744,593)

(642,478)

Net current assets

 

495,937

498,540

Total assets less current liabilities

 

1,761,555

1,254,200

Creditors: Amounts falling due after more than one year

8

(327,302)

(22,678)

Provisions for liabilities

(115,553)

(115,186)

Net assets

 

1,318,700

1,116,336

Capital and reserves

 

Called up share capital

9

100,000

100,000

Retained earnings

1,218,700

1,016,336

Shareholders' funds

 

1,318,700

1,116,336

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Mauds Ice Creams Ltd

(Registration number: NI622224)
Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 October 2024 and signed on its behalf by:
 

.........................................
Mr Ian David Wilson
Director

.........................................
Ms Roberta Mary Wilson
Director

 

Mauds Ice Creams Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 6 Sloefield Park, Trooperslane Industrial Park, Carrickfergus, Co Antrim, BT38 8GR.

These financial statements were authorised for issue by the Board on 22 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Mauds Ice Creams Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

4% Straight Line / 10% reducing balance

Motor Vehicles

25% Reducing Balance

Plant and Machinery

15% Reducing Balance

Furniture, Fittings and Equipment

15% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Mauds Ice Creams Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Mauds Ice Creams Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead lead to a reduction in future payments or a cash refund.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

 Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.


 Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 20).

 

Mauds Ice Creams Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

1,152,178

1,152,178

At 31 March 2024

1,152,178

1,152,178

Amortisation

At 1 April 2023

1,036,962

1,036,962

Amortisation charge

115,216

115,216

At 31 March 2024

1,152,178

1,152,178

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

115,216

115,216

 

Mauds Ice Creams Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

388,847

36,542

178,474

759,823

1,363,686

Additions

639,012

3,399

16,995

84,822

744,228

Disposals

-

-

(15,295)

-

(15,295)

At 31 March 2024

1,027,859

39,941

180,174

844,645

2,092,619

Depreciation

At 1 April 2023

88,025

20,882

135,812

478,523

723,242

Charge for the year

37,760

2,859

12,047

54,917

107,583

Eliminated on disposal

-

-

(3,824)

-

(3,824)

At 31 March 2024

125,785

23,741

144,035

533,440

827,001

Carrying amount

At 31 March 2024

902,074

16,200

36,139

311,205

1,265,618

At 31 March 2023

300,822

15,660

42,662

281,300

640,444

Included within the net book value of land and buildings above is £902,074 (2023 - £300,822) in respect of freehold land and buildings.
 

 

Mauds Ice Creams Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Other inventories

412,145

456,741

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

238,556

232,414

Amounts owed by related parties

11

227,706

179,808

Prepayments

 

5,556

34,271

Other debtors

 

39,289

51,401

   

511,107

497,894

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

82,863

9,706

Trade creditors

 

163,459

230,293

Taxation and social security

 

288,288

148,686

Accruals and deferred income

 

38,464

48,374

Other creditors

 

171,519

205,419

 

744,593

642,478

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100,000

100,000

100,000

100,000

       
 

Mauds Ice Creams Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

327,302

22,678

Current loans and borrowings

2024
£

2023
£

Bank borrowings

82,863

9,706

11

Related party transactions

At the year end a company under common control, Mauds (Holdings) Ltd and its subsidiaries owed the Company amounts as follows:

Mauds (Holdings) Ltd £72,209 (2023: £72,209)
Mauds (Bangor) Ltd £136,387 (2023: £106,403)
Mauds (2302) Ltd £19,110 (2023: £1,196)

Another subsidiary of Mauds (Holdings) Ltd, Mauds (1911) Ltd owed the Company £165,228 (2023: £150,440)
Provision has been made for 100% of this company's debt at 31/03/24 and 31/03/23.

During the year the Company made sales to the subsidiaries of Mauds (Holdings) Ltd at a normal fair price as follows:

Mauds (Bangor) Ltd £124,529 (2023: £105,891)
Mauds (1911) Ltd £39,283 (2023: £31,173)
Mauds (2302) Ltd £39,629 (2023: £Nil)

Included within other creditors are amounts owed to directors totalling £171,519 (2023: £205,419). No interest has been charged on amounts outstanding. While these loans are payable on demand, the directors have indicated that there is no intention to demand repayment currently.
Included within other debtors is an amount due from a director of £24,686 (2023: £38,793) on which beneficial loan interest has been charged at the official rate. The loan is repayable on demand.