Mountgrange Heritage Limited - Accounts to registrar (filleted) - small 23.2.5
Mountgrange Heritage Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Mountgrange Heritage Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2023 |
| Mountgrange Heritage Limited (Registered number: 01760554) |
| Contents of the Financial Statements |
| for the year ended 31 March 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Mountgrange Heritage Limited |
| Company Information |
| for the year ended 31 March 2023 |
| Directors: |
| Secretary: |
| Registered office: |
| Registered number: |
| Accountants: |
| Chartered Accountants |
| 250 Fowler Avenue |
| Farnborough |
| Hampshire |
| GU14 7JP |
| Mountgrange Heritage Limited (Registered number: 01760554) |
| Balance Sheet |
| 31 March 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current assets |
| Total assets less current liabilities |
| Provisions for liabilities |
| Net assets |
| Capital and reserves |
| Called up share capital | 8 |
| Retained earnings |
| Shareholders' funds |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Mountgrange Heritage Limited (Registered number: 01760554) |
| Notes to the Financial Statements |
| for the year ended 31 March 2023 |
| 1. | Statutory information |
| Mountgrange Heritage Limited is a |
| 2. | Accounting policies |
| Accounting convention |
| These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. |
| The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
| Going concern |
| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Hence the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
| Turnover |
| Turnover comprises revenue recognised by the company in respect of services supplied and the fees received, excluding VAT. Turnover is recognised in the financial statements based on the date of the invoice or in the case of letting fees, based on the period over which the service is supplied. |
| Goodwill |
| Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of each individual acquisition, which is considered to be between 3 and 10 years. |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
| Land and buildings leasehold | Over the period of the lease |
| Plant and machinery | 25% reducing balance |
| Fixtures, fittings & equipment | 20-25% reducing balance |
| Motor vehicles | 25% reducing balance |
| Impairment of fixed assets |
| At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. |
| Mountgrange Heritage Limited (Registered number: 01760554) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2023 |
| 2. | Accounting policies - continued |
| 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. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs 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. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, 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. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| Taxation |
| The tax expense represents the sum of the tax currently payable and deferred tax. |
| Current tax |
| The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
| Deferred tax |
| Deferred tax liabilities are generally recognised for all timing differences and 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. 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. |
| Leases |
| Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. |
| Employee benefits |
| The costs of short-term employee benefits are recognised as a liability and an expense. |
| Retirement benefits |
| The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable. |
| Cash at bank and in hand |
| Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| Mountgrange Heritage Limited (Registered number: 01760554) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2023 |
| 4. | Tangible fixed assets |
| Fixtures |
| Land and | Plant and | and | Motor |
| Buildings | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Cost |
| At 1 April 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2023 |
| Depreciation |
| At 1 April 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2023 |
| Net book value |
| At 31 March 2023 |
| At 31 March 2022 |
| 5. | Debtors: amounts falling due within one year |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Included in other debtors is an amount of £20,625 (2022 - £20,625) which may not be recoverable within twelve months. |
| 6. | Creditors: amounts falling due within one year |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| The bank loan is secured by fixed and floating charges covered by the company's property and limited guarantees given by the directors. |
| 7. | Leasing agreements |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2023 | 2022 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| Mountgrange Heritage Limited (Registered number: 01760554) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2023 |
| 8. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 9. | Directors' advances, credits and guarantees |
| Included within debtors at the year end is £230,000 (2022: £nil) due from the directors. |
| 10. | Related party disclosures |
| Included in debtors are amounts owed from the parent company of £196,768 (2022 - £195,843). |
| 11. | Parent company |
| The parent company and controlling party is Yieldcroft Limited, the registered office is 13b Stratford Road, London, W8 6RF. |