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Registered number: 05733883
Munro Importers Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
An Accounting Gem Ltd
Sapphire House,
Cristal Business Centre, Knightsdale Road
Ipswich
Suffolk
IP1 4JJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05733883
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 9,854 18,189
9,854 18,189
CURRENT ASSETS
Stocks 5 1,000 1,000
Debtors 6 1,545,451 1,250,879
Cash at bank and in hand 1,098,303 989,426
2,644,754 2,241,305
Creditors: Amounts Falling Due Within One Year 7 (1,839,674 ) (1,621,395 )
NET CURRENT ASSETS (LIABILITIES) 805,080 619,910
TOTAL ASSETS LESS CURRENT LIABILITIES 814,934 638,099
NET ASSETS 814,934 638,099
CAPITAL AND RESERVES
Called up share capital 9 1 1
Other reserves 90,000 90,000
Profit and Loss Account 724,933 548,098
SHAREHOLDERS' FUNDS 814,934 638,099
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Miss Wai Ho
Director
27th November 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Munro Importers Limited Registered number 05733883 is a limited by shares company incorporated in England & Wales. The Registered Office is First Floor, Unit 1, The Quadrangle, The Drift, Nacton Road, Ipswich, IP3 9QR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Where goods are delivered direct to customers, turnover is recognised when the bill of lading is received or the goods have cleared customs.
For all other turnover, turnover is recognised when the goods are dispatched from the warehouse.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Motor Vehicles 3 years straight line
Fixtures & Fittings 3 years straight line
2.4. Stocks and Work in Progress
Stocks are valued at the lower of cost or net realisable value after making due allowances for obsolete and slow moving items.
2.5. 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.
2.6. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes.
In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
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2.7. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2023: 16)
14 16
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 March 2023 14,000 72,657 86,657
Additions - 6,772 6,772
As at 29 February 2024 14,000 79,429 93,429
Depreciation
As at 1 March 2023 6,997 61,471 68,468
Provided during the period 4,667 10,440 15,107
As at 29 February 2024 11,664 71,911 83,575
Net Book Value
As at 29 February 2024 2,336 7,518 9,854
As at 1 March 2023 7,003 11,186 18,189
5. Stocks
2024 2023
£ £
Finished goods 1,000 1,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,353,174 1,089,179
Other debtors 192,277 161,700
1,545,451 1,250,879
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 913,772 539,304
Corporation tax 58,760 79,103
Other taxes and social security 427,467 464,717
Other creditors 299,591 398,187
Amounts owed to group undertakings 140,084 140,084
1,839,674 1,621,395
8. Deferred Taxation
The elements of deferred taxation, which result in a nil balance at the end of the year, together with details of other amounts not provided for, are as follows: 
Excess of taxation allowances over depreciation of fixed assets 2024: £Nil (2023:£Nil), losses utilised in the period 2024: £Nil (2023: £Nil), other timing differences in the period 2024: £Nil (2023: £Nil). 
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Other Commitments
At the end of the period the company had annual commitments under non-cancellable operating leases as follows:
2024 2023
£ £
Later than one year and not later than five years 21,000 21,000
21,000 21,000
11. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid - 1,400,000
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12. Related Party Transactions
At the year-end, the company owed £139,500 (2023: £139,500) to Gneiss Holdings Limited, the parent company. 
The ultimate owners of the company are Mr E Brady and Mr S Wright by virtue of their shareholdings in the parent company, Gneiss Holdings Limited.
13. Parent Undertaking and Controlling Party
The company's immediate parent undertaking is Gneiss Holdings Limited,a company registered in England and Wales, by virtue of its shareholding. Copies of the group accounts may be obtained from the secretary.
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