Registration number:
Mountview Private Finance Ltd
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Mountview Private Finance Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Mountview Private Finance Ltd
Company Information
Director |
G O Rankin |
Registered office |
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Accountants |
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Mountview Private Finance Ltd
Statement of Financial Position as at 30 June 2024
Note |
2024 |
2023 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
(244,314) |
(195,216) |
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Shareholders' deficit |
(244,313) |
(195,215) |
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.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Approved and authorised by the
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G O Rankin
Director
Company registration number: 11402597
Mountview Private Finance Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the provision of consultancy services in respect of renewable energy projects.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company had net liabilities at 30 June 2024 amounting to £244,313, with net current liabilities amounting to £154,879.
Despite the challenges experienced in the industry in 2024 from the UK election and new budget along with the US election, the company was able to repay £80,000 of loan notes during the second half of 2024.
Due to the Bank of England Base Rate being reduced three times in the last 9 months, markets have picked up markedly in the last 3 months and this has led to the company attracting a healthy pipeline of work for Q2 and Q3 of 2025.
The company has very few fixed overheads and limited working capital requirements so the company is capable of operating for at least the next 12 months. The company is focused on using new receipts in 2025 to repay the remaining loan notes over the next 12 months.
Accordingly, on the basis of the above, the director believes the company has sufficient resources to remain in operational existence for the foreseeable future and continues to adopt the going concern basis in preparing the financial statements.
Mountview Private Finance Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company during the year, was
Debtors |
2024 |
2023 |
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Other debtors |
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Mountview Private Finance Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Loan notes |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
2024 |
2023 |
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Loan notes |
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The loan notes are secured by a fixed and floating charge over the assets and undertakings of the company.
Transactions with directors |
At 30 June 2024 an amount of £36,726 (2023: £54,331) was due from the director. During the year there were repayments of £19,750 and drawings of £1,000. Interest of £1,145 (2023: £1,120) is payable to the company at 2.25% p.a. and there are no agreed terms.