Company registration number 08509690 (England and Wales)
MAST INTERIORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MAST INTERIORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
MAST INTERIORS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
30 September 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
57,163
117,426
Current assets
Stocks
5
118,638
23,373
Debtors
6
924,852
1,732,827
Cash at bank and in hand
3
113,337
1,043,493
1,869,537
Creditors: amounts falling due within one year
7
(1,431,286)
(1,663,546)
Net current (liabilities)/assets
(387,793)
205,991
Total assets less current liabilities
(330,630)
323,417
Creditors: amounts falling due after more than one year
8
(34,644)
(164,210)
Net (liabilities)/assets
(365,274)
159,207
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(365,374)
159,107
Total equity
(365,274)
159,207

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

MAST INTERIORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 June 2025 and are signed on its behalf by:
Mr S  Russell
Director
Company registration number 08509690 (England and Wales)
MAST INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Mast Interiors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.

1.1
Reporting period

The company has extended its accounting period, and these financial statements cover an eighteen-month period.

1.2
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. The principal accounting policies adopted are set out below.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company will continue to operate for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the value of work carried out during the year when all of the following conditions are satisfied:

1.5
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.

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:

Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line
Computer equipment
25% straight line
Motor vehicles
25% straight line
MAST INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.9
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.

MAST INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation

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

Current tax

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 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.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

3
Employees

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

2024
2023
Number
Number
Total
8
11
MAST INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
213,934
Disposals
(18,495)
At 30 September 2024
195,439
Depreciation and impairment
At 1 April 2023
96,508
Depreciation charged in the period
60,264
Eliminated in respect of disposals
(18,496)
At 30 September 2024
138,276
Carrying amount
At 30 September 2024
57,163
At 31 March 2023
117,426
5
Stocks
2024
2023
£
£
Stocks
118,638
23,373
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
23,079
58
Gross amounts owed by contract customers
794,331
1,602,661
Corporation tax recoverable
-
0
9,123
Other debtors
84,464
109,216
Prepayments and accrued income
22,978
11,769
924,852
1,732,827
MAST INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
15,030
-
0
Trade creditors
650,413
693,096
Taxation and social security
55,460
133,536
Other creditors
710,383
836,914
1,431,286
1,663,546

The bank loan is secured by a fixed and floating charge over the company's assets.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
34,644
164,210
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
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
£
£
17,208
29,500
11
Related party transactions

Included within other debtors is an amount of £49,831 (2023: £49,548, included within other creditors) due from Malden Renders and Finishes Limited, a related company under common directorship.

Included within other creditors is an amount of £80,680 (2023: £46,680) due to Castle Hill Fire Doors Ltd, a related company under common directorship.

Included within other creditors is an amount of £249,502 (2023: £285,043) due to Castle Hill Fire Protection Ltd, a related company under common directorship.

MAST INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 8 -
12
Directors' transactions

At the year end, included in other debtors is an amount of £13,097 (2023: £20,386) due from the director (Mr M Russell) of the company.

 

At the year end, included in other creditors is an amount of £2,407 (2023: 22,075 included within other debtors) due to the director (Mr S Russell) of the company.

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