Company registration number 08787181 (England and Wales)
MONTEROS FINANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MONTEROS FINANCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MONTEROS FINANCE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
11,221
11,221
Current assets
Debtors
4
9,114,739
20,840,555
Cash at bank and in hand
12,722,541
6,250,570
21,837,280
27,091,125
Creditors: amounts falling due within one year
5
(75,934)
(174,002)
Net current assets
21,761,346
26,917,123
Net assets
21,772,567
26,928,344
Capital and reserves
Called up share capital
6
10,000
10,000
Share premium account
7
19,006,232
23,692,417
Profit and loss reserves
2,756,335
3,225,927
Total equity
21,772,567
26,928,344

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 26 March 2025 and are signed on its behalf by:
M Elwood
Director
Company registration number 08787181 (England and Wales)
MONTEROS FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Monteros Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Broomgrove Road, Sheffield, S10 2LW.

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
Turnover

Turnover is in respect of interest receivable.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
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.

MONTEROS FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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 and loans from fellow group companies 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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

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

2024
2023
Number
Number
Total
3
3
MONTEROS FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
11,221
11,221
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,639,566
18,186,070
Corporation tax recoverable
116,408
29,622
Amounts owed by group undertakings
4,888
-
0
Other debtors
353,877
2,624,863
9,114,739
20,840,555
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,869
3,084
Amounts owed to group undertakings
213
-
0
Corporation tax
-
0
157,814
Other taxation and social security
-
0
100
Other creditors
71,852
13,004
75,934
174,002

Included in other creditors are amounts owed to directors of £37,495 (2023: £0). The amount is unsecured, repayable on demand and no interest is charged on the account.

6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,000
10,000
10,000
10,000
7
Share premium account

During the year ended 31 March 2024, the company reduced its share premium account by £4,686,185. This reduction was undertaken following a resolution passed by the shareholders on the 20 December 2023 and 24th March 2024.

The reduction resulted in a fall of the share premium account to £19,006,232 (2023: £23,692,417).

MONTEROS FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
8
Related party transactions

As permitted by FRS 102 these financial statements do not disclose transactions with subsidiaries where 100% of the voting rights are held within the group.

 

As at 31 March 2024, there are loans due from related parties amounting to £8,339,560 (2023: £16,911,070). The loans are included within trade debtors.

 

As at 31 March 2024, there are loans due to related parties amounting to £23,910 (2023: £2,558). The loans are included within other creditors.

 

During the year Monteros Finance Limited paid consultancy fees of £21,630 (2023: £20,610) to a company controlled by D Fixter.

9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director
2.25
2,188,550
2,208,044
24,810
(4,458,899)
(37,495)
Director
2.25
17,958
-
202
(18,160)
-
Director
2.25
168,872
-
3,802
(3,726)
168,948
2,375,380
2,208,044
28,814
(4,480,785)
131,453
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