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Registered number: 06851491
Montala Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06851491
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 558,180 568,964
558,180 568,964
CURRENT ASSETS
Debtors 5 434,591 322,667
Cash at bank and in hand 412,916 433,801
847,507 756,468
Creditors: Amounts Falling Due Within One Year 6 (455,267 ) (306,154 )
NET CURRENT ASSETS (LIABILITIES) 392,240 450,314
TOTAL ASSETS LESS CURRENT LIABILITIES 950,420 1,019,278
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,249 ) (410 )
NET ASSETS 949,171 1,018,868
CAPITAL AND RESERVES
Called up share capital 7 501 501
Capital redemption reserve 500 500
Profit and Loss Account 948,170 1,017,867
SHAREHOLDERS' FUNDS 949,171 1,018,868
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Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr D M Huby
Director
30 October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Montala Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06851491 . The registered office is Unit 52-53 Shrivenham Hundred Business Park, Majors Road, Watchfield, Swindon, Wiltshire, SN6 8TY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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 £.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 2% Straight line
Motor Vehicles 25% Straight line
Fixtures & Fittings 25% Straight line
Computer Equipment 33.33% Straight line
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2023: 18)
18 18
4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 628,018 71,330 17,505 17,629 734,482
Additions - - 834 2,923 3,757
Disposals - (6,750 ) - - (6,750 )
As at 31 March 2024 628,018 64,580 18,339 20,552 731,489
Depreciation
As at 1 April 2023 62,273 71,330 18,968 12,947 165,518
Provided during the period 12,560 - (1,351 ) 3,332 14,541
Disposals - (6,750 ) - - (6,750 )
As at 31 March 2024 74,833 64,580 17,617 16,279 173,309
Net Book Value
As at 31 March 2024 553,185 - 722 4,273 558,180
As at 1 April 2023 565,745 - (1,463 ) 4,682 568,964
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 407,025 297,366
Prepayments and accrued income 27,566 25,301
434,591 322,667
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 380,423 235,453
Other taxes and social security 25,392 23,211
VAT 37,395 43,410
Other creditors 3,997 -
Accruals and deferred income 4,280 4,080
Payments on account 3,780 -
455,267 306,154
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7. Share Capital
2024 2023
Allotted, called up and fully paid £ £
500 Ordinary Shares of £ 1.00 each 500 500
Preference Shares
2024 2023
Allotted, called up and fully paid £ £
1 Preference Shares of £ 1.00 each 1 1
8. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 20,644 1,976
Later than one year and not later than five years 16,615 -
37,259 1,976
9. Employee Ownership Trust
On 9 October 2020 the shares in the company were transferred to an employee ownership trust. The rationale for doing so was the recognition that the sucess of the company was due to a concerted team effort by everyone involved.
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