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Registered number: 09767332













          Monek Limited
          Financial statements
          For the Period Ended 30 June 2023















           img603d.png

 
Monek Limited
Registered number:09767332

Balance Sheet
As at 30 June 2023

30 June
31 December
2023
2021
Note
£
£

  

Fixed assets
  

Intangible assets
 5 
2,218,403
1,705,729

Tangible assets
 6 
35,856
43,161

Right-of-use assets
 7 
170,612
317,822

  
2,424,871
2,066,712

Current assets
  

Stocks
 8 
14,822
27,720

Debtors: amounts falling due within one year
 9 
711,899
480,272

Cash at bank and in hand
 10 
15,701
329,277

  
742,422
837,269

Creditors: amounts falling due within one year
 11 
(1,356,633)
(593,034)

Net current (liabilities)/assets
  
 
 
(614,211)
 
 
244,235

Total assets less current liabilities
  
1,810,660
2,310,947

  

Creditors: amounts falling due after more than one year
 12 
(175,086)
(346,420)

  
1,635,574
1,964,527

Provisions for liabilities
  

Deferred taxation
 15 
(404,000)
(335,000)

  

Net assets
  
1,231,574
1,629,527


Capital and reserves
  

Called up share capital 
 16 
100
100

Profit and loss account
 17 
1,231,474
1,629,427

  
1,231,574
1,629,527


Page 1

 
Monek Limited
Registered number:09767332
    
Balance Sheet (continued)
As at 30 June 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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 statement of comprehensive income 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 S Carroll
Director

Date: 15 January 2025

The notes on pages 3 to 18 form part of these financial statements.

Page 2

 
Monek Limited
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

1.


General information

Monek Limited is a private company, limited by shares and incorporated in England and Wales under the Companies Act. The address of the registered office is given on the Company Information page. The nature of the company's operations and its principal activity is that of the provision of credit card processing to businesses via IP connectivity.

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 the Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Monek Group Limited as at 30 June 2023 and these financial statements may be obtained from Sterling House, F2/F3 Davidson Road, Lichfield, England, WS14 9DZ.

Page 3

 
Monek Limited
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

2.Accounting policies (continued)

 
2.3

Going concern

The company has, as planned, recorded a loss for the year, whilst it continues with its investment in developing its offering to the payments industry. The directors believe that the group has demonstrated significant further progress towards achieving its objectives of a distinguished leader in the payments industry. 
The directors have prepared cashflow forecasts covering a period extending beyond 12 months from the date of approval of these financial statements, taking account of anticipated costs and revenues, which demonstrates that the company can operate within the finance facilities available to it and therefore the directors consider it is appropriate to prepare the company's financial statements on a going concern basis.

 
2.4

Impact of new international reporting standards, amendments and interpretations

There are no amendments to accounting standards, or IFRIC interpretations that are effective for the year ended 30 June 2023 that have a material impact on the Company’s financial statements.
The following Adopted IFRSs have been issued but have not been endorsed for use in the UK and have not been applied by the Company in these Financial Statements. The full impact of their adoption has not yet been fully assessed; however, management do not expect the changes to have a material effect on the Financial Statements unless otherwise indicated:
 
IFRS 16 amendments on lease liability in a Sale and Leaseback (1 January 2024)
IAS 1 amendments on classification of liabilities as current or non-current (1 January 2024)
IAS 1 amendments on non-current liabilities with covenants (1 January 2024)

Page 4

 
Monek Limited
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

2.Accounting policies (continued)

 
2.5

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:

The Company has contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company adjusts the transaction prices of these contracts for the time value of money.

Sale of goods

Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Rendering of services

Revenue from providing services is recognised in the accounting period in which the services are rendered.

For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 The estimated useful lives range as follows:

Development expenditure
-
10% straight line
Intellectual property
-
10% straight line

 
2.7

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the
Page 5

 
Monek Limited
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

2.Accounting policies (continued)


2.7
Leases (continued)

commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in 'Creditors' on the Balance Sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.8.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

 
2.8

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.

Page 6

 
Monek Limited
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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:

Plant and machinery
-
33%
straight line
Fixtures, fittings and equipment
-
33%
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.

 
2.9

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.10

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. 

At each balance sheet 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 the Statement of Comprehensive Income.

 
2.11

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.

Page 7

 
Monek Limited
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.14

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and the financial statements are prepared to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.15

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.16

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 8

 
Monek Limited
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

2.Accounting policies (continued)

 
2.17

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.

 
2.18

Current and deferred taxation

The tax expense for the Period 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 balance sheet 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 balance sheet 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 balance sheet date.


 
2.19

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 9

 
Monek Limited
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the Director believes that the critical accounting policies where judgements or estimating are necessarily applied are summarised below.
Fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things such as future market conditions, the remaining life of the asset and projected disposal values.
Intangible fixed assets are amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors.
The Director has reviewed the asset lives and associated residual values of all fixed asset classes and has concluded that a straight line depreciation policy is more appropriate as it reflects the useful economic lives of assets and their residual values more reliably than the reducing balance depreciation policy.


4.


Employees

The average monthly number of employees, including directors, during the Period was 15 (2021 - 15).

Page 10

 
Monek Limited
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

5.


