Company registration number 07421409 (England and Wales)
MOUNT FRERE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MOUNT FRERE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MOUNT FRERE LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
30 September 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,362
3,779
Current assets
Debtors
5
4,671
Cash at bank and in hand
266,523
181,127
266,523
185,798
Creditors: amounts falling due within one year
6
(163,931)
(50,120)
Net current assets
102,592
135,678
Total assets less current liabilities
104,954
139,457
Provisions for liabilities
(591)
(945)
Net assets
104,363
138,512
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
104,263
138,412
Total equity
104,363
138,512
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.
The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
R Tobias
M J Lavin
Director
Director
Company Registration No. 07421409
MOUNT FRERE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Mount Frere Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, Ship Canal House, 98 King Street, Manchester, United Kingdom, M2 4WU.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The prior accounting period was extended to 31 March 2019, which was a 15 month period. This was in order that the year end coincided with the end of the company's trading life. Due to the prior period being 15 months the comparative amounts presented in the financial statements, including the related notes, are not entirely comparable.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is, in the opinion of the directors 5 years.
1.5
Intangible fixed assets other than goodwill
Website development costs are capitalised and written off evenly over 10 years as in the opinion of the directors this represents the period over which the website is effective.
1.6
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:
Office equipment
25% reducing balance
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.
MOUNT FRERE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Cash and cash equivalents
Cash at bank includes deposits with financial investment institutions held predominantly in foreign currency, the sterling equivalent value of which fluctuates with exchange rate differences. Such currency gains and losses are recorded as fair value movements through profit and loss as a separate line item on the profit and loss account.
1.8
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.
1.9
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 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.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 profit and loss account, 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
2
2
MOUNT FRERE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 4 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 April 2023 and 30 September 2024
2,000,000
1,068
2,001,068
Amortisation and impairment
At 1 April 2023 and 30 September 2024
2,000,000
1,068
2,001,068
Carrying amount
At 30 September 2024
At 31 March 2023
4
Tangible fixed assets
Office equipment
£
Cost
At 1 April 2023 and 30 September 2024
5,629
Depreciation and impairment
At 1 April 2023
1,850
Depreciation charged in the period
1,417
At 30 September 2024
3,267
Carrying amount
At 30 September 2024
2,362
At 31 March 2023
3,779
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,671
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
23,615
16,682
Other creditors
132,913
16,588
Accruals and deferred income
7,403
16,850
163,931
50,120
MOUNT FRERE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 5 -
7
Cash and cash equivalents
Cash deposits held by financial institutions other than retail banks amounted to £266,523 (2023: £181,127) at the balance sheet date.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
75
75
75
75
B Ordinary shares of £1 each
20
20
20
20
C Ordinary shares of £1 each
5
5
5
5
100
100
100
100
9
Related Party Transactions
At the balance sheet date, £132,913 (2023: £15,388) was due to directors.