Silverfin false false 30/06/2024 01/07/2023 30/06/2024 D Mason G Mason 14 January 2025 The principal activity of the Company continued to be that of the sale of motor vehicles. 08985959 2024-06-30 08985959 2023-06-30 08985959 core:CurrentFinancialInstruments 2024-06-30 08985959 core:CurrentFinancialInstruments 2023-06-30 08985959 core:Non-currentFinancialInstruments 2024-06-30 08985959 core:Non-currentFinancialInstruments 2023-06-30 08985959 core:ShareCapital 2024-06-30 08985959 core:ShareCapital 2023-06-30 08985959 core:RevaluationReserve 2024-06-30 08985959 core:RevaluationReserve 2023-06-30 08985959 core:RetainedEarningsAccumulatedLosses 2024-06-30 08985959 core:RetainedEarningsAccumulatedLosses 2023-06-30 08985959 core:Goodwill 2023-06-30 08985959 core:Goodwill 2024-06-30 08985959 core:LandBuildings 2023-06-30 08985959 core:LandBuildings 2024-06-30 08985959 bus:OrdinaryShareClass1 2024-06-30 08985959 bus:OrdinaryShareClass2 2024-06-30 08985959 2023-07-01 2024-06-30 08985959 bus:FilletedAccounts 2023-07-01 2024-06-30 08985959 bus:SmallEntities 2023-07-01 2024-06-30 08985959 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 08985959 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 08985959 bus:Director1 2023-07-01 2024-06-30 08985959 bus:Director2 2023-07-01 2024-06-30 08985959 core:Goodwill core:TopRangeValue 2023-07-01 2024-06-30 08985959 core:Goodwill 2023-07-01 2024-06-30 08985959 core:LandBuildings core:TopRangeValue 2023-07-01 2024-06-30 08985959 2022-07-01 2023-06-30 08985959 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 08985959 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 08985959 bus:OrdinaryShareClass2 2023-07-01 2024-06-30 08985959 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08985959 (England and Wales)

MASONS PRESTIGE LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

MASONS PRESTIGE LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

MASONS PRESTIGE LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
MASONS PRESTIGE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTORS D Mason
G Mason
SECRETARY D Rayner
REGISTERED OFFICE Woodlands
Willian Road
Hitchin
SG4 0LU
United Kingdom
COMPANY NUMBER 08985959 (England and Wales)
CHARTERED ACCOUNTANTS Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1BP
MASONS PRESTIGE LIMITED

BALANCE SHEET

As at 30 June 2024
MASONS PRESTIGE LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 10,000
Tangible assets 4 75,000 75,000
Investment property 5 300,000 300,000
375,000 385,000
Current assets
Stocks 472,010 572,834
Debtors 6 21,150 22,950
Cash at bank and in hand 120,717 102,821
613,877 698,605
Creditors: amounts falling due within one year 7 ( 596,298) ( 716,456)
Net current assets/(liabilities) 17,579 (17,851)
Total assets less current liabilities 392,579 367,149
Creditors: amounts falling due after more than one year 8 ( 9,645) ( 19,912)
Provision for liabilities ( 26,952) ( 26,952)
Net assets 355,982 320,285
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve 17,717 17,717
Profit and loss account 338,165 302,468
Total shareholders' funds 355,982 320,285

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Masons Prestige Limited (registered number: 08985959) were approved and authorised for issue by the Board of Directors on 14 January 2025. They were signed on its behalf by:

G Mason
Director
MASONS PRESTIGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
MASONS PRESTIGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Masons Prestige Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Woodlands, Willian Road, Hitchin, Hertfordshire, SG4 0LU.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. In accordance with FRS 102 para 16.9A, investment property transferred to property, plant, and equipment has been accounted for using its fair value at the property's date of change in use as its deemed cost.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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 any applicable discounts.

Turnover 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life, and is amortised on a straight line basis over this useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. Note that the residual value of the freehold land and buildings held by the company is estimated to be at least that of its deemed cost, and as such no depreciation is charged.

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.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2023 100,000 100,000
At 30 June 2024 100,000 100,000
Accumulated amortisation
At 01 July 2023 90,000 90,000
Charge for the financial year 10,000 10,000
At 30 June 2024 100,000 100,000
Net book value
At 30 June 2024 0 0
At 30 June 2023 10,000 10,000

4. Tangible assets

Land and buildings Total
£ £
Cost
At 01 July 2023 75,000 75,000
At 30 June 2024 75,000 75,000
Accumulated depreciation
At 01 July 2023 0 0
At 30 June 2024 0 0
Net book value
At 30 June 2024 75,000 75,000
At 30 June 2023 75,000 75,000

Land and buildings with a carrying amount of £75,000 were transferred from investment property using fair value as deemed cost in January 2022. The fair value was determined by the directors at transfer and £75,000 was deemed to be a fair reflection of their market value on consideration of general market conditions and similar property transactions at the time. No formal assessment was carried out by an independent and qualified valuer.

Given that land and buildings were transferred from investment property, they are carried under the cost model using fair value on transfer as deemed cost. However they are therefore held at a revalued amount determined prior to their transfer. If land and buildings were measured according to their historical cost, the cost and carrying value would be £53,400. There would be no change to depreciation given that the land and buildings are deemed to have a residual value that is equivalent to their deemed cost.

5. Investment property

Investment property
£
Valuation
As at 01 July 2023 300,000
As at 30 June 2024 300,000

Valuation

Investment property comprises land and buildings leased to tenants. The fair value of the investment property has not been formally assessed by an independent and qualified valuer. The value at which investment property is held at the end of the reporting period was considered by the directors and deemed to be a fair reflection of its market value as at that date on consideration of general market conditions and similar property transactions.

6. Debtors

2024 2023
£ £
Other debtors 21,150 22,950

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,268 10,013
Trade creditors 0 3,443
Amounts owed to directors 533,727 660,081
Accruals and deferred income 12,675 12,249
Taxation and social security 24,482 30,203
Other creditors 15,146 467
596,298 716,456

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 9,645 19,912

9. Called-up share capital and reserves

2024 2023
£ £
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each 50 50
50 Ordinary B shares of £ 1.00 each 50 50
100 100
Presented as follows:
Called-up share capital presented as equity 100 100

The Company's other reserves are as follows:

The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties, net of dividends paid and other adjustments.

The revaluation reserve represents the cumulative effect of revaluations of freehold land and buildings which are revalued to fair value at each reporting date. The gains in the reserve are net of the associated recognised deferred tax liability.

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors' loan account balances 533,727 660,081

At the end of the reporting period, the Company owed its directors the amounts listed above. There are is no formal agreement or terms set out in respect of the loans, and as such they bear no interest and are deemed repayable on demand.