Company registration number 08824513 (England and Wales)
MAS (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
MAS (HOLDINGS) LIMITED
COMPANY INFORMATION
Director
Mr J Hoskins
Company number
08824513
Registered office
Unit A3, Merlin Centre
Acrewood Way
St Albans
Herts
AL4 0JY
Auditor
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
Bankers
Barclays Bank Plc
22-24 Upper Marlborough Road
St Albans
Hertfordshire
AL1 3AL
MAS (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
MAS (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The director presents the strategic report and financial statements for the year ended 30 April 2024.

Review of the business

Turnover for the year ended 30 April 2024 amounted to £7.7m compared to £6.9m for the previous year, and the operating profit amounted to £437k compared to £139k in 2023.

 

The directors consider the results at the year end to be as expected and intend to pursue strategies that would enhance the growth of the group and result in improved performance.

Principal risks and uncertainties

The management of the business and the execution of the group's strategy are subject to a number of risks. Risks are reviewed by the directors and appropriate processes are put in place to monitor and mitigate them. The key risks affecting the group are set out below.

Business Risk

The group is reliant on defense spending and with government authorities being primary customers any reduction in budgets could have an impact on the group.

The group's business being geographically spread across the world market however limits the degree of operational and financial risks to an extent.

Every so often state budget allocations are withdrawn and this may result in orders being delayed and/or cancelled. This may result in the group's profit for a particular year being reduced.

Currency risk

The international nature of the group's businesses exposes it to currency risk. The company buys in Swiss francs and Canadian dollars and manages the risk by allowing for movements in currency in its mark up and margins.

As the supply line is generally short the risk attributed to currency fluctuation is therefore limited and well covered in the built in margins.

Where the supply line is long the company would generally cover for the fluctuation in the currency in its contract and thus mitigate its exposure.

Future developments

The directors aim to continue with the management policies which has resulted in the group's steady growth in recent years.

The outlook for 2025 is reasonably encouraging with the directors being optimistic that the current performance can be maintained.

MAS (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Development and performance

The group's key financial and other performance indicators during the year were as follows:

 

2024

 

2023

 

 

£

 

£

 

Turnover

 

7,698,027

6,873,811

Operating profit

 

437,120

138,986

(Loss)/profit after tax

(78,410)

5,972

Shareholders' funds

 

3,307,690

3,463,662

Average number of employees

 

24

24

 

The group's strategy is that of laying the foundation for long-term sustainable growth through recruiting in-house specialist teams with appropriate skills for the development of industry leading software and hardware for military applications.

The board believes that the framework established by the above strategy should enable the group to achieve a growth in turnover in the coming year.

As stated above, the group anticipates an increase in turnover in the coming year. In particular the group currently has substantial volume of business in hand in all areas of its business.

The board believe that it is now in a position to see growth in its turnover and profits in the coming years and the establishment of the group as a leading player in the world market in its field.

The group is committed to continue the ongoing development of its product and to remain at the forefront of changes in technology delivering quality and value to its customers.

Markets

 

The group customers are primarily state defence authorities and companies in the military applications sector in UK, US, EU, Australasia, Middle East and East and Central African markets.

 

Financial instruments

 

The group's policy is to finance its operations on a medium term basis from retained profits, inter company borrowings, shareholder loans and bank facilities. Overdraft facilities are utilised for short term financing requirements.

 

The financial instruments utilised by the group are borrowings, short term cash deposits and items such as trade creditors which arise directly from operations. Borrowing and deposit facilities are on a floating basis. The group's policy is not to trade in financial instruments.

On behalf of the board

Mr J Hoskins
Director
13 December 2024
MAS (HOLDINGS) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The director presents his annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activities of the group in the year under review were those of development, manufacture and sale of software as well as hardware for fire control systems and radio controlled devices for military application.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr A Thakkar
(Resigned 28 October 2024)
Mr J Hoskins
Auditor

The auditor, KLSA LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr J Hoskins
Director
13 December 2024
MAS (HOLDINGS) LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MAS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAS (HOLDINGS) LIMITED
- 5 -
Opinion

We have audited the financial statements of MAS (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as going concern.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

MAS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAS (HOLDINGS) LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We also considered potential fraud drivers: including financial or other pressures, opportunity, override of controls and personal or corporate motivations. We considered the programmes and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing journals, evaluating the business rationale of significant transactions outside the normal course of business and validating the appropriateness of internal controls and significant accounting estimations based on our fraud risk criteria;

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

MAS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAS (HOLDINGS) LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

We obtained understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those related to the financial reporting framework, tax regulations in the jurisdictions in which the company operates.

