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Registration number: 06932718

Organic Masters Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 June 2024

 

Organic Masters Group Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Organic Masters Group Limited

Company Information

Directors

Mr T P Mortlock

Mrs A E Mortlock

Registered office

Newton Villa
19 Alexandra Road
Brecon
Powys
LD3 7PB

Bankers

National Westminster Bank plc
27 High Street
Brecon
Powys
LD3 7LF

Accountants

W J James & Co Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Organic Masters Group Limited

(Registration number: 06932718)
Balance Sheet as at 29 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

642

1,105

Investments

6

2

2

 

644

1,107

Current assets

 

Stocks

7

1,000

1,500

Debtors

8

5,956

26,555

Cash at bank and in hand

 

7,903

3,546

 

14,859

31,601

Creditors: Amounts falling due within one year

9

(99,496)

(139,850)

Net current liabilities

 

(84,637)

(108,249)

Total assets less current liabilities

 

(83,993)

(107,142)

Creditors: Amounts falling due after more than one year

9

(8,595)

(17,907)

Net liabilities

 

(92,588)

(125,049)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(92,688)

(125,149)

Shareholders' deficit

 

(92,588)

(125,049)

For the financial year ending 29 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 March 2025 and signed on its behalf by:
 

.........................................
Mr T P Mortlock
Director

 

Organic Masters Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Newton Villa
19 Alexandra Road
Brecon
Powys
LD3 7PB

The principal place of business is:
25 Church Road
Wimbledon Village
London
SW19 5DQ

These financial statements were authorised for issue by the Board on 27 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

Going concern

Revenue recognition

Turnover represents sale of goods and services excluding VAT.

Income is recognised when a customer's requirements in the salon have been completed,

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Organic Masters Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to leasehold property

Over period of lease

Fixtures and fittings

10% on cost

Computer equipment

25% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

The company has made an operating profit this year but its liabilities continue to exceed its assets due to losses incurred in previous year. The company continues to be supported by the directors. Accordingly, the financial statements have been prepared on a going concern basis.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Organic Masters Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

 

Organic Masters Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

463

2,077

 

Organic Masters Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 30 June 2023

17,287

1,292

18,579

At 29 June 2024

17,287

1,292

18,579

Depreciation

At 30 June 2023

16,182

1,292

17,474

Charge for the year

463

-

463

At 29 June 2024

16,645

1,292

17,937

Carrying amount

At 29 June 2024

642

-

642

At 29 June 2023

1,105

-

1,105

6

Investments

2024
£

2023
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 30 June 2023

2

Provision

Carrying amount

At 29 June 2024

2

At 29 June 2023

2

7

Stocks

2024
£

2023
£

Other inventories

1,000

1,500

 

Organic Masters Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

4,350

25,248

Amounts owed by related parties

178

178

Prepayments

 

1,428

1,064

Other debtors

 

-

65

   

5,956

26,555

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

34,257

84,447

Trade creditors

 

3,829

5,983

Taxation and social security

 

17,119

7,651

Accruals and deferred income

 

44,291

41,769

 

99,496

139,850

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

8,595

17,907

Creditors include bank loans repayable by instalments of £0.00 (2020 - £8,931.00) due after more than five years.

 

Organic Masters Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,595

17,907

Current loans and borrowings

2024
£

2023
£

Other borrowings

34,257

84,447

Bank borrowings

The coronavirus business interruption loan is denominated in £ sterling with a nominal interest rate of 2.5%, and the final instalment is due on 12 June 2026. The carrying amount at year end is £18,500 (2023 - £27,810).