Monarch - ELS Limited - Period Ending 2020-03-31
Monarch - ELS Limited - Period Ending 2020-03-31
FINANCIAL PERIOD DATA REFRESH REQUIRED
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Registration number:
Monarch - ELS Limited
for the Year Ended 31 March 2020
Monarch - ELS Limited
Contents
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Company Information |
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Directors' Report |
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Accountants' Report |
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Abridged Profit and Loss Account |
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Statement of Comprehensive Income |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Monarch - ELS Limited
Company Information
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Directors |
Miss Victoria Maher Ms Carlette Emma Maher |
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Registered office |
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Accountants |
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Monarch - ELS Limited
Directors' Report for the Year Ended 31 March 2020
The directors present their report and the abridged financial statements for the year ended 31 March 2020.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is freight Transport by road
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
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Director
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Director
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Monarch - ELS Limited
for the Year Ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Monarch - ELS Limited for the year ended 31 March 2020 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Monarch - ELS Limited, as a body, in accordance with the terms of our engagement letter dated 25 February 2008. Our work has been undertaken solely to prepare for your approval the accounts of Monarch - ELS Limited and state those matters that we have agreed to state to the Board of Directors of Monarch - ELS Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Monarch - ELS Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Monarch - ELS Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Monarch - ELS Limited. You consider that Monarch - ELS Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Monarch - ELS Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
20-22 Anchor Road
Aldridge
Walsall
West Midlands
WS9 8PH
Monarch - ELS Limited
Abridged Profit and Loss Account for the Year Ended 31 March 2020
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Note |
2020 |
2019 |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
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- |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Monarch - ELS Limited
Statement of Comprehensive Income for the Year Ended 31 March 2020
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2020 |
2019 |
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Profit for the year |
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Total comprehensive income for the year |
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Monarch - ELS Limited
(Registration number: 06513012)
Abridged Balance Sheet as at 31 March 2020
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Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Monarch - ELS Limited
(Registration number: 06513012)
Abridged Balance Sheet as at 31 March 2020
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
.........................................
Director
.........................................
Director
Monarch - ELS Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2020
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements have been prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Group accounts not prepared
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Monarch - ELS Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2020
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that thet will be recovered against the reversal of deferred tax liabilities or other future taxablr profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profit will be acailable to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited direct to equityt, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority,
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
25% Reducing balance
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Asset class |
Depreciation method and rate |
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Motor Vehicles |
25% Reducing Balance |
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Office Equipment |
25% Reducing balance |
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Plant and Machinery |
25% Reducing balance |
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Fixtures and Fittings |
25% Reducing balance |
Monarch - ELS Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2020
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Monarch - ELS Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2020
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Financial assets and liabilities are offset, with the net amounts presernted in the financial statements when there is a legally enforceablr right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and swttlr the liability simultaneously.
Basic Financial Assets
Basic financial assets, which include debtors, 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.
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Monarch - ELS Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2020
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Auditors' remuneration |
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2020 |
2019 |
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Audit of the financial statements |
- |
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Profit before tax |
Arrived at after charging/(crediting)
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2020 |
2019 |
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Depreciation expense |
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Monarch - ELS Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2020
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 April 2019 |
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Additions |
- |
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- |
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Disposals |
- |
( |
- |
( |
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At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Investments |
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Total |
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Cost or valuation |
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At 1 April 2019 |
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Provision |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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2020 |
2019 |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Monarch - ELS Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2020
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
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Subsidiary undertakings |
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Emerald House 20-22 Anchor Road
England |
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Subsidiary undertakings |
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Monarch-ELS Properties Limited The principal activity of Monarch-ELS Properties Limited is |
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Share capital |
Allotted, called up and fully paid shares
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2020 |
2019 |
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No. |
£ |
No. |
£ |
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248 |
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248 |
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Related party transactions |
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Transactions with directors |
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2020 |
At 1 April 2019 |
Repayments by director |
At 31 March 2020 |
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Miss Victoria Maher |
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Directors' Loan |
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( |
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Ms Carlette Emma Maher |
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Directors' Loan |
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( |
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2019 |
At 1 April 2018 |
Advances to directors |
Repayments by director |
At 31 March 2019 |
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Miss Victoria Maher |
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Directors' Loan |
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( |
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Ms Carlette Emma Maher |
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Directors' Loan |
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( |
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Monarch - ELS Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2020
Loans to related parties
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2020 |
Key management |
Other related parties |
Total |
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At start of period |
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Repaid |
- |
( |
( |
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At end of period |
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2019 |
Key management |
Other related parties |
Total |
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At start of period |
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Advanced |
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Repaid |
- |
( |
( |
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At end of period |
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Financial instruments |
Categorisation of financial instruments
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2020 |
2019 |
Impairment
Loan to subsidiary
The amount of the impairment loss during the year is £Nil (2019 - £Nil).