Company registration number 04084358 (England and Wales)
MASON & CO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MASON & CO LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MASON & CO LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
217,360
237,984
Current assets
Stocks
7,401
8,450
Debtors
4
93,968
22,590
Cash at bank and in hand
31,349
33,084
132,718
64,124
Creditors: amounts falling due within one year
5
(318,286)
(281,785)
Net current liabilities
(185,568)
(217,661)
Total assets less current liabilities
31,792
20,323
Creditors: amounts falling due after more than one year
6
(134,055)
(169,040)
Provisions for liabilities
(15,273)
(19,210)
Net liabilities
(117,536)
(167,927)
Capital and reserves
Called up share capital
7
501
501
Profit and loss reserves
(118,037)
(168,428)
Total equity
(117,536)
(167,927)

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MASON & CO LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 January 2025
E Mason
Director
Company registration number 04084358 (England and Wales)
MASON & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Mason & Co Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 607 Meanwood Road, Leeds, LS6 4HQ.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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
Going concern

The accounts have been prepared on a going concern basis based on the continued support of the company directors. If the going concern status proved not to be valid, adjustments would have to be made to restate the value of the assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities. The directors have confirmed their intention to continue to support the company for the foreseeable future.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
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:

Leasehold land and buildings
Over the term of the lease
Fixtures and fittings
10% - 20% Straight line
Computer Equipment
20% Straight line

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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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).

MASON & CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.

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.

1.7
Cash and cash equivalents

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.

1.8
Financial instruments

The company 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 company's balance sheet when the company becomes 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 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 company 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 company after deducting all of its liabilities.

MASON & CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
Taxation

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

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 company’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 tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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.

1.12
Retirement benefits

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

MASON & CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.13
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 leases asset are consumed.

2
Employees

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

2024
2023
Number
Number
Total
9
10
3
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computer Equipment
Total
£
£
£
£
Cost
At 1 April 2023
43,130
205,878
2,209
251,217
Additions
-
0
5,095
-
0
5,095
At 31 March 2024
43,130
210,973
2,209
256,312
Depreciation and impairment
At 1 April 2023
2,765
9,732
736
13,233
Depreciation charged in the year
3,318
21,959
442
25,719
At 31 March 2024
6,083
31,691
1,178
38,952
Carrying amount
At 31 March 2024
37,047
179,282
1,031
217,360
At 31 March 2023
40,365
196,146
1,473
237,984
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,731
133
Other debtors
78,237
22,457
93,968
22,590
MASON & CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
485
474
Trade creditors
62,488
111,797
Taxation and social security
12,967
9,791
Other creditors
242,346
159,723
318,286
281,785
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
2,725
3,210
Redeemable preference shares
100,000
100,000
Other creditors
31,330
165,830
134,055
269,040
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
501
501
501
501
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
396,456
432,498
9
Directors' transactions

Included within other creditors due after one year is a balance of £31,330 (2023: £65,830) owing to the director. There are no set terms as to the repayment of this balance and no interest accrued thereon.

2024-03-312023-04-01false23 January 2025CCH SoftwareCCH Accounts Production 2024.100No description of principal activityE Masonfalsefalse040843582023-04-012024-03-31040843582024-03-31040843582023-03-3104084358core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3104084358core:FurnitureFittings2024-03-3104084358core:ComputerEquipment2024-03-3104084358core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3104084358core:FurnitureFittings2023-03-3104084358core:ComputerEquipment2023-03-3104084358core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3104084358core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3104084358core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3104084358core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3104084358core:CurrentFinancialInstruments2024-03-3104084358core:CurrentFinancialInstruments2023-03-3104084358core:ShareCapital2024-03-3104084358core:ShareCapital2023-03-3104084358core:RetainedEarningsAccumulatedLosses2024-03-3104084358core:RetainedEarningsAccumulatedLosses2023-03-3104084358bus:Director12023-04-012024-03-3104084358core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3104084358core:FurnitureFittings2023-04-012024-03-3104084358core:ComputerEquipment2023-04-012024-03-31040843582022-04-012023-03-3104084358core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3104084358core:FurnitureFittings2023-03-3104084358core:ComputerEquipment2023-03-31040843582023-03-3104084358core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3104084358core:WithinOneYear2024-03-3104084358core:WithinOneYear2023-03-3104084358core:Non-currentFinancialInstruments2024-03-3104084358core:Non-currentFinancialInstruments2023-03-3104084358core:Non-currentFinancialInstruments12024-03-3104084358bus:PrivateLimitedCompanyLtd2023-04-012024-03-3104084358bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3104084358bus:FRS1022023-04-012024-03-3104084358bus:AuditExemptWithAccountantsReport2023-04-012024-03-3104084358bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP