Company registration number 08888310 (England and Wales)
THE MAILING ROOM FINANCE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
THE MAILING ROOM FINANCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
THE MAILING ROOM FINANCE LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,570,553
3,228,060
Current assets
Debtors
5
63,944
69,657
Cash at bank and in hand
127,074
104,216
191,018
173,873
Creditors: amounts falling due within one year
6
(818,367)
(1,156,422)
Net current liabilities
(627,349)
(982,549)
Total assets less current liabilities
2,943,204
2,245,511
Provisions for liabilities
7
(444,579)
(438,591)
Net assets
2,498,625
1,806,920
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,498,525
1,806,820
Total equity
2,498,625
1,806,920

The directors of the company have 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 22 November 2024 and are signed on its behalf by:
M Smith
Director
Company registration number 08888310 (England and Wales)
THE MAILING ROOM FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

The Mailing Room Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bevan Kidwell LLP, 113-117 Farringdon Road, London, EC1R 3BX C/O Bevan Kidwell, 113-117 Farringdon Road, London, EC1R 3BX.

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

At the time of preparing the financial statements the directors have considered that truethe company will have adequate resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

Revenue represents the amounts received or receivable for the rental of postal franking machines and the sale of associated equipment net of VAT.

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:

Rental Equipment
Term of Lease

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
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.

THE MAILING ROOM FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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 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.

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, 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.

1.7
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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled.

THE MAILING ROOM FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023
5,334,440
Additions
1,758,024
Disposals
(1,437,734)
At 31 July 2024
5,654,730
Depreciation and impairment
At 1 August 2023
2,106,380
Depreciation charged in the year
896,372
Eliminated in respect of disposals
(918,575)
At 31 July 2024
2,084,177
Carrying amount
At 31 July 2024
3,570,553
At 31 July 2023
3,228,060
THE MAILING ROOM FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
63,844
69,557
Amounts owed by group undertakings
100
100
63,944
69,657
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,938
(5,365)
Amounts owed to group undertakings
500,000
850,082
Corporation tax
106,832
119,509
Other taxation and social security
87,334
84,373
Other creditors
109,263
107,823
818,367
1,156,422
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
444,579
438,591

Deferred tax liability has arisen due to timing differences between fixed asset net book value and tax written down value of those assets.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Nathaniel Davidson BA(Hons) ACA
Statutory Auditor:
Lopian Gross Barnett & Co
Date of audit report:
22 November 2024
9
Events after the reporting date

There were no events after the reporting period date which require disclosure at the balance sheet date.

10
Related party transactions

During the year there were no related party transactions which require disclosure.

THE MAILING ROOM FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
11
Parent company and ultimate controlling party

The company is a wholly owned subsidiary of The Mailing Room Holdings Limited and the results for the company are included within the consolidated accounts. The registered office of The Mailing Room Holdings Limited is Bevan Kidwell LLP, 113-117 Farringdon Road, London, EC1R 3BX.

The ultimate controlling parties are G Bevan and H Bevan.

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