Company registration number 02646366 (England and Wales)
MASTERPRIOR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MASTERPRIOR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
MASTERPRIOR LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
-
0
1,502
Cash at bank and in hand
190,974
237,072
190,974
238,574
Creditors: amounts falling due within one year
4
(1,544)
(7,492)
Net current assets
189,430
231,082
Capital and reserves
Called up share capital
1
1
Capital redemption reserve
1
1
Profit and loss reserves
189,428
231,080
Total equity
189,430
231,082

For the financial year ended 30 September 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 of its financial statements for the year in question in accordance with section 476.

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.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 2 December 2024
SE Ross
Director
Company registration number 02646366 (England and Wales)
MASTERPRIOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Masterprior Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Arlington Court, Kenton Avenue, Gosforth, Newcastle upon Tyne, Tyne and Wear, NE3 4JR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
MASTERPRIOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
1,502
4
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
1,208
6,634
Accruals and deferred income
336
858
1,544
7,492
5
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
SE Ross - Directors Loan
-
657
(657)
-
657
(657)
-
6
Contingent Asset

On 1st June 2020 the trade and assets of the business were sold. Consideration for the goodwill is being recognised as a percentage of turnover over a three year period. The three years cover 2021, 2022 and 2023. (2023: £30,719, 2022: £30,992, 2021: £11,932) Therefore, there is no consideration recognised in 2024 or a contingent asset.

 

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