 

Based on this understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: making enquiries of management, those responsible for legal and compliance procedures and reviewing other correspondence.

 

We communicated identified fraud risks and non-compliance with laws and regulations with those charged with governance, throughout the audit team and remained alert to any indications throughout the audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

 

Fraud may involve deliberate concealment by, for example, forgery or intentional omissions, misrepresentation, or through an act of collusion that would mitigate internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Harsheel Dodhia (Senior Statutory Auditor)
For and on behalf of KLSA LLP
13 December 2024
Chartered Accountants
Statutory Auditor
Kalamu House
11 Coldbath Square
London
EC1R 5HL
MAS (HOLDINGS) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
7,698,027
6,873,811
Cost of sales
(1,675,124)
(1,644,674)
Gross profit
6,022,903
5,229,137
Distribution costs
(17,950)
(18,946)
Administrative expenses
(5,567,833)
(5,071,238)
Other operating income
-
33
Operating profit
4
437,120
138,986
Interest receivable and similar income
8
8,653
16,703
Interest payable and similar expenses
9
(117,522)
(152,070)
Amounts written off investments
10
-
3,627
Profit before taxation
328,251
7,246
Tax on profit
11
(406,661)
(1,274)
(Loss)/profit for the financial year
(78,410)
5,972
(Loss)/profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MAS (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
£
£
(Loss)/profit for the year
(78,410)
5,972
Other comprehensive income
Currency translation loss arising in the year
(97,562)
(149,688)
Total comprehensive income for the year
(175,972)
(143,716)
Total comprehensive income for the year is all attributable to the owners of the parent company.
MAS (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
3,607,214
4,203,301
Tangible assets
14
104,209
109,917
3,711,423
4,313,218
Current assets
Stocks
17
1,269,742
1,776,651
Debtors - deferred tax
21
16,347
17,196
Debtors - other
18
5,929,348
6,157,489
Cash at bank and in hand
2,922,827
334,873
10,138,264
8,286,209
Creditors: amounts falling due within one year
19
(10,541,997)
(9,115,765)
Net current liabilities
(403,733)
(829,556)
Net assets
3,307,690
3,483,662
Capital and reserves
Called up share capital
23
202
202
Other reserves
(306,802)
(209,240)
Profit and loss reserves
3,614,290
3,692,700
Total equity
3,307,690
3,483,662
The financial statements were approved by the board of directors and authorised for issue on 13 December 2024 and are signed on its behalf by:
13 December 2024
Mr J Hoskins
Director
Company registration number 08824513 (England and Wales)
MAS (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
15
100
100
Current assets
Debtors
18
6,941,074
3,146,507
Cash at bank and in hand
9,305
2,740
6,950,379
3,149,247
Creditors: amounts falling due within one year
19
(3,127,426)
(3,127,480)
Net current assets
3,822,953
21,767
Net assets
3,823,053
21,867
Capital and reserves
Called up share capital
23
202
202
Profit and loss reserves
3,822,851
21,665
Total equity
3,823,053
21,867

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,801,187 (2023 - £2,791 loss).

