MAINMAST LIMITED

Company Registration Number:
04306139 (England and Wales)

Unaudited abridged accounts for the year ended 31 August 2024

Period of accounts

Start date: 01 September 2023

End date: 31 August 2024

MAINMAST LIMITED

Contents of the Financial Statements

for the Period Ended 31 August 2024

Balance sheet
Notes

MAINMAST LIMITED

Balance sheet

As at 31 August 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 42,131 82,526
Total fixed assets: 42,131 82,526
Current assets
Debtors:   181,464 241,370
Cash at bank and in hand: 211,639 212,490
Total current assets: 393,103 453,860
Creditors: amounts falling due within one year:   (415,090) (483,883)
Net current assets (liabilities): (21,987) (30,023)
Total assets less current liabilities: 20,144 52,503
Provision for liabilities: (5,684) (13,848)
Total net assets (liabilities): 14,460 38,655
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 14,360 38,555
Shareholders funds: 14,460 38,655

The notes form part of these financial statements

MAINMAST LIMITED

Balance sheet statements

For the year ending 31 August 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 28 November 2024
and signed on behalf of the board by:

Name: Mr A Sanders
Status: Director

The notes form part of these financial statements

MAINMAST LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. 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.

Tangible fixed assets and depreciation policy

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: Plant and machinery - 10% straight line Fittings fixtures and equipment - 20% straight line 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.

Other accounting policies

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 statement of financial position 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 A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

MAINMAST LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2024

2. Employees

2024 2023
Average number of employees during the period 14 14

MAINMAST LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2024

3. Tangible Assets

Total
Cost £
At 01 September 2023 831,064
Additions 3,000
At 31 August 2024 834,064
Depreciation
At 01 September 2023 748,538
Charge for year 43,395
At 31 August 2024 791,933
Net book value
At 31 August 2024 42,131
At 31 August 2023 82,526

MAINMAST LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2024

4. Loans to directors

Name of director receiving advance or credit: Mr A Sanders
Description of the loan: Loan
£
Balance at 01 September 2023 6,635
Advances or credits made: 87,000
Advances or credits repaid: 25,000
Balance at 31 August 2024 68,635
Name of director receiving advance or credit: Mr J Fitzgibbons
Description of the loan: Loan
£
Balance at 01 September 2023 6,634
Advances or credits made: 87,000
Advances or credits repaid: 25,000
Balance at 31 August 2024 68,634

MAINMAST LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2024

5. Related party transactions

At the year end, the company had the following intercompany balances: Mainmast Logistics Limited £21,285 (2023: £197,737) Mainmast Liverpool Limited £8,328 (2023: £133,367) Huskisson Welding and Engineering Limited £96,956 (2023: £32,631)