Company registration number 09350964 (England and Wales)
Money Industries Limited
Unaudited financial statements
For the year ended 31 May 2024
Money Industries Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Money Industries Limited
Statement of financial position
As at 31 May 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
198,167
315,113
Tangible assets
5
2,294
2,858
200,461
317,971
Current assets
Stocks
3,436,317
3,948,038
Debtors
6
843,985
1,083,534
Cash at bank and in hand
79,309
63,965
4,359,611
5,095,537
Creditors: amounts falling due within one year
7
(3,886,611)
(4,302,481)
Net current assets
473,000
793,056
Net assets
673,461
1,111,027
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
673,361
1,110,927
Total equity
673,461
1,111,027

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 13 August 2025 and are signed on its behalf by:
A Singh
Director
Company registration number 09350964 (England and Wales)
Money Industries Limited
Notes to the financial statements
For the year ended 31 May 2024
- 2 -
1
Accounting policies
Company information

Money Industries Limited is a private company limited by shares incorporated in England and Wales. The registered office is Boi House, Haig Road, Parkgate Industrial Estate, Knutsford, WA16 8DX.

1.1
Accounting convention

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

 

The company had net assets of £673,461 (2023: £1,111,027) and cash reserves of £79,309 (2023: £63,965) at the year end. The directors believe that the company is well placed to manage the risks at these challenging times and therefore continues to adopt a going concern basis of accounting in preparing these financial statements.

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.

1.2
Turnover

The turnover shown in the income statement represents the value of all goods sold during the year, less returns received, at selling price exclusive of value added tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, such as obsolescence, have been transferred to the customer.

1.3
Intangible fixed assets other than goodwill

Trademarks, patents and licences are stated at cost less amortisation and impairment.

Amortisation is calculated so as to write of the cost of an asset, net of anticipated disposal proceeds, over the estimated useful economic life of that asset and is only charged once the asset comes into use, as follows:

 

Patents & licences
10% straight line
1.4
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 provided at the following annual rates in order to write off each asset over its estimated useful life.

 

Plant and machinery etc - 20% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Money Industries Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated as the costs incurred in bringing the inventory to its present location and condition.

1.6
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.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

1.7
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Money Industries Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.8
Retirement benefits

The company operates a defined contribution pension scheme. Contribution payable to the company's pension scheme are charged to the income statement in the period to which they relate.

1.9
Foreign exchange

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2
Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make estimates and judgement. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

 

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

 

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are outlined below:

 

Making judgement based on historical experience on the level of provision required for impairment of stock. Further information received after the statement of financial position date may impact on the level of provision required.

 

The directors use judgement to provide against bad debts using knowledge of customers and experience.

 

The provisions are revisited after the statement of financial position date to ensure they are appropriate.

3
Employees

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

2024
2023
Number
Number
Total
4
4
Money Industries Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
- 5 -
4
Intangible fixed assets
Other
£
Cost
At 1 June 2023 and 31 May 2024
1,189,626
Amortisation and impairment
At 1 June 2023
874,513
Amortisation charged for the year
116,946
At 31 May 2024
991,459
Carrying amount
At 31 May 2024
198,167
At 31 May 2023
315,113
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 and 31 May 2024
6,612
Depreciation and impairment
At 1 June 2023
3,754
Depreciation charged in the year
564
At 31 May 2024
4,318
Carrying amount
At 31 May 2024
2,294
At 31 May 2023
2,858
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
563,547
855,798
Other debtors
280,438
227,736
843,985
1,083,534
Money Industries Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,140,537
1,051,613
Trade creditors
905,407
1,569,997
Taxation and social security
94,288
161,336
Other creditors
1,746,379
1,519,535
3,886,611
4,302,481
8
Secured Debts

There is a fixed and floating charge by way of a debenture over all of the assets of the company. An import loan balance of £1,140,537 (2023: £1,051,613) is secured by way of a general pledge.

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