Intangible assets






Intellectual property
Development costs
Total

£
£
£



Cost


At 1 January 2022
582,786
2,076,208
2,658,994


Additions - external
-
894,126
894,126



At 30 June 2023

582,786
2,970,334
3,553,120



Amortisation


At 1 January 2022
582,786
370,479
953,265


Charge for the Period on owned assets
-
381,452
381,452



At 30 June 2023

582,786
751,931
1,334,717



Net book value



At 30 June 2023
-
2,218,403
2,218,403



At 31 December 2021
-
1,705,729
1,705,729




Page 11

 
Monek Limited
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

6.


Tangible fixed assets







Plant and machinery
Fixtures, fittings and equipment
Total

£
£
£



Cost


At 1 January 2022
79,355
145,588
224,943


Additions
-
33,048
33,048



At 30 June 2023

79,355
178,636
257,991



Depreciation


At 1 January 2022
76,979
104,803
181,782


Charge for the Period on owned assets
2,376
37,977
40,353



At 30 June 2023

79,355
142,780
222,135



Net book value



At 30 June 2023
-
35,856
35,856



At 31 December 2021
2,376
40,785
43,161

Page 12

 
Monek Limited
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

7.


Right-of-use assets








Right-of-use assets

£



Cost


At 1 January 2022
422,819



At 30 June 2023

422,819



Impairment


At 1 January 2022
104,997


Charge for the period
147,210



At 30 June 2023

252,207



Net book value



At 30 June 2023
170,612



At 31 December 2021
317,822


8.


Stocks

30 June
31 December
2023
2021
£
£

Finished goods and goods for resale
14,822
27,720






 


Page 13

 
Monek Limited
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

9.


Debtors

30 June
31 December
2023
2021
£
£


Trade debtors
147,002
221,094

Amounts owed by group undertakings
167,588
-

Other debtors
338,508
201,989

Prepayments and accrued income
58,801
57,189

711,899
480,272


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are
repayable on demand.


10.


Cash and cash equivalents

30 June
31 December
2023
2021
£
£

Cash at bank and in hand
15,701
329,277


Page 14

 
Monek Limited
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

11.


Creditors: Amounts falling due within one year

30 June
31 December
2023
2021
£
£

Bank loan
35,962
25,000

Trade creditors
116,434
69,620

Amounts owed to group undertakings
681,240
200,000

Other taxation and social security
163,921
49,001

Lease liabilities
75,779
94,455

Other creditors
209,759
30,238

Accruals and deferred income
73,538
124,720

1,356,633
593,034


During the prior year, the Company obtained a loan of £150,000. 60 monthly payments are to be made following the date of first drawdown of the facility, with the first 12 months being an interest only period and 48 combined capital and interest monthly payments being made subsequently. Interest payable will be charged on the floating rate basis, under which the interest rate will never be less than 2.33%.
The bank loan is secured by way of a debenture over the assets and undertaking of the Company.
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are
repayable on demand.


12.


Creditors: Amounts falling due after more than one year

30 June
31 December
2023
2021
£
£

Bank loan
73,402
125,000

Lease liabilities
101,684
221,420


The bank loan is secured by way of a debenture over the assets and undertaking of the Company.

Page 15

 
Monek Limited
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

13.


Loans


Analysis of the maturity of loans is given below:


30 June
31 December
2023
2021
£
£

Amounts falling due within one year

Bank loan
35,962
25,000

Amounts falling due 1-2 years

Bank loan
38,786
37,500

Amounts falling due 2-5 years

Bank loan
34,616
87,500


109,364
150,000



14.


Lease liabilities

At 30 June 2023, the maturity of the Company's gross contractual undiscounted cashflows due on the Company's lease liabilities is set out below:

Vehicles
Buildings
Total
        £
        £
        £

Discounted future cash flows - not later than one year

(12,244)

(63,535)

(75,779)
 
Later than one year and not later than five years

(4,713)

(96,970)

(101,684)
 
Later than five years

-

-

-
 
Total discounted future cash flows at 31 December 2021

(16,957)

(160,505)

(177,463)
 

Page 16

 
Monek Limited
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

15.


Deferred taxation






2023
2021


£

£






At beginning of year
(335,000)
(201,000)


Charged to profit or loss
(69,000)
(134,000)



At end of period
(404,000)
(335,000)

The provision for deferred taxation is made up as follows:

30 June
31 December
2023
2020
£
£


Fixed asset temporary differences
(464,000)
(336,000)

Tax losses carried forward
58,000
-

Short term temporary differences
2,000
1,000

(404,000)
(335,000)


16.


Share capital

30 June
31 December
2023
2020
£
£
Allotted, called up and fully paid



100 (2021 - 100) Ordinary shares of £1.00 each
100
100



17.


Reserves

Profit and loss account

The profit and loss account records the total amount of distributable reserves available to the shareholders.

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Monek Limited
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

18.


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 £24,928 (2021 - £11,773). Contributions totalling £17,030 (2021 - £3,976) were payable to the fund at the balance sheet date.


19.


Controlling party

Monek Group Limited is the immediate and ultimate parent company. There is no controlling party in Monek Group Limited.
The largest and smallest group in which results of the Company are consolidated is that headed by Monek Group Limited, a company incorporated in England and Wales.
The consolidated financial statements of this group are available to the public and may be obtained from Monek Group Limited, Sterling House, F2/F3 Davidson Road, Lichfield, England, WS14 9DZ.


20.


Auditor's information

The auditor's report on the financial statements for the Period ended 30 June 2023 was unqualified.

The audit report was signed on 15 January 2025 by Mark Gurney FCCA (Senior Statutory Auditor) on behalf of Dains Audit Limited.

 
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