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

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

The financial statements were approved by the board of directors and authorised for issue on 13 December 2024 and are signed on its behalf by:
13 December 2024
Mr J Hoskins
Director
Company registration number 08824513 (England and Wales)
MAS (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Other reserves
Currency translation reserve
Profit and loss reserves
Total
£
£
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
202
1,731
(61,283)
3,671,981
3,612,631
Effect of transition from IFRS 16 to FRS 102
-
0
-
-
14,747
14,747
As restated
202
1,731
(61,283)
3,686,728
3,627,378
Year ended 30 April 2023:
Profit for the year
-
-
-
5,972
5,972
Other comprehensive income:
Currency translation differences
-
-
(149,688)
-
0
(149,688)
Total comprehensive income
-
-
(149,688)
5,972
(143,716)
Balance at 30 April 2023
202
1,731
(210,971)
3,692,700
3,483,662
Year ended 30 April 2024:
Loss for the year
-
-
-
(78,410)
(78,410)
Other comprehensive income:
Currency translation differences
-
-
(97,562)
-
0
(97,562)
Total comprehensive income
-
-
(97,562)
(78,410)
(175,972)
Balance at 30 April 2024
202
1,731
(308,533)
3,614,290
3,307,690
MAS (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
202
24,456
24,658
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
(2,791)
(2,791)
Balance at 30 April 2023
202
21,665
21,867
Year ended 30 April 2024:
Profit and total comprehensive income
-
3,801,186
3,801,186
Balance at 30 April 2024
202
3,822,851
3,823,053
MAS (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
2,109,007
(42,392)
Interest paid
(117,522)
(152,070)
Income taxes refunded/(paid)
17,104
(95,326)
Net cash inflow/(outflow) from operating activities
2,008,589
(289,788)
Investing activities
Purchase of intangible assets
(429,796)
(625,093)
Purchase of tangible fixed assets
(44,288)
(27,771)
Proceeds from disposal of tangible fixed assets
13,766
-
Repayment of loans
-
3,627
Interest received
8,653
16,703
Net cash used in investing activities
(451,665)
(632,534)
Net increase/(decrease) in cash and cash equivalents
1,556,924
(922,322)
Cash and cash equivalents at beginning of year
(194,973)
727,349
Effect of foreign exchange rates
85,543
-
0
Cash and cash equivalents at end of year
1,447,494
(194,973)
Relating to:
Cash at bank and in hand
2,922,827
334,873
Bank overdrafts included in creditors payable within one year
(1,475,333)
(529,846)
MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information

MAS (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit A3, Merlin Centre, Acrewood Way, St Albans, Herts, AL4 0JY.

 

The group consists of MAS (Holdings) Limited and all of its subsidiaries listed in note 16. The principal activities of the company and its subsidiaries (the group) are set out in director's report.

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.

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
Transition from IFRS 16 to FRS 102

Effective 01 May 2022, the Group transitioned from IFRS 16 to FRS 102 to align with UK accounting standards, reverting to the classification of leases as either finance or operating. This change resulted in the derecognition of right-of-use assets and lease liabilities for leases classified as operating under FRS 102. Finance leases are retained on the balance sheet and depreciated according to FRS 102 guidelines.

 

The transition adjustments to the consolidated balance sheet include a decrease in right-of-use assets of £474,010 and lease liabilities of £488,757, resulting in a net increase in retained earnings of £14,747. Comparative figures have been restated where feasible.

Further, all operating lease payments are presented as operating cash flows, with finance lease principal payments classified under financing activities.

Note 26 provides a detailed breakdown of future lease commitments for operating leases under FRS 102, by maturity date.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company MAS (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers during the year. Revenue is recognised when the group becomes entitled to it - usually when it has transferred to the buyer the significant risk and rewards of ownership of the goods upon rendering of an invoice.

 

For uncompleted contracts that are in existence at year end, revenue is recognised on a percentage of completion basis.

 

Revenue recognition on contracts in New Zealand subsidiary

 

The group's New Zealand subsidiary estimates the percentage of completion of contracts at each reporting date and recognises the profits earned on this percentage. The determination of the percentage of completion is subject to management estimate which are subject to uncertainty. If the percentage of completion is less than estimated profit the profit recognised would reduce, conversely if the actual percentage of completion is higher than estimated the profit would be increased.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

Patents and trademarks

 

Patent application costs and trademarks are amortised on a straight line basis over their useful life, which has been determined as 10 years. Renewal cost are expensed in the year incurred.

