Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity232023-04-01false22truetruefalse 01887689 2023-04-01 2024-03-31 01887689 2022-04-01 2023-03-31 01887689 2024-03-31 01887689 2023-03-31 01887689 c:CompanySecretary1 2023-04-01 2024-03-31 01887689 c:Director1 2023-04-01 2024-03-31 01887689 c:RegisteredOffice 2023-04-01 2024-03-31 01887689 c:Agent1 2023-04-01 2024-03-31 01887689 d:PlantMachinery 2023-04-01 2024-03-31 01887689 d:PlantMachinery 2024-03-31 01887689 d:PlantMachinery 2023-03-31 01887689 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01887689 d:MotorVehicles 2023-04-01 2024-03-31 01887689 d:MotorVehicles 2024-03-31 01887689 d:MotorVehicles 2023-03-31 01887689 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01887689 d:FurnitureFittings 2023-04-01 2024-03-31 01887689 d:FurnitureFittings 2024-03-31 01887689 d:FurnitureFittings 2023-03-31 01887689 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01887689 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01887689 d:CurrentFinancialInstruments 2024-03-31 01887689 d:CurrentFinancialInstruments 2023-03-31 01887689 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01887689 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01887689 d:ShareCapital 2024-03-31 01887689 d:ShareCapital 2023-03-31 01887689 d:CapitalRedemptionReserve 2024-03-31 01887689 d:CapitalRedemptionReserve 2023-03-31 01887689 d:RetainedEarningsAccumulatedLosses 2024-03-31 01887689 d:RetainedEarningsAccumulatedLosses 2023-03-31 01887689 c:FRS102 2023-04-01 2024-03-31 01887689 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01887689 c:FullAccounts 2023-04-01 2024-03-31 01887689 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01887689 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 01887689 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01887689 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 01887689









MONOLACE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
MONOLACE LIMITED
 
 
COMPANY INFORMATION


Director
Mr B Balendra 




Company secretary
Mrs S Balendra



Registered number
01887689



Registered office
Tasker House
160 Westfield Road

Wellingborough

Northants

NN8 3HX




Trading Address
Tasker House
160 Westfield Road

Wellingborough

Northants

NN8 3HX






Accountants
Ashon Limited
Chartered Accountants

125 Knoll Crescent

Northwood

Middlesex

HA6 1HX




Bankers
National Westminster Bank plc
315 Station Road

Harrow

Middlesex

HA1 2AD





 
MONOLACE LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MONOLACE LIMITED
FOR THE YEAR ENDED 31 MARCH 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 Monolace Limited for the year ended 31 March 2024 which comprise  the Statement of Financial Position and the 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 https://www.icaew.com /regulation.

This report is made solely to the director of Monolace Limited in accordance with the terms of our engagement letter dated 27 July 2017Our work has been undertaken solely to prepare for your approval the financial statements of Monolace Limited and state those matters that we have agreed to state to the director of Monolace Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Monolace Limited and its director for our work or for this report. 

It is your duty to ensure that Monolace Limited 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 Monolace Limited. You consider that Monolace Limited is exempt from the statutory audit requirement for the year.

  




Ashon Limited
Chartered Accountants
125 Knoll Crescent
Northwood
Middlesex
HA6 1HX
21 August 2024
Page 1

 
MONOLACE LIMITED
REGISTERED NUMBER: 01887689

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
41,415
50,337

  
41,415
50,337

Current assets
  

Debtors
 5 
40,348
83,092

Cash at bank and in hand
 6 
157,828
122,437

  
198,176
205,529

Creditors: amounts falling due within one year
 7 
(140,243)
(168,088)

Net current assets
  
 
 
57,933
 
 
37,441

Total assets less current liabilities
  
99,348
87,778

Provisions for liabilities
  

Deferred tax
 8 
(10,354)
(9,564)

  
 
 
(10,354)
 
 
(9,564)

Net assets
  
88,994
78,214

Page 2

 
MONOLACE LIMITED
REGISTERED NUMBER: 01887689
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
7,600
7,600

Capital redemption reserve
  
7,400
7,400

Profit and loss account
  
73,994
63,214

  
88,994
78,214


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 August 2024.





................................................
Mr B Balendra
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
MONOLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is a private company lmited by share capital, incorporated in England & Wales. The
company number and registered office address are:
Company number:                  01887689
Registered office address: Tasker House
                                             160 Westfield Road
                                              Wellingborough
                                              Northants
                                              NN8 3HX

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 4

 
MONOLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5

 
MONOLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
15%
reducing balance basis
Motor vehicles
-
20%
straight line basis
Fixtures & fittings
-
15%
reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
MONOLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 22 (2023 - 23).


4.


Tangible fixed assets





Plant & equipment
Motor vehicles
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
53,676
52,190
23,393
129,259



At 31 March 2024

53,676
52,190
23,393
129,259



Depreciation


At 1 April 2023
47,662
8,000
23,260
78,922


Charge for the year on owned assets
902
8,000
20
8,922



At 31 March 2024

48,564
16,000
23,280
87,844



Net book value



At 31 March 2024
5,112
36,190
113
41,415



At 31 March 2023
6,014
44,190
133
50,337

Page 7

 
MONOLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors


2024
2023
£
£



Trade debtors
14,150
3,709

Amounts owed by group undertakings
6,916
56,916

Other debtors
19,282
22,467

40,348
83,092



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
157,828
122,437

157,828
122,437



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
31,137
52,258

Corporation tax
60,164
66,084

Other taxation and social security
4,912
5,095

Other creditors
8,750
10,261

Accruals and deferred income
35,280
34,390

140,243
168,088


Page 8

 
MONOLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Deferred taxation




2024


£






At beginning of year
(9,564)


Charged to profit or loss
(790)



At end of year
(10,354)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(10,354)
(9,564)

(10,354)
(9,564)


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £7,118 (2023 - £6,758). 


10.


Controlling party

The company's parent company is BPS Care Homes Limited, a company incorporated in England &
Wales.

 
Page 9