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Registered number: 01482627
















MOUNT KELLY ENTERPRISES LTD
(A COMPANY LIMITED BY GUARANTEE)


FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024































MOUNT KELLY ENTERPRISES LTD
 
(A COMPANY LIMITED BY GUARANTEE)
REGISTERED NUMBER:01482627

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,908
2,385

  
1,908
2,385

Current assets
  

Stocks
 6 
9,360
6,225

Debtors: amounts falling due within one year
 7 
12,039
84,030

Cash at bank and in hand
 8 
70,588
72,531

  
91,987
162,786

Creditors: amounts falling due within one year
 9 
(26,136)
(48,156)

Net current assets
  
 
 
65,851
 
 
114,630

Total assets less current liabilities
  
67,759
117,015

  

Net assets
  
67,759
117,015


Capital and reserves
  

Profit and loss account
  
67,759
117,015

  
67,759
117,015


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 statement of income and retained earnings 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 by: 





Mr G T Ayling
Director

Date: 1 July 2025


The notes on pages 2 to 7 form part of these financial statements.

Page 1


MOUNT KELLY ENTERPRISES LTD

(A COMPANY LIMITED BY GUARANTEE)

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


GENERAL INFORMATION

The company is limited by guarantee, incorporated in England within the United Kingdom. The registered office is Mount Kelly Foundation, Parkwood Road, Tavistock, Devon, PL19 0HZ.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The directors continue to consider the impact of the current economic uncertainty on the ongoing operations of the business. Whilst the company previously experienced a short term decline in residential lettings, the market is returning and this has offset the loss in income as a result of moving stock to a third party. 
The directors have reviewed the current position and are confident that sufficient funds will continue to be generated to cover overheads incurred by the company. The directors do not anticipate any material changes to the business model. In light of this, the directors consider it appropriate for the financial statements to be prepared on a going concern basis.

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2


MOUNT KELLY ENTERPRISES LTD

(A COMPANY LIMITED BY GUARANTEE)

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Property improvements
-
2%
straight line
Plant and machinery
-
20%
straight line
Motor vehicles
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 3


MOUNT KELLY ENTERPRISES LTD

(A COMPANY LIMITED BY GUARANTEE)

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.


3.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 August 2024 was unqualified.

The audit report was signed on 9 July 2025 by Nathan Coughlin FCA (Senior Statutory Auditor) on behalf of Bishop Fleming LLP.


4.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 9 (2023: 9).

Page 4


MOUNT KELLY ENTERPRISES LTD

(A COMPANY LIMITED BY GUARANTEE)

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


TANGIBLE FIXED ASSETS





Plant and machinery
Fixtures and fittings
Total

£
£
£



COST OR VALUATION


At 1 September 2023
43,932
2,385
46,317



At 31 August 2024

43,932
2,385
46,317



DEPRECIATION


At 1 September 2023
43,932
-
43,932


Charge for the year on owned assets
-
477
477



At 31 August 2024

43,932
477
44,409



NET BOOK VALUE



At 31 August 2024
-
1,908
1,908



At 31 August 2023
-
2,385
2,385

Page 5


MOUNT KELLY ENTERPRISES LTD

(A COMPANY LIMITED BY GUARANTEE)

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


STOCKS

2024
2023
£
£

Finished goods and goods for resale
9,360
6,225

9,360
6,225



7.


DEBTORS

2024
2023
£
£


Trade debtors
4,729
75,077

Prepayments and accrued income
7,310
8,953

12,039
84,030



8.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
70,588
72,531

70,588
72,531



9.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
5,269
19,460

Other taxation and social security
10,292
13,997

Accruals and deferred income
10,575
14,699

26,136
48,156




10.


COMPANY STATUS

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

Page 6


MOUNT KELLY ENTERPRISES LTD

(A COMPANY LIMITED BY GUARANTEE)

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

11.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,786 (2023: £1,672). Contributions totaling £1,587 (2023: £1,497) were payable to the fund at the reporting date and are included in creditors.


12.


RELATED PARTY TRANSACTIONS

As the company is a wholly owned subsidiary of The Mount Kelly Foundation, the company has taken exemption under FRS 102 1AC.35 in not disclosing related party transactions with the parent entity.


13.


CONTROLLING PARTY

The ultimate parent entity is The Mount Kelly Foundation, a registered charity. Consolidated accounts are prepared by the charity and are available from its registered office at Mount Kelly, Parkwood Road, Tavistock, Devon, PL19 0HZ.

 
Page 7