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Company Registration No.05799627 (England and Wales)







KMSM MASTERSON LIMITED

UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2024




































Riordan O'Sullivan & Co
Chartered Certified Accountants
40 Chamberlayne Road
London
NW10 3JE

 
KMSM MASTERSON LIMITED
 
 
COMPANY INFORMATION


Directors
K L Masterson 
S F Masterson 
M C Masterson 




Company secretary
K L Masterson



Registered number
05799627



Registered office
Atlantic House
7 Stirling Way

Borehamwood

Hertfordshire

WD6 2BT




Accountants
Riordan O'Sullivan & Co
Chartered Certified Accountants

40 Chamberlayne Road

London

NW10 3JE




Bankers
NatWest Bank Plc
1 Princes Street

London

EC2R 8BP





 
KMSM MASTERSON LIMITED
 

CONTENTS



Page
Directors' report
 
 
1
Accountants' report
 
 
2
Balance sheet
 
 
3 - 4
Notes to the financial statements
 
 
5 - 7


 
KMSM MASTERSON LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Principal activity

The company is a property investment company and its principal activity during the year was that of owning and letting property.

Directors

The directors who served during the year were:

K L Masterson 
S F Masterson 
M C Masterson 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 19 May 2025 and signed on its behalf.
 





___________________________
K L Masterson
Director

Page 1

 
KMSM MASTERSON LIMITED
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KMSM MASTERSON LIMITED
FOR THE YEAR ENDED 31 AUGUST 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KMSM Masterson Limited for the year ended 31 August 2024 which comprise  the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the Board of directors of KMSM Masterson Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of KMSM Masterson Limited and state those matters that we have agreed to state to the Board of directors of KMSM Masterson Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KMSM Masterson Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that KMSM Masterson Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of KMSM Masterson Limited. You consider that KMSM Masterson Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of KMSM Masterson Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Riordan O'Sullivan & Co
Chartered Certified Accountants
40 Chamberlayne Road
London
NW10 3JE
19 May 2025
Page 2

 
KMSM MASTERSON LIMITED
REGISTERED NUMBER:05799627

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Property, plant and equipment
 4 
12,388,207
12,388,207

  
12,388,207
12,388,207

Current assets
  

Debtors
 5 
11,263
13,911

Cash at bank and in hand
  
2,999,442
2,517,380

  
3,010,705
2,531,291

Creditors: amounts falling due within one year
 6 
(510,716)
(597,238)

Net current assets
  
 
 
2,499,989
 
 
1,934,053

Total assets less current liabilities
  
14,888,196
14,322,260

Creditors: amounts falling due after more than one year
 7 
-
(877,500)

  

Net assets
  
14,888,196
13,444,760


Capital and reserves
  

Called up share capital 
 8 
40,000
40,000

Profit and loss account
  
14,848,196
13,404,760

  
14,888,196
13,444,760


Page 3

 
KMSM MASTERSON LIMITED
REGISTERED NUMBER:05799627
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 May 2025.




___________________________
K L Masterson
Director

Page 4

 
KMSM MASTERSON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

KMSM Masterson Limited is a private company limited by shares incorporated in England and Wales. The registered office is Atlantic House, 7 Stirling Way, Borehamwood, Herts, WD6 2BT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below.

 
2.2

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for use of commercial property provided in the normal course of business, and is shown net of VAT. Rental income is recognised on an accrual basis.

 
2.3

Taxation

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 expenses 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. 

  
2.4

Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of any impairment losses.
The directors are of the opinion that fair value cannot be achieved without undue cost or effort, therefore, investment properties are accounted for as property, plant and equipment.
Freehold land and buildings are maintained to ensure that their values do not diminish over time. The maintenance cost are charged to the profit and loss account as incurred. In the director's opinion, depreciation would be immaterial and has not been charged.
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.

 
2.5

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.

Page 5

 
KMSM MASTERSON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Property, plant and equipment





Land and buildings

£



Cost 


At 1 September 2023
12,388,207



At 31 August 2024

12,388,207






Net book value



At 31 August 2024
12,388,207



At 31 August 2023
12,388,207


5.


Debtors

2024
2023
£
£

Trade debtors
3,200
13,911

Other debtors
8,063
-

11,263
13,911



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
231,145
300,852

Other taxation and social security
81,259
111,919

Other creditors
193,312
179,467

Accruals
5,000
5,000

510,716
597,238


Page 6

 
KMSM MASTERSON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Directors loan accounts
-
877,500



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



40,000 Ordinary shares shares of £1 each
40,000
40,000


 
Page 7