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Registration number: 10714771

Monete Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Monete Ltd

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 7

 

Monete Ltd

(Registration number: 10714771)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

18,335

17,698

Current assets

 

Debtors

5

5,303

3,555

Investments

6

242,140

51,175

Cash at bank and in hand

 

36,288

90,850

 

283,731

145,580

Creditors: Amounts falling due within one year

7

(10,726)

(18,269)

Net current assets

 

273,005

127,311

Total assets less current liabilities

 

291,340

145,009

Provisions for liabilities

(8,058)

(8,058)

Net assets

 

283,282

136,951

Capital and reserves

 

Called up share capital

4

4

Revaluation reserve

188,026

14,380

Retained earnings

95,252

122,567

Shareholders' funds

 

283,282

136,951

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 January 2025
 

 

Monete Ltd

(Registration number: 10714771)
Balance Sheet as at 30 April 2024

.........................................
F Simoni
Director

 

Monete Ltd

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2023

4

14,380

122,566

136,950

Loss for the year

-

-

(27,314)

(27,314)

Other comprehensive income

-

173,646

-

173,646

Total comprehensive income

-

173,646

(27,314)

146,332

At 30 April 2024

4

188,026

95,252

283,282

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2022

4

34,353

95,651

130,008

Profit for the year

-

-

26,916

26,916

Other comprehensive income

-

(19,973)

-

(19,973)

Total comprehensive income

-

(19,973)

26,916

6,943

At 30 April 2023

4

14,380

122,567

136,951

 

Monete Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
5th Floor, North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with terms of the contract.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Monete Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment, Fixtures & Fittings

25% Straight Line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Monete Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 May 2023

35,938

35,938

Additions

8,006

8,006

At 30 April 2024

43,944

43,944

Depreciation

At 1 May 2023

18,240

18,240

Charge for the year

7,369

7,369

At 30 April 2024

25,609

25,609

Carrying amount

At 30 April 2024

18,335

18,335

At 30 April 2023

17,698

17,698

 

Monete Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

331

1,360

Other debtors

4,972

2,195

 

5,303

3,555

6

Current asset investments

2024
£

2023
£

Other investments

242,140

51,175

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,259

6,488

Taxation and social security

9

3,393

Accruals and deferred income

3,454

3,286

Other creditors

5,004

5,102

10,726

18,269

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

173,646

173,646

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(19,973)

(19,973)