Masters & Son (Lindfield) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 00512472

MASTERS & SON (LINDFIELD) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2024

MASTERS & SON (LINDFIELD) LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	97,615	108,832

Current assets

Stocks		4,000	4,000
Debtors	6	225,859	160,641
Cash at bank and in hand		63,434	23,534
		----------	----------
		293,293	188,175

Creditors: amounts falling due within one year	7	42,440	48,658
		----------	----------
Net current assets		250,853	139,517
		----------	----------
Total assets less current liabilities		348,468	248,349
		----------	----------
Net assets		348,468	248,349
		----------	----------

Capital and reserves

Called up share capital	7,016	7,016
Profit and loss account	341,452	241,333
	----------	----------
Shareholders funds	348,468	248,349
	----------	----------

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 income and retained earnings has not been delivered.

For the year ending 31 December 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 .

MASTERS & SON (LINDFIELD) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 1 December 2025 , and are signed on behalf of the board by:

Mr I Masters

Director

Company registration number: 00512472

MASTERS & SON (LINDFIELD) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 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 Lindfield Depository, Lewes Road, Lindfield, West Sussex, RH16 2LE.

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.

Going concern

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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	-	15% reducing balance
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Computer equipment	-	25% reducing balance

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024	66,261	60,791	19,389	71,950	34,606	252,997
Additions	–	785	–	–	333	1,118
Disposals	–	–	–	( 25,000)	–	( 25,000)
	---------	---------	---------	---------	---------	----------
At 31 Dec 2024	66,261	61,576	19,389	46,950	34,939	229,115
	---------	---------	---------	---------	---------	----------
Depreciation
At 1 Jan 2024	–	47,741	13,984	51,109	31,331	144,165
Charge for the year	–	2,075	811	4,098	902	7,886
Disposals	–	–	–	( 20,551)	–	( 20,551)
	---------	---------	---------	---------	---------	----------
At 31 Dec 2024	–	49,816	14,795	34,656	32,233	131,500
	---------	---------	---------	---------	---------	----------
Carrying amount
At 31 Dec 2024	66,261	11,760	4,594	12,294	2,706	97,615
	---------	---------	---------	---------	---------	----------
At 31 Dec 2023	66,261	13,050	5,405	20,841	3,275	108,832
	---------	---------	---------	---------	---------	----------

6. Debtors

	2024	2023
	£	£
Trade debtors	132,253	68,999
Other debtors	93,606	91,642
	----------	----------
	225,859	160,641
	----------	----------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	16,137	23,492
Social security and other taxes	2,269	1,757
Other creditors	24,034	23,409
	---------	---------
	42,440	48,658
	---------	---------

8. Directors' advances, credits and guarantees

At the year end the company owed the directors £394 (2024 - £3,094). The company trade from premises partly owned by Mr I Masters , who is a director and shareholder of the company, for which rent is paid at the full market rate of £9,750 (2024 - £25,000).