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Registered number: 07426832
Mantra Interiors Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Shaikh & Co Ltd
Registered Auditors and Chartered Certified Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07426832
2024 2023
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
Stocks 5 33,965 -
Debtors 6 1,657 6,566
Cash at bank and in hand 320,174 284,646
355,796 291,212
Creditors: Amounts Falling Due Within One Year 7 (181,118 ) (83,428 )
NET CURRENT ASSETS (LIABILITIES) 174,678 207,784
TOTAL ASSETS LESS CURRENT LIABILITIES 174,678 207,784
Creditors: Amounts Falling Due After More Than One Year 8 (26,926 ) (26,667 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (170,796 ) (203,796 )
NET LIABILITIES (23,044 ) (22,679 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (23,144 ) (22,779 )
SHAREHOLDERS' FUNDS (23,044) (22,679)
Page 1
Page 2
For the year ending 31 May 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Chris Davies
Director
24/02/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Mantra Interiors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07426832 . The registered office is 51 St Mary's Road, Tonbridge, Kent, TN9 2LE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The validity of the going concern assumption will depend on the continuing support of the directors and shareholders
for the foreseeable future, together with the ability of the company to trade profitably in the future. On this basis, the
directors consider it appropriate to prepare the financial statements on the going concern basis. The financial
statements do not include any adjustments that would result from a withdrawal of the above support.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% straight line
Computer Equipment 33% straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 June 2023 2,453 3,324 5,777
As at 31 May 2024 2,453 3,324 5,777
Depreciation
As at 1 June 2023 2,453 3,324 5,777
As at 31 May 2024 2,453 3,324 5,777
Net Book Value
As at 31 May 2024 - - -
As at 1 June 2023 - - -
5. Stocks
2024 2023
£ £
Work in progress 33,965 -
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 900 900
Other debtors 648 5,666
VAT 109 -
1,657 6,566
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 57,085 7,082
Bank loans and overdrafts 10,000 10,000
Corporation tax 202 202
Other taxes and social security 724 649
VAT - 3,029
Other creditors 11,140 9,147
Accruals and deferred income 50,952 6,000
Director's loan account 51,015 47,319
181,118 83,428
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 26,926 26,667
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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