Company Registration No. 6132072 (England and Wales)
MUN (UK) Limited
Unaudited accounts
for the year ended 31 March 2024
MUN (UK) Limited
Unaudited accounts
Contents
MUN (UK) Limited
Company Information
for the year ended 31 March 2024
Directors
Mr Garett Doyle
Dr Noreen Golfman
Ms Sara Inkpen
Dr Neil Bose
Dr Jenifer Lokash
Mr Rahman Anik
Company Number
6132072 (England and Wales)
Registered Office
The Maltings
St Johns Walk
Harlow
Essex
CM17 0AJ
United Kingdom
Accountants
ABVK Limited
M25 Business Centre, Ability House
121 Brooker Road
Waltham Abbey
Essex
EN9 1JH
MUN (UK) Limited
Statement of financial position
as at 31 March 2024
Tangible assets
8,588
13,219
Cash at bank and in hand
80,726
60,400
Creditors: amounts falling due within one year
(131,746)
(116,783)
Net current liabilities
(11,004)
(13,149)
Net (liabilities)/assets
(2,416)
70
Profit and loss account
(2,416)
70
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by
Dr Neil Bose
Director
Company Registration No. 6132072
MUN (UK) Limited
Notes to the Accounts
for the year ended 31 March 2024
MUN (UK) Limited is a private company, limited by guarantee, registered in England and Wales, registration number 6132072. The registered office is The Maltings, St Johns Walk, Harlow, Essex, CM17 0AJ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling, which is the company's functional currency, and all values are rounded to the nearest Pound Sterling.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over it's estimated useful life. As the depreciation is accounting estimates, the company's policy is not to depreciate any asset in the year of acquisition.
Plant & machinery
5 years straight line
Fixtures & fittings
10 years straight line
Computer equipment
3 years straight line
Critical accounting judgements and estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below:
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended when necessary to reflect current estimates.
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 providing accommodation and related services to higher education students and faculties.
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received ore receivable.
MUN (UK) Limited
Notes to the Accounts
for the year ended 31 March 2024
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 accounts. 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.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
No director (including directors of the company during the year who where also employees of Memorial University of Newfoundland, the ultimate controlling holding party) or any person related or connected by business to them, received any remuneration from MUN (UK) Ltd during the period.
Throughout their service as directors of MUN (UK) Ltd, the duties of any directors of MUN (UK) Ltd who were also employees of Memorial University of Newfoundland were considered an integral part of their employment at Memorial University of Newfoundland.
The financial statements have been prepared on a going concern basis as the controlling party has committed to supporting the company to meet its financial obligations for a period of 12 months from the signing of the financial statements.
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2023
122,979
25,462
128,202
276,643
At 31 March 2024
123,668
25,102
128,202
276,972
At 1 April 2023
116,179
25,097
122,148
263,424
Charge for the year
1,401
-
3,559
4,960
At 31 March 2024
117,580
25,097
125,707
268,384
At 31 March 2024
6,088
5
2,495
8,588
At 31 March 2023
6,800
365
6,054
13,219
MUN (UK) Limited
Notes to the Accounts
for the year ended 31 March 2024
Amounts falling due within one year
Trade debtors
39,959
38,934
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
16,480
16,409
Amounts owed to group undertakings and other participating interests
9,988
9,988
Taxes and social security
4,986
7,079
Deferred income
42,477
32,385
7
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
8
Transactions with related parties
In the year ending 31 March 2024. Memorial University provided an operating grant of £565,011 (2023 : £520,842). At the year end 31 March 2024, £37,065 was unspent and the income has been deferred to match with future expenses.
On 15 August 2014 Memorial University of Newfoundland provided an interest free loan to the company of £9,988, which will not be recalled whilst the company has no overdraft facility with its bank, Barclays Bank plc.
During the year Harlow Campus received £9,250 from the Harlow Scholarship & Bursary Trust (a trust set up by the Memorial University of Newfoundland) in respect of the scholarship awards to students, £3,000 was paid to students. At the year end 31 March 2024, £6,250 was due back to the Harlow Scholarship & Bursary Trust. The Trustees have decided scholarship will be paid directly from the trust account in the future.
The ultimate controlling party is the Memorial University of Newfoundland (a corporation operating under the authority of the Memorial University Act in the Province of Newfoundland and Labrador).
10
Average number of employees
During the year the average number of employees was 15 (2023: 16).