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Company registration number: 02209621
Masterclass Training Limited
Unaudited financial statements
31 March 2024
Morris & Partners
35 Theydon Park Road
Theydon Bois
Essex CM16 7LR
Telephone 01992 813574
E-mail: chris@morrispartners.co.uk
Masterclass Training Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Masterclass Training Limited
Directors and other information
Directors Mr M Rimmer
Mrs I Rimmer
Company number 02209621
Registered office 35 Theydon Park Road
Theydon Bois
Essex
CM16 7LR
Accountants Morris & Partners
35 Theydon Park Road
Theydon Bois
Essex
CM16 7LR
Masterclass Training Limited
Accountants' report on the unaudited financial statements to the directors of
Masterclass Training Limited
As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2024 set out on pages 3 to 8 and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled these unaudited financial statements, in order to assist you to fulfil your statutory responsibilities, from the accounting records and information supplied to us.
Morris & Partners
35 Theydon Park Road
Theydon Bois
Essex
CM16 7LR
Date: 29 December 2024
Masterclass Training Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 18,944 12,252
_______ _______
18,944 12,252
Current assets
Debtors 7 966,950 746,041
Cash at bank and in hand 537,259 422,457
_______ _______
1,504,209 1,168,498
Creditors: amounts falling due
within one year 8 ( 540,919) ( 398,497)
_______ _______
Net current assets 963,290 770,001
_______ _______
Total assets less current liabilities 982,234 782,253
Creditors: amounts falling due
after more than one year 9 ( 11,787) ( 22,680)
_______ _______
Net assets 970,447 759,573
_______ _______
Capital and reserves
Called up share capital 75,000 75,000
Profit and loss account 895,447 684,573
_______ _______
Shareholders funds 970,447 759,573
_______ _______
For the year ending 31 March 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 29 December 2024 , and are signed on behalf of the board by:
Mr M Rimmer
Director
Company registration number: 02209621
Masterclass Training Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 35 Theydon Park Road, Theydon Bois, Essex, CM16 7LR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have prepared these financial statements on a going concern basis. The company is dependant on the continued support of the directors Mr & Mrs Rimmer, and the ultimate repayment of the loan to the connected company Masto Ltd which they both control.The directors have pledged their support to these companies and will continue to provide funds as required.The directors have considered a period of at least 12 months from the date of approval of the financial statements.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 25 % reducing balance
Computer Equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 in finance costs in profit or loss in the period in which it arises.
4. Turnover
Overseas turnover amounted to 13% (31 March 2023 32%) of the total turnover for the year.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 23,881 23,881
Additions 12,820 12,820
_______ _______
At 31 March 2024 36,701 36,701
_______ _______
Depreciation
At 1 April 2023 11,629 11,629
Charge for the year 6,128 6,128
_______ _______
At 31 March 2024 17,757 17,757
_______ _______
Carrying amount
At 31 March 2024 18,944 18,944
_______ _______
At 31 March 2023 12,252 12,252
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 248,230 174,782
Other debtors 718,720 571,259
_______ _______
966,950 746,041
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,648 9,707
Trade creditors 81,979 52,086
Corporation tax 152,740 124,835
Social security and other taxes 63,817 37,029
Other creditors 231,735 174,840
_______ _______
540,919 398,497
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 11,787 22,680
_______ _______
10. Controlling party
The company is controlled by Mr & Mrs Rimmer who each hold a 50% share of the issued share capital.
11. Related Party Transactions
As at the year end the company was owed £598670 (2023-£526845) by Masto Limited in which Mr and Mrs Rimmer own 100% of the issued share capital.