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COMPANY REGISTRATION NUMBER: 10138221
Moonred Limited
Filleted Unaudited Financial Statements
30 April 2024
Moonred Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed Assets
Tangible assets
5
36,169
42,580
Current Assets
Debtors
6
21,421
22,214
Cash at bank and in hand
37,375
28,904
---------
---------
58,796
51,118
Creditors: amounts falling due within one year
7
54,243
44,495
---------
---------
Net Current Assets
4,553
6,623
---------
---------
Total Assets Less Current Liabilities
40,722
49,203
Creditors: amounts falling due after more than one year
8
38,365
47,131
---------
---------
Net Assets
2,357
2,072
---------
---------
Capital and Reserves
Called up share capital
9
2
2
Profit and loss account
2,355
2,070
-------
-------
Shareholders Funds
2,357
2,072
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Moonred Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mr A Palmer
Director
Company registration number: 10138221
Moonred Limited
Notes to the Financial Statements
Year ended 30th April 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Peacock, 42 Wenlock Road, Shrewsbury, Shropshire, SY2 6JS.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
10% straight line
Plant & Machinery
-
20% straight line
Fixtures & Fittings
-
20% straight line
Motor Vehicles
-
15% straight line
Equipment
-
20% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payments is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 14 ).
5. Tangible Assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 May 2023
1,397
1,038
2,886
41,031
2,089
48,441
Additions
141
297
438
-------
-------
-------
---------
-------
---------
At 30 Apr 2024
1,397
1,179
3,183
41,031
2,089
48,879
-------
-------
-------
---------
-------
---------
Depreciation
At 1 May 2023
889
925
2,036
513
1,498
5,861
Charge for the year
140
99
239
6,155
216
6,849
-------
-------
-------
---------
-------
---------
At 30 Apr 2024
1,029
1,024
2,275
6,668
1,714
12,710
-------
-------
-------
---------
-------
---------
Carrying amount
At 30 Apr 2024
368
155
908
34,363
375
36,169
-------
-------
-------
---------
-------
---------
At 30 Apr 2023
508
113
850
40,518
591
42,580
-------
-------
-------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
15,728
16,011
Other debtors
5,693
6,203
---------
---------
21,421
22,214
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,000
6,000
Trade creditors
51
226
Social security and other taxes
8,140
9,075
Other creditors
40,052
29,194
---------
---------
54,243
44,495
---------
---------
Included within other creditors is hire purchase amounting to £2,765 (2023 - £1,061) secured against the fixed assets to which they relate.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,499
13,500
Other creditors
30,866
33,631
---------
---------
38,365
47,131
---------
---------
Included within other creditors is hire purchase amounting to £30,866 (2023 - £33,631) secured against the fixed assets to which they relate.
9. Called Up Share Capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A Palmer
( 10,638)
( 9,013)
5,911
( 13,740)
Mrs J Palmer
( 10,638)
( 9,013)
5,912
( 13,739)
---------
---------
---------
---------
( 21,276)
( 18,026)
11,823
( 27,479)
---------
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A Palmer
( 8,453)
( 8,222)
6,037
( 10,638)
Mrs J Palmer
( 8,453)
( 8,222)
6,037
( 10,638)
---------
---------
---------
---------
( 16,906)
( 16,444)
12,074
( 21,276)
---------
---------
---------
---------
The non-interest bearing loans are repayable on demand.