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Registration number: 10855047

Monsters of Dirt Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Monsters of Dirt Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Monsters of Dirt Limited

Company Information

Directors

Mrs C A Wiggins

R T D J Wiggins

Company secretary

Mrs C A Wiggins

Registered office

Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

Accountants

Burton Sweet Limited
Chartered accountants & business advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Monsters of Dirt Limited

(Registration number: 10855047)
Balance Sheet
31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

57,129

1,799

Current assets

 

Stocks

5

15,500

-

Debtors

6

74,171

51,861

Cash at bank and in hand

 

43,858

34,651

 

133,529

86,512

Creditors: Amounts falling due within one year

7

(115,291)

(22,810)

Net current assets

 

18,238

63,702

Total assets less current liabilities

 

75,367

65,501

Creditors: Amounts falling due after more than one year

7

(10,956)

(22,545)

Net assets

 

64,411

42,956

Capital and reserves

 

Called up share capital

1

1

Retained earnings

64,410

42,955

Shareholders' funds

 

64,411

42,956

 

Monsters of Dirt Limited

(Registration number: 10855047)
Balance Sheet
31 July 2024

For the financial year ending 31 July 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 15 April 2025 and signed on its behalf by:
 

.........................................
Mrs C A Wiggins
Company secretary and director

 

Monsters of Dirt Limited

Notes to the Unaudited Financial Statements
Year Ended 31 July 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:
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

The principal place of business is:
Wincanton Digital Print Ltd
Wessex Way
Wincanton
Somerset
BA9 9RR

These financial statements were authorised for issue by the Board on 15 April 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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Monsters of Dirt Limited

Notes to the Unaudited Financial Statements
Year Ended 31 July 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 corporation 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.

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

Plant & machinery

25% on the reducing balance

Motor vehicles

25% on the reducing balance

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.

 

Monsters of Dirt Limited

Notes to the Unaudited Financial Statements
Year Ended 31 July 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.

 

Monsters of Dirt Limited

Notes to the Unaudited Financial Statements
Year Ended 31 July 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 2 (2023 - 2).

 

Monsters of Dirt Limited

Notes to the Unaudited Financial Statements
Year Ended 31 July 2024

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

399

2,000

2,399

Additions

56,753

274

57,027

At 31 July 2024

57,152

2,274

59,426

Depreciation

At 1 August 2023

100

500

600

Charge for the year

1,128

569

1,697

At 31 July 2024

1,228

1,069

2,297

Carrying amount

At 31 July 2024

55,924

1,205

57,129

At 31 July 2023

299

1,500

1,799

5

Stocks

2024
£

2023
£

Work in progress

15,500

-

6

Debtors

2024
£

2023
£

Trade debtors

19,515

9,038

Other debtors

49,656

42,823

Prepayments

5,000

-

74,171

51,861

7

Creditors

Creditors: amounts falling due within one year

 

Monsters of Dirt Limited

Notes to the Unaudited Financial Statements
Year Ended 31 July 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,112

9,000

Trade creditors

 

58,278

-

Taxation and social security

 

491

3,110

Accruals and deferred income

 

735

700

Other creditors

 

45,675

10,000

 

115,291

22,810

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

10,956

22,545

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,956

22,545

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,112

9,000