ACCOUNTS - Final Accounts

MONOCCA LTD - Company Information

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Registered number: 06169134

MONOCCA LTD

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2021

MONOCCA LTD

REGISTERED NUMBER: 06169134

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021

		2021		2020
Note		£		£


Current assets
Stocks		15,000		-
Debtors: amounts falling due within one year	8	24,902		21,106
Cash at bank and in hand	9	96		11
		39,998		21,117
Creditors: amounts falling due within one year	10	(31,496)		(20,597)
Net current assets			8,502		520
Total assets less current liabilities			8,502		520
Creditors: amounts falling due after more than one year			(8,333)		-

Net assets			169		520

Capital and reserves
Called up share capital	100	100
Profit and loss account	69	420
	169	520

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

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MONOCCA LTD

REGISTERED NUMBER: 06169134

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2021

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 December 2021.

B. Mannion

Director

The notes on pages 3 to 7 form part of these financial statements.

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MONOCCA LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

Monocca Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 30 Orange Street, London, WC2H 7HF.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

25% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.4

Debtors

Short term debtors are measured at transaction price.

2.5

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.6

Creditors

Short term creditors are measured at the transaction price.

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MONOCCA LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

2.8

Interest income

Interest income is recognised in the Statement of income and retained earnings as received.

2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

2.10

Stocks

Stocks are stated at the lower of cost and net realisable value.

2.11

Dividends

Equity dividends are recognised when they are paid.

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

4.	Taxation

		2021	2020
		£	£

Corporation tax
Current tax on profits for the year	8,803	6,251
	8,803	6,251

Total current tax	8,803	6,251

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MONOCCA LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

4.Taxation (continued)

	Factors affecting tax charge for the year
	There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 19% (2020 - 19%).

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

5.	Dividends
		2021	2020
		£	£

	Dividends paid	37,500	26,500
		37,500	26,500

6.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 April 2020	879
	At 31 March 2021	879
	Depreciation
	At 1 April 2020	879
	At 31 March 2021	879
	Net book value
	At 31 March 2021	-
	At 31 March 2020	-

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MONOCCA LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

7.	Stocks
		2021	2020
		£	£

Work in progress	15,000	-
	15,000	-

Debtors

					2021	2020
					£	£


Other debtors	24,902	21,106
	24,902	21,106

9.	Cash
		2021	2020
		£	£

Cash at bank	96	11
	96	11

10.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Bounce back loan	1,667	-
Trade creditors	1,080	6,060
The Light House CGI Limited	214	259
Corporation tax	19,034	10,019
VAT control	6,301	2,759
Accruals	3,200	1,500
	31,496	20,597

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MONOCCA LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

11.	Creditors: Amounts falling due after more than one year
		2021	2020
		£	£

Bounce back loan	8,333	-
	8,333	-

The company has enjoyed a bounce back loan following the effect of Covid-19 in the year. The loan is for £10,000 and is repayable over 6 years commencing one year after 13th November 2020 at an initial rate of 2.5%.

12.

Related party transactions

The directors consider Polygon C.G.I Limited and The Light House CGI Limited to be related parties.
During the year, Monocca Limited charged Polygon C.G.I Limited £57,000 (2020 - £57,000) for the provision of consultancy services on a normal commercial basis.
As at the balance sheet date, there was a balance due from Polygon C.G.I Limited of £15,000 (2020 - £15,000).
As at the balance sheet date, there was a balance due to The Light House C.G.I Limited of £214 (2020 - £259).

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