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Company registration number: 1619825
Maduce Limited
Unaudited filleted financial statements
31 May 2024
Maduce Limited
Contents
Balance sheet
Statement of changes in equity
Notes to the financial statements
Maduce Limited
Balance sheet
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 2,625,669 2,006,756
_______ _______
2,625,669 2,006,756
Current assets
Debtors 6 483,946 211,515
Cash at bank and in hand 48,398 263,532
_______ _______
532,344 475,047
Creditors: amounts falling due
within one year 7 ( 85,027) ( 64,516)
_______ _______
Net current assets 447,317 410,531
_______ _______
Total assets less current liabilities 3,072,986 2,417,287
Provisions for liabilities 8 ( 285,982) ( 168,387)
_______ _______
Net assets 2,787,004 2,248,900
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 1,912,187 1,409,987
Profit and loss account 873,817 837,913
_______ _______
Shareholders funds 2,787,004 2,248,900
_______ _______
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.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 April 2025 , and are signed on behalf of the board by:
Mr D.C Stedman
Director
Company registration number: 1619825
Maduce Limited
Statement of changes in equity
Year ended 31 May 2024
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 June 2022 1,000 1,409,987 811,168 2,222,155
Profit for the year 26,745 26,745
_______ _______ _______ _______
Total comprehensive income for the year - - 26,745 26,745
_______ _______ _______ _______
At 31 May 2023 and 1 June 2023 1,000 1,409,987 837,913 2,248,900
Profit for the year 538,104 538,104
Other comprehensive income for the year:
Transfer to revaluation reserve - 502,200 ( 502,200) -
_______ _______ _______ _______
Total comprehensive income for the year - 502,200 35,904 538,104
_______ _______ _______ _______
At 31 May 2024 1,000 1,912,187 873,817 2,787,004
_______ _______ _______ _______
Maduce Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is The Estate Office, Unit 19 Star Trading Estate, Ponthir Road, Caerleon, Gwent, NP18 1PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - No depreciation considered necessary
Plant and machinery - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest rate method, except for ordinary shares, which are measured at fair value, with changes recognised in the profit and loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost or valuation
At 1 June 2023 2,000,000 23,549 1,961 2,025,510
Revaluation 620,000 - - 620,000
_______ _______ _______ _______
At 31 May 2024 2,620,000 23,549 1,961 2,645,510
_______ _______ _______ _______
Depreciation
At 1 June 2023 - 18,259 495 18,754
Charge for the year - 794 293 1,087
_______ _______ _______ _______
At 31 May 2024 - 19,053 788 19,841
_______ _______ _______ _______
Carrying amount
At 31 May 2024 2,620,000 4,496 1,173 2,625,669
_______ _______ _______ _______
At 31 May 2023 2,000,000 5,290 1,466 2,006,756
_______ _______ _______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 June 2023 2,000,000
Fair value adjustments 620,000
_______
At 31 May 2024 2,620,000
_______
The properties were revalued during the year by Cooke and Arkwright on 28 August 2024.
6. Debtors
2024 2023
£ £
Trade debtors 13,527 14,653
Social Security and other taxes - 6,210
Prepayments and accrued income 6,557 5,605
Other debtors 463,862 185,047
_______ _______
483,946 211,515
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 1,178 1,120
Accruals and deferred income 3,743 3,608
Social security and other taxes 13,363 1,258
Other creditors 66,743 58,530
_______ _______
85,027 64,516
_______ _______
8. Provisions
Deferred tax (note 9) Total
£ £
At 1 June 2023 168,388 168,388
Additions 117,594 117,594
_______ _______
At 31 May 2024 285,982 285,982
_______ _______
9. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2024 2023
£ £
Included in provisions (note 8) 285,982 168,387
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 1,077 1,283
Revaluation of tangible assets 284,904 167,104
_______ _______
285,981 168,387
_______ _______
10. Related Parties
The company is owed £150,176 by an entity under the control of the director Mr D C Stedman. The company is also owed £305,686 by an entity where Mr D C Stedman had significant influence during this accounting year and on which interest is accrued. The company also owes £24,623 to entities where Mr D C Stedman has significant influence. Except for the company where interest has been accrued, no interest has been charged on these balances.