REGISTERED NUMBER: 02315916 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Monksoft Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

E R Hayward

Rev P Stonham

Rev B Thomas

SECRETARY:

REGISTERED OFFICE:

Belmont Abbey

Ruckhall Lane

Belmont

Hereford

HR2 9RZ

REGISTERED NUMBER:

02315916 (England and Wales)

AUDITORS:

Thorne Widgery Accountancy Ltd

Chartered Accountants

Statutory Auditors

2 Wyevale Business Park

Kings Acre

Hereford

Herefordshire

HR4 7BS

FIXED ASSETS

Tangible assets

4

46,635

55,975

CURRENT ASSETS

Stocks

10,477

10,977

Debtors

5

35,775

87,010

Cash at bank and in hand

42,431

53,008

88,683

150,995

CREDITORS

Amounts falling due within one year

6

(27,632

)

(89,952

)

NET CURRENT ASSETS

61,051

61,043

TOTAL ASSETS LESS CURRENT LIABILITIES

107,686

117,018

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

7,686

17,018

107,686

117,018

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

Rev B Thomas - Director

1.	STATUTORY INFORMATION

Monksoft Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

It is a wholly owned subsidiary of Belmont Abbey General CIO, a charity registered in England and Wales (Charity Registration No. 1190035).

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 financial statements are presented in sterling and are rounded to the nearest pound.

Assessment of going concern

The Directors have assessed weather the use of going concern assumption is appropriate in preparing these financial statements. The directors have made this assessment in respect of at least one year from the date of approval of these financial statements, as well as consideration of the prior years where these have a material significance in the deductions made for future outcomes.

In their assessment they have considered the businesses financial indicators, any possible financing difficulties, operational issues, and finally any significant external factors that may impact on the business in a positive or negative way.

The company traded well in 2024, and although the income stream changes in mid-2025, from the current customer profile of long term resident, to short term resident in the future trading periods.

This is likely to have an impact in the short-term during changeover of trading streams - however the quality and attractiveness of the new trading streams will have a strong impact and benefit the business in the medium and longer term.

The opening of the conference and food and beverage business will mitigate any short-term trading challenges.

Therefore, the Directors do not expect material concerns to arise over the company's financial position, although their will be challenges during the transition of trading styles.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the directors to make certain significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

-

estimating of the expected useful life of tangible fixed assets for the purpose of determining the annual depreciation charge;

-

estimating the provision needed, if any, against bad or slow paying debtors;

-

estimating certain accrued expenditure; and

-

estimating the future income and expenditure flows of the company for the purposes of assessing going concern.

There are no key assumptions or areas of uncertainty where there is significant risk of material adjustment to the carrying value of the assets and liabilities of the company being required during the financial year.

Turnover

Turnover represents income from the operation of a guest house and comprises charges for accomodation.

Turnover 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. It is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Expenditure recognition

Expenditure comprises the direct costs associated with the delivery of the company's services as well as general administrative support costs.

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the compan to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and excludes VAT.

Tangible fixed assets

All assets costing more than £1,000 and with an expected useful life exceeding one year, are capitalised. Tangible fixed assets are included in the financial statement at cost.

Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:

Leasehold improvements

4% straight line

Plant and machinery

25% straight line

Fixtures and fittings

25% straight line

Stocks

Stocks of foodstuffs and items for resale are stated at the lower of cost and net realisable value, with provisions being made for any obsolete or damaged items.

Taxation

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 balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash at bank and in hand

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors

Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount the company anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Statement of cash flows

The financial statements do not include a statement of cash flows, because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement under Financial Reporting Standard 102 Section 1A.

Leased assets

Rentals applicable to operating leases where substantially all the benefits and risks of the ownership remain with the lessor are charged on a straight line basis over the lease term.

Payment under Gift Aid

Any taxable profit is transferred cia gift-aided donation each year under a Deed of Covenant to the company's parent charity, provided sufficient distributable reserves are available. Provision is made within creditors for the amount payable in respect of each year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

256,769

123,540

112,923

493,232

DEPRECIATION

At 1 January 2024

223,970

100,364

112,923

437,257

Charge for year

1,790

7,550

-

9,340

At 31 December 2024

225,760

107,914

112,923

446,597

NET BOOK VALUE

At 31 December 2024

31,009

15,626

-

46,635

At 31 December 2023

32,799

23,176

-

55,975

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

20,125

75,178

Other debtors

15,650

11,832

35,775

87,010

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

2,897

2,577

Amounts owed to group undertakings

2,664

75,904

Taxation and social security

19,236

8,655

Other creditors

2,835

2,816

27,632

89,952

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Lisa Weaver FCCA (Senior Statutory Auditor)

for and on behalf of Thorne Widgery Accountancy Ltd