 

Research and developments

 

Research expenditure, in one of the foreign subsidiary, are written off to the profit and loss account in the year in which it is incurred where it is determined there are no future benefits arising. Development costs are deferred where future benefits are expected and amortised over such future period. Unamortised costs are reviewed at balance sheet date to determine the level of costs which are no longer recoverable, such costs are written off.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvements
10% p.a. on reducing balance
Plant and machinery
10% p.a. on reducing balance
Fixtures, fittings & equipment
10% p.a. on reducing balance
Computer equipment
25% p.a. on cost
Motor vehicles
25% p.a. on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -

Depreciation is provided, on reducing balance, in one of the foreign subsidiaries at the following annual rates, which are the maximum permissible rates by the tax authorities of that country:

 

Property improvements        9 - 21.6%

Furniture & Fittings        11 - 40%

Office Furniture & Equipment    9 - 80.4%

Demonstration Equipment        25 - 60%

Plant & Equipment        9 - 80.4%

Computer Hardware        16.2 - 80.4%

Computer Software        48% - 60%

 

There is no specific amortisation rate determined as appropriate for development costs, capitalised in one of the foreign subsidiaries, so these costs are amortised based on the estimated number of units sold of the expected life of each project.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group 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 payment 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
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 group’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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

 

Taxation charge in the accounts recognises the current obligation and all amounts arising from differences between the accounting results and assessable income for the period, calculated using the liability method.

 

Tax effect accounting has been applied, in one of the foreign subsidiary, on a comprehensive basis to all temporary differences. A debit balance in the deferred tax account, arising from temporary differences, is only recognised if it is probable that sufficient taxable amounts will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilized

 

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Foreign exchange

Company

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date or if appropriate at the forward contract rate. Transactions in foreign currencies are recorded at the date of the transactions or at the contract rate if the transaction is covered by forward exchange contract. All differences are taken to the profit and loss account.

 

Group

The accounts of the overseas subsidiary undertakings are translated at the average rate for the profit and loss and at the closing rate for the balance sheet. The exchange difference arising on the retranslation of opening net assets is taken directly to reserves. All other translation differences are taken to the profit and loss account.

1.19

Comparatives

Certain amounts have been reclassified to conform with current formats.

MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Turnover
7,698,027
6,873,811
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
1,121,910
724,823
Other countries
6,576,117
6,148,988
7,698,027
6,873,811
2024
2023
£
£
Other revenue
Interest income
8,653
16,703
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(33,596)
4,790
Research and development costs
572,655
39,937
Depreciation of owned tangible fixed assets
31,933
78,973
Amortisation of intangible assets
866,678
881,460
Stocks impairment losses recognised or reversed
(10,363)
-
0
Operating lease charges
63,437
81,309
MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,750
4,000
Audit of the financial statements of the company's subsidiaries
78,450
35,214
82,200
39,214
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration and management
2
2
2
2
Selling and distribution
2
2
-
-
Total
4
4
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,610,885
2,930,104
138,158
113,158
Social security costs
37,533
39,745
16,555
19,793
Pension costs
7,229
5,917
-
0
-
0
2,655,647
2,975,766
154,713
132,951
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
138,158
113,158
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
8,653
16,703
MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
8
Interest receivable and similar income
(Continued)
- 22 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
8,653
16,703
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
113,586
108,071
Other interest on financial liabilities
3,936
43,999
117,522
152,070
10
Amounts written off investments
2024
2023
£
£
Amounts written back to current loans
-
3,627
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
406,661
1,274

Finance Act 2021 made provision for the rate of corporation tax in the UK to increase (from 1 April 2023) from 19% to 25% where a company has profits in excess of £250,000. In addition, there is also a small profits rate of tax of 19% where profits are £50,000 or less.

MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
328,251
7,246
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
82,063
1,413
Tax effect of expenses that are not deductible in determining taxable profit
296,428
2,088
Tax effect of income not taxable in determining taxable profit
(3,063)
-
0
Group relief
-
0
(2,561)
Permanent capital allowances in excess of depreciation
(839)
(548)
Effect of overseas tax rates
32,072
-
0
Foreign exchange differences
-
0
882
Taxation charge
406,661
1,274

The New Zealand corporate income tax (CIT) rate is 28%.

