Company registration number 06875569 (England and Wales)
MON-OT LTD (FORMERLY WHEELCHAIR AND POSTURE MANAGEMENT SOLUTIONS LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
Ridehalgh Limited
Chartered Accountants
Guardian House
42 Preston New Road
Blackburn
Lancashire
BB2 6AH
MON-OT LTD (FORMERLY WHEELCHAIR AND POSTURE MANAGEMENT SOLUTIONS LTD)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MON-OT LTD (FORMERLY WHEELCHAIR AND POSTURE MANAGEMENT SOLUTIONS LTD)
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
42,001
8,139
Current assets
Debtors
61,921
58,566
Cash at bank and in hand
8,853
19,777
70,774
78,343
Creditors: amounts falling due within one year
(38,912)
(24,042)
Net current assets
31,862
54,301
Total assets less current liabilities
73,863
62,440
Creditors: amounts falling due after more than one year
(15,138)
(8,333)
Net assets
58,725
54,107
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
58,724
54,106
Total equity
58,725
54,107
MON-OT LTD (FORMERLY WHEELCHAIR AND POSTURE MANAGEMENT SOLUTIONS LTD)
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 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.
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 24 January 2025
Ms G Russell
Director
Company registration number 06875569 (England and Wales)
MON-OT LTD (FORMERLY WHEELCHAIR AND POSTURE MANAGEMENT SOLUTIONS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
MON-OT Ltd (formerly Wheelchair and Posture Management Solutions Ltd) is a private company limited by shares incorporated in England and Wales. The registered office is Ger Llewelyn Llewelyn Street, Aberffraw, Ty Croes, Wales, LL63 5YU.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
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:
Office equipment
25% per annum reducing balance
Motor vehicles
25% per annum reducin balance
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.
1.4
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.
MON-OT LTD (FORMERLY WHEELCHAIR AND POSTURE MANAGEMENT SOLUTIONS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances recognised at transaction price.
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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
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
1.5
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.
1.6
Taxation
The tax expense represents the tax currently payable.
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.
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
MON-OT LTD (FORMERLY WHEELCHAIR AND POSTURE MANAGEMENT SOLUTIONS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Office equipment
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
26,141
26,141
Additions
923
44,444
45,367
At 30 April 2024
27,064
44,444
71,508
Depreciation and impairment
At 1 May 2023
18,002
18,002
Depreciation charged in the year
2,246
9,259
11,505
At 30 April 2024
20,248
9,259
29,507
Carrying amount
At 30 April 2024
6,816
35,185
42,001
At 30 April 2023
8,139
8,139
4
Directors' transactions
The loan previously made to the director, Ms G Russell was partly repaid in the year leaving an amount owed to the company at 30 April 2024 of £33,005. Interest was charged at a rate of 2.25% per annum, amounting to £736. There are no specific terms of repayment.