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REGISTERED NUMBER: 12002329 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

MOUNTWISE LTD

MOUNTWISE LTD (REGISTERED NUMBER: 12002329)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MOUNTWISE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mrs N V Bradbury
S M Bradbury





REGISTERED OFFICE: The Quies Hotel
26 Mount Wise
Newquay
Cornwall
TR7 2BJ





REGISTERED NUMBER: 12002329 (England and Wales)





ACCOUNTANTS: Whitakers
Chartered Accountants
Bryndon House
5/7 Berry Road
Newquay
Cornwall
TR7 1AD

MOUNTWISE LTD (REGISTERED NUMBER: 12002329)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 26,189 27,762
26,189 27,762

CURRENT ASSETS
Stocks 500 500
Cash at bank 20,306 11,789
20,806 12,289
CREDITORS
Amounts falling due within one year 6 25,684 15,305
NET CURRENT LIABILITIES (4,878 ) (3,016 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,311

24,746

PROVISIONS FOR LIABILITIES 4,976 5,275
NET ASSETS 16,335 19,471

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 16,333 19,469
16,335 19,471

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MOUNTWISE LTD (REGISTERED NUMBER: 12002329)

BALANCE SHEET - continued
31 MAY 2024


The 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, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





S M Bradbury - Director


MOUNTWISE LTD (REGISTERED NUMBER: 12002329)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Mountwise Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, has been amortised evenly over its estimated useful life of four years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

MOUNTWISE LTD (REGISTERED NUMBER: 12002329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 40,000
AMORTISATION
At 1 June 2023
and 31 May 2024 40,000
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 June 2023 50,441
Additions 3,812
At 31 May 2024 54,253
DEPRECIATION
At 1 June 2023 22,679
Charge for year 5,385
At 31 May 2024 28,064
NET BOOK VALUE
At 31 May 2024 26,189
At 31 May 2023 27,762

MOUNTWISE LTD (REGISTERED NUMBER: 12002329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 10,729 2,242
Tax 2,378 1,607
Social security and other taxes 8,811 9,473
Other creditors 155 -
Directors' current accounts 1,866 720
Accrued expenses 1,745 1,263
25,684 15,305

7. RELATED PARTY DISCLOSURES

During the year £34,000 (2023 £20,000) was paid to Mr & Mrs Bradbury the directors of the company in respect of the rental of the building from which the company operates which is owned by them personally.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the directors Mr & Mrs Bradbury, by virtue of the fact, they own 100% of the company's share capital.