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COMPANY REGISTRATION NUMBER: 03571835
Mansfield Monk Limited
Filleted Unaudited Financial Statements
30 September 2024
Mansfield Monk Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
195,394
198,301
Current assets
Debtors
6
250,926
244,840
Cash at bank and in hand
309,949
416,865
---------
---------
560,875
661,705
Creditors: amounts falling due within one year
7
94,624
119,659
---------
---------
Net current assets
466,251
542,046
---------
---------
Total assets less current liabilities
661,645
740,347
Provisions
Taxation including deferred tax
4,829
4,170
---------
---------
Net assets
656,816
736,177
---------
---------
Capital and reserves
Called up share capital
8
5,000
5,000
Profit and loss account
651,816
731,177
---------
---------
Shareholders funds
656,816
736,177
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 .
Mansfield Monk Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 5 February 2025 , and are signed on behalf of the board by:
I Mansfield
J Monk
Director
Director
G Monk
Director
Company registration number: 03571835
Mansfield Monk Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced net of disbursements during the year, exclusive of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Long Leasehold Property
-
Over the term of the lease
Fixtures & Fittings
-
15% straight line
Equipment
-
25 % straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the Profit and Loss Account. Three directors are accruing benefits under a money purchase scheme.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 October 2023
363,945
165,373
133,343
662,661
Additions
8,991
13,746
22,737
---------
---------
---------
---------
At 30 September 2024
363,945
174,364
147,089
685,398
---------
---------
---------
---------
Depreciation
At 1 October 2023
187,100
155,021
122,239
464,360
Charge for the year
8,177
5,755
11,712
25,644
---------
---------
---------
---------
At 30 September 2024
195,277
160,776
133,951
490,004
---------
---------
---------
---------
Carrying amount
At 30 September 2024
168,668
13,588
13,138
195,394
---------
---------
---------
---------
At 30 September 2023
176,845
10,352
11,104
198,301
---------
---------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
187,962
146,574
Prepayments and accrued income
20,067
23,266
Amounts recoverable on contracts
30,000
75,000
Other debtors
12,897
---------
---------
250,926
244,840
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,215
753
Accruals and deferred income
20,178
19,954
Corporation tax
16,530
Social security and other taxes
41,337
58,753
Director loan accounts
22,865
19,745
Other creditors
4,029
3,924
--------
---------
94,624
119,659
--------
---------
8. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
5,000
5,000
5,000
5,000
Ordinary B shares of £ 1 each
2,500
2,500
2,500
2,500
Ordinary C shares of £ 1 each
2,500
2,500
2,500
2,500
--------
--------
--------
--------
10,000
10,000
10,000
10,000
--------
--------
--------
--------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
2,500
2,500
2,500
2,500
Ordinary B shares of £ 1 each
1,250
1,250
1,250
1,250
Ordinary C shares of £ 1 each
1,250
1,250
1,250
1,250
-------
-------
-------
-------
5,000
5,000
5,000
5,000
-------
-------
-------
-------
9. Related party transactions
At the year end the company owed the directors £22,865 (2023: £19,745) in the form of loan accounts. These loans, which are shown amongst creditors, are interest free and repayable on demand.