Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07549391 2023-04-01 2024-03-31 07549391 2022-04-01 2023-03-31 07549391 2024-03-31 07549391 2023-03-31 07549391 c:Director1 2023-04-01 2024-03-31 07549391 d:FurnitureFittings 2023-04-01 2024-03-31 07549391 d:FurnitureFittings 2024-03-31 07549391 d:FurnitureFittings 2023-03-31 07549391 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07549391 d:FreeholdInvestmentProperty 2023-04-01 2024-03-31 07549391 d:FreeholdInvestmentProperty 2024-03-31 07549391 d:FreeholdInvestmentProperty 2023-03-31 07549391 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 07549391 d:CurrentFinancialInstruments 2024-03-31 07549391 d:CurrentFinancialInstruments 2023-03-31 07549391 d:Non-currentFinancialInstruments 2024-03-31 07549391 d:Non-currentFinancialInstruments 2023-03-31 07549391 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07549391 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07549391 d:ShareCapital 2024-03-31 07549391 d:ShareCapital 2023-03-31 07549391 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 07549391 d:RetainedEarningsAccumulatedLosses 2024-03-31 07549391 d:RetainedEarningsAccumulatedLosses 2023-03-31 07549391 c:FRS102 2023-04-01 2024-03-31 07549391 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07549391 c:FullAccounts 2023-04-01 2024-03-31 07549391 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07549391 d:OtherDeferredTax 2024-03-31 07549391 d:OtherDeferredTax 2023-03-31 07549391 2 2023-04-01 2024-03-31 07549391 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 07549391










M B SARSON LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
M B SARSON LIMITED
REGISTERED NUMBER: 07549391

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
12,229
-

Investments
 5 
13,350
13,350

Investment property
 6 
570,160
284,592

  
595,739
297,942

Current assets
  

Stocks
  
916
-

Debtors: amounts falling due after more than one year
 7 
386,336
388,594

Debtors: amounts falling due within one year
 7 
6,710
35,027

Cash at bank and in hand
  
29,848
208,301

  
423,810
631,922

Creditors: amounts falling due within one year
 8 
(43,190)
(5,113)

Net current assets
  
 
 
380,620
 
 
626,809

Total assets less current liabilities
  
976,359
924,751

Provisions for liabilities
  

Deferred tax
 9 
(8,125)
-

  
 
 
(8,125)
 
 
-

Net assets
  
968,234
924,751


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
 10 
968,134
924,651

  
968,234
924,751


Page 1

 
M B SARSON LIMITED
REGISTERED NUMBER: 07549391
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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 by: 




M B Sarson
Director

Date: 22 November 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
M B SARSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

M B Sarson Limited is a company limited by shares incorporated in England and wales, registration number 07549391. The address of the registered office is The Limes, Market Street, East Harling, Norfolk, NR16 2AD.

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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting polices applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
M B SARSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

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.


 
2.5

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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
25%
Straight-line

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.

Page 4

 
M B SARSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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 5

 
M B SARSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


Additions
12,842



At 31 March 2024

12,842



Depreciation


Charge for the year on owned assets
613



At 31 March 2024

613



Net book value



At 31 March 2024
12,229



At 31 March 2023
-

Page 6

 
M B SARSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 April 2023
13,350



At 31 March 2024
13,350





6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
284,592


Additions at cost
253,068


Surplus on revaluation
32,500



At 31 March 2024
570,160

The 2024 valuations were made by the director, on an open market value for existing use basis.






If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
537,660
284,592

537,660
284,592

Page 7

 
M B SARSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£

Due after more than one year

Due from participating interests
129,523
131,781

Other debtors
256,813
256,813

386,336
388,594


2024
2023
£
£

Due within one year

Trade debtors
-
572

Other debtors
3,424
30,651

Prepayments and accrued income
3,286
3,804

6,710
35,027



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
28
777

Corporation tax
-
2,663

Other creditors
41,110
-

Accruals and deferred income
2,052
1,673

43,190
5,113


Page 8

 
M B SARSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Deferred taxation




2024


£






Charged to profit or loss
(8,125)



At end of year
(8,125)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Capital gains
(8,125)
-

(8,125)
-


10.


Reserves

Profit & loss account

The profit and loss account is the accumulated profit of the company since inception. The distributable amount is £943,759 (2023: £924,651), non distributable amount is £24,375 (2023: £Nil).


11.


Contingent liabilities

There is an outstanding charge over the freehold property at 10 Market Hill, Diss, Norfolk, IP22 4WJ. 


12.


Transactions with directors

At the year end a director was owed £39,610. In 2023 the company was owed £30,651 by the director. This was repayable on demand and is shown in other creditors. During the year £12,277 was advanced to the director, £42,928 was repaid and £39,760 was loaned by the director to the company. Interest on the loan has been charged totalling £150 (2023 £307) at a rate of 2% to 5 April 2023 and 2.25% thereafter. The interest has been paid. 

 
Page 9