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COMPANY REGISTRATION NUMBER: 02275992
Mason Drage Limited
Filleted Unaudited Financial Statements
28 October 2024
Mason Drage Limited
Statement of Financial Position
28 October 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
863,772
706,670
Current assets
Stocks
415,000
450,000
Debtors
6
8,301
45,531
Cash at bank and in hand
11,289
1,765
---------
---------
434,590
497,296
Creditors: amounts falling due within one year
7
1,284,707
1,112,601
------------
------------
Net current liabilities
850,117
615,305
---------
---------
Total assets less current liabilities
13,655
91,365
--------
--------
Net assets
13,655
91,365
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
13,654
91,364
--------
--------
Shareholders funds
13,655
91,365
--------
--------
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 comprehensive income has not been delivered.
For the year ending 28 October 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 .
Mason Drage Limited
Statement of Financial Position (continued)
28 October 2024
These financial statements were approved by the board of directors and authorised for issue on 15 July 2025 , and are signed on behalf of the board by:
M P Drage
Director
Company registration number: 02275992
Mason Drage Limited
Notes to the Financial Statements
Year ended 28 October 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 First Floor, 47 Onslow Gardens, London, SW7 3PY.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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
-
20% straight line
Fixtures and fittings
-
15% reducing balance
Office equipment
-
15 % reducing balance
Investment property
-
No depreciation is charged on investment property
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. Debt instruments are subsequently measured at amortised cost. 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. 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Investment property
Total
£
£
£
£
£
Cost or Fair Value
At 29 October 2023
76,291
7,674
21,981
1,345,415
1,451,361
Additions
10,312
32,038
42,350
--------
-------
--------
------------
------------
At 28 October 2024
86,603
7,674
21,981
1,377,453
1,493,711
--------
-------
--------
------------
------------
Depreciation or Impairment
At 29 October 2023
76,291
6,430
16,555
645,415
744,691
Charge for the year
2,061
186
963
3,210
Reversal of impairment losses
(117,962)
(117,962)
--------
-------
--------
------------
------------
At 28 October 2024
78,352
6,616
17,518
527,453
629,939
--------
-------
--------
------------
------------
Carrying amount
At 28 October 2024
8,251
1,058
4,463
850,000
863,772
--------
-------
--------
------------
------------
At 28 October 2023
1,244
5,426
700,000
706,670
--------
-------
--------
------------
------------
The property was valued at 28 October 2024 at £850,000 (28 October 2023: £700,000) by the directors.
6. Debtors
2024
2023
£
£
Other debtors
8,301
45,531
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
1,284,707
1,112,601
------------
------------
8. Directors' advances, credits and guarantees
At the year end £1,244,452 (2023: £955,594) was owed to M P Drage . the loan was on interest free terms and repayable on demand. During the year, the company paid £24,000 rent to the director (2023: £36,000).
9. Controlling party
The ultimate controlling party is M P Drage.