12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Stocks
17
(10,363)
-
Recognised in:
Cost of sales
(10,363)
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
13
Intangible fixed assets
Group
Computer Softwares
Patents and Trademarks
Development costs
Total
£
£
£
£
Cost
At 1 May 2023
218,698
387,341
9,960,456
10,566,495
Additions - internally developed
-
0
53,552
376,244
429,796
Disposals
(206,492)
-
0
-
0
(206,492)
Exchange adjustments
(4,623)
(16,598)
(406,153)
(427,374)
At 30 April 2024
7,583
424,295
9,930,547
10,362,425
Amortisation and impairment
At 1 May 2023
218,051
294,374
5,850,769
6,363,194
Amortisation charged for the year
287
29,315
837,076
866,678
Disposals
(206,492)
-
0
-
0
(206,492)
Exchange adjustments
(4,603)
(12,385)
(251,181)
(268,169)
At 30 April 2024
7,243
311,304
6,436,664
6,755,211
Carrying amount
At 30 April 2024
340
112,991
3,493,883
3,607,214
At 30 April 2023
647
92,967
4,109,687
4,203,301
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
14
Tangible fixed assets
Group
Property improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
105,662
569,593
409,148
317,046
20,389
1,421,838
Additions
18,698
4,175
11,306
10,109
-
0
44,288
Disposals
(48,114)
(48,137)
(70,516)
(178,623)
-
0
(345,390)
Exchange adjustments
(3,645)
(21,944)
(14,845)
(8,454)
-
0
(48,888)
At 30 April 2024
72,601
503,687
335,093
140,078
20,389
1,071,848
Depreciation and impairment
At 1 May 2023
82,265
517,125
386,220
305,922
20,389
1,311,921
Depreciation charged in the year
3,598
12,643
8,332
7,360
-
0
31,933
Eliminated in respect of disposals
(36,268)
(47,740)
(69,000)
(178,616)
-
0
(331,624)
Exchange adjustments
(2,641)
(20,019)
(13,957)
(7,974)
-
0
(44,591)
At 30 April 2024
46,954
462,009
311,595
126,692
20,389
967,639
Carrying amount
At 30 April 2024
25,647
41,678
23,498
13,386
-
0
104,209
At 30 April 2023
23,397
52,468
22,928
11,124
-
0
109,917
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
100
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
100
Carrying amount
At 30 April 2024
100
At 30 April 2023
100
MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
16
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
MAS Zengrange (NZ) Limited
New Zealand
Ordinary
-
100.00
MAS Zengrange Limited
England and Wales
Ordinary
100.00
-
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
-
10,363
-
-
Work in progress
88,468
293,069
-
-
Finished goods and goods for resale
1,181,274
1,473,219
-
0
-
0
1,269,742
1,776,651
-
-

No inventories whatsoever are specifically and separately pledged as security for liabilities. Inventories are generally subject to retention of title clauses.

18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,615,149
79,046
-
0
-
0
Corporation tax recoverable
-
0
18,091
-
0
-
0
Amounts owed by group undertakings
-
-
3,135,931
3,140,117
Other debtors
4,298,211
6,033,814
3,805,143
6,390
Prepayments and accrued income
15,988
26,538
-
0
-
0
5,929,348
6,157,489
6,941,074
3,146,507
Amounts falling due after more than one year:
Deferred tax asset (note 21)
16,347
17,196
-
0
-
0
Total debtors
5,945,695
6,174,685
6,941,074
3,146,507
MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
1,475,333
529,846
-
0
-
0
Trade creditors
129,962
203,923
-
0
-
0
Corporation tax payable
404,825
-
0
278
-
0
Other taxation and social security
12,648
20,722
6,469
6,507
Other creditors
8,026,213
8,048,923
3,116,723
3,116,723
Accruals and deferred income
493,016
312,351
3,956
4,250
10,541,997
9,115,765
3,127,426
3,127,480

BNZ holds a perfected security interest in all present & after acquired property of MAS Zengrange (NZ) Ltd, charged over deposits in the name of MAS Zengrange (NZ) Ltd, a guarantee for the amount of £3,903,371 (NZ $8,000,000), plus interest and cost in terms of the banks standard guarantee form from Hall and Watts Holdings Limited, a related party by virtue of being under common control.

