General Information
MONKEY PALACE LIMITED is a private company, limited by shares, registered in , registration number 11251700, registration address Spread Eagle Inn, Church Lawn, Stourton, Warminster, BA12 6QE.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 12 years. For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Leasehold Land and Buildings |
Over life of lease Straight Line |
| Plant and Machinery |
25% Reducing Balance
|
| Fixtures and Fittings |
25% Reducing Balance
|
| Computer Equipment |
20% Straight Line
|
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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 balance sheet 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.
|
| 2. |
Average number of employees
Average number of employees during the year was 43 (2024 : 23).
|
| 3. |
Intangible fixed assets
| Cost |
Goodwill |
|
Total |
| |
£ |
|
£ |
| At 01 April 2024 |
83,000 |
|
83,000 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 March 2025 |
83,000 |
|
83,000 |
| Amortisation |
| At 01 April 2024 |
41,050 |
|
41,050 |
| Charge for year |
7,191 |
|
7,191 |
| On disposals |
- |
|
- |
| At 31 March 2025 |
48,241 |
|
48,241 |
| Net book values |
| At 31 March 2025 |
34,759 |
|
34,759 |
| At 31 March 2024 |
41,950 |
|
41,950 |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Leasehold Land and Buildings |
|
Plant and Machinery |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 April 2024 |
38,732 |
|
94,348 |
|
26,976 |
|
1,076 |
|
161,132 |
| Additions |
- |
|
4,701 |
|
- |
|
- |
|
4,701 |
| Disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 March 2025 |
38,732 |
|
99,049 |
|
26,976 |
|
1,076 |
|
165,833 |
| Depreciation |
| At 01 April 2024 |
19,156 |
|
73,294 |
|
14,587 |
|
1,075 |
|
108,112 |
| Charge for year |
3,356 |
|
5,753 |
|
3,097 |
|
- |
|
12,206 |
| On disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 March 2025 |
22,512 |
|
79,047 |
|
17,684 |
|
1,075 |
|
120,318 |
| Net book values |
| Closing balance as at 31 March 2025 |
16,220 |
|
20,002 |
|
9,292 |
|
1 |
|
45,515 |
| Opening balance as at 01 April 2024 |
19,576 |
|
21,054 |
|
12,389 |
|
1 |
|
53,020 |
|
| 5. |
Directors' transactions
The directors maintain a loan account with the company. At the balance sheet date the company owed the directors £70,514 (2024 - £70,514).
|
| 6. |
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £24,000 (2024: £24,000).
In conjunction with the above commitment, the company's premises is on a lease agreement whereby the monthly rentals are determined by the sales for the company for the period multiplied by 8%.
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3
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