Company registration number 07381949 (England and Wales)
Mounsey Surveyors Ltd
Unaudited financial statements
For the year ended 31 October 2024
Mounsey Surveyors Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Mounsey Surveyors Ltd
Statement of financial position
As at 31 October 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
495,934
497,075
Investment property
5
379,307
379,307
Investments
6
20
20
875,261
876,402
Current assets
Debtors
7
90,794
72,201
Cash at bank and in hand
48,105
79,411
138,899
151,612
Creditors: amounts falling due within one year
8
(193,483)
(202,465)
Net current liabilities
(54,584)
(50,853)
Total assets less current liabilities
820,677
825,549
Creditors: amounts falling due after more than one year
9
(430,913)
(458,328)
Provisions for liabilities
(8,200)
(4,900)
Net assets
381,564
362,321
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
381,464
362,221
Total equity
381,564
362,321
Mounsey Surveyors Ltd
Statement of financial position (continued)
As at 31 October 2024
31 October 2024
- 2 -

For the financial year ended 31 October 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 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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 7 May 2025 and are signed on its behalf by:
Mr R D Mounsey
Director
Company registration number 07381949 (England and Wales)
Mounsey Surveyors Ltd
Notes to the financial statements
For the year ended 31 October 2024
- 3 -
1
Accounting policies
Company information

Mounsey Surveyors Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Lakeside, Festival Way, Festival Park, Stoke on Trent, Staffordshire, England, ST1 5PU.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Revenue from rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economical benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33.33% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Mounsey Surveyors Ltd
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Fixtures and fittings
20% on cost
Computer equipment
33.33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in associates 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.7
Impairment of fixed assets

Recoverable amount is the higher of fair value less costs to sell and value in use.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.9
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 statement of financial position 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.

Mounsey Surveyors Ltd
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
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.

Mounsey Surveyors Ltd
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies
(Continued)
- 6 -
1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2024
2023
Number
Number
Total
15
15
3
Intangible fixed assets
Software
£
Cost
At 1 November 2023 and 31 October 2024
6,042
Amortisation and impairment
At 1 November 2023 and 31 October 2024
6,042
Carrying amount
At 31 October 2024
-
0
At 31 October 2023
-
0
Mounsey Surveyors Ltd
Notes to the financial statements (continued)
For the year ended 31 October 2024
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 November 2023
493,326
13,961
37,167
544,454
Additions
15,320
349
2,332
18,001
Disposals
-
0
-
0
(10,305)
(10,305)
At 31 October 2024
508,646
14,310
29,194
552,150
Depreciation and impairment
At 1 November 2023
15,939
4,118
27,322
47,379
Depreciation charged in the year
9,995
2,654
5,766
18,415
Eliminated in respect of disposals
-
0
-
0
(9,578)
(9,578)
At 31 October 2024
25,934
6,772
23,510
56,216
Carrying amount
At 31 October 2024
482,712
7,538
5,684
495,934
At 31 October 2023
477,387
9,843
9,845
497,075
5
Investment property
2024
£
Fair value
At 1 November 2023 and 31 October 2024
379,307

Investment property comprises of two commercial properties. The fair value of the investment properties have been arrived at on the basis of a valuation given by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
20
20
Mounsey Surveyors Ltd
Notes to the financial statements (continued)
For the year ended 31 October 2024
- 8 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
53,566
51,269
Other debtors
37,228
20,932
90,794
72,201
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
27,912
27,289
Trade creditors
12,835
7,909
Taxation and social security
124,836
147,041
Other creditors
27,900
20,226
193,483
202,465
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
430,913
458,328
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
343,484
363,202
10
Secured debts

Included within bank loans are two mortgages which are secured against the properties to which they relate. Amounts outstanding on the mortgages at the year end date totalled £442,311 (2023: £459,005).

 

Mounsey Surveyors Ltd
Notes to the financial statements (continued)
For the year ended 31 October 2024
- 9 -
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
59,424
33,395
12
Directors' transactions

The advance is unsecured, repayable on demand and interest is charged at HMRC's official rate of interest per annum, where the balance exceeds £10,000.

 

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr R D Mounsey - Directors loan account
2.25
6,126
168,003
213
(163,191)
11,151
6,126
168,003
213
(163,191)
11,151
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