 

BNZ also holds guarantees as per contingent liabilities disclosed in the Note 25 to the financial statements.

20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
1,475,333
529,846
-
0
-
0
Payable within one year
1,475,333
529,846
-
0
-
0
21
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Assets
Assets
2024
2023
Group
£
£
Other
16,347
17,196
The company has no deferred tax assets or liabilities.
MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
21
Deferred taxation
(Continued)
- 28 -
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 May 2023
(17,196)
-
Charge to profit or loss
849
-
Asset at 30 April 2024
(16,347)
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
7,229
5,917

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
20,200
20,200
202
202
24
Related party transactions

During the year the group entered into the following transactions with related parties:

 

The company has taken advantage of the exemption available in FRS 102 (s33 "Related Party Disclosure"), whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.

 

At the balance sheet date, amount payable to Hall & Watts Holdings Ltd,and Hall & Watts Defence Optics Ltd, all connected companies amounted to £2,166,710 (2023: £2,166,710) and £5,168,881 (2023: £5,339,824) respectively at the group level. During the year, management fees paid to Hall & Watts Defence Optics Ltd amounted to £56,000 (2023: £538,000).

 

At the balance sheet date, amount receivable from Hall & Watts Holdings Ltd, Hall & Watts Defence Optics Ltd and Hall & Watts Australia PTY amounted to £2,010,245, (2023: £1,974,420), £1,107,802 (2023: £1,107,802) and £21,695 (2023: £21,695) respectively at the group level.

MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
25
Financial commitments, guarantees and contingent liabilities

At balance sheet date BNZ held guarantees, on behalf MAS Zengrange (NZ) Limited in favour of:

- Wellington Regional Chamber of Commerce of NZ $17,904 (2023: NZ $17,904).

- Government of the Republic of Singapore SGD $60,434 (2023: SGD $60,434), which is secured by a term deposit of SGD $60,434.

- Defence acquisition Program Admins USD $110,253 (2023: $110,253), which is secured by a term deposit of USD $79,290.

A cross guarantee and debenture has been given by group UK companies in respect of their UK bank indebtedness.

 

There were no other known contingent liabilities (2023: £Nil).

26
Operating lease commitments
Lessee

Lease commitments under non-cancellable operating leases relate to the group's New Zealand subsidiary and include the following:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
73,338
60,619
-
-
Between two and five years
293,353
240,946
-
-
366,691
301,565
-
-
27
Controlling party

The ultimate controlling party is Mr.J Hoskins.

MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
28
Cash generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(78,410)
5,972
Adjustments for:
Taxation charged
406,661
1,274
Finance costs
117,522
152,070
Investment income
(8,653)
(16,703)
Amortisation and impairment of intangible assets
866,678
881,460
Depreciation and impairment of tangible fixed assets
31,933
78,973
Amounts written off investments
-
(3,627)
Movements in working capital:
Decrease in stocks
506,909
675,251
Decrease/(increase) in debtors
210,050
(1,124,746)
Increase/(decrease) in creditors
56,317
(692,316)
Cash generated from/(absorbed by) operations
2,109,007
(42,392)
29
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Profit/(loss) for the year after tax
3,801,186
(2,791)
Adjustments for:
Taxation charged
278
-
0
Investment income
(3,800,000)
-
0
Movements in working capital:
Decrease in debtors
5,433
609,801
Decrease in creditors
(332)
(610,472)
Cash generated from/(absorbed by) operations
6,565
(3,462)
30
Analysis of changes in net funds/(debt) - group
1 May 2023
Cash flows
Exchange rate movements
30 April 2024
£
£
£
£
Cash at bank and in hand
334,873
2,502,409
85,545
2,922,827
Bank overdrafts
(529,846)
(945,487)
-
(1,475,333)
(194,973)
1,556,922
85,545
1,447,494
MAS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
31
Analysis of changes in net funds - company
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
2,740
6,565
9,305
2024-04-302023-05-01falseCCH SoftwareCCH Accounts Production 2024.200Mr Arvind ThakkarMr A ThakkarMr J 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