General Information
MADHU SUBS LTD is a private company, limited by shares, registered in England and Wales, registration number 08767195, registration address Office Gold, Building 3, Chiswick Park, 566 Chiswick High Road, London, W4 5YA.
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.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government Grants has been received by the company with respect to "Coronavirus Job Retention Scheme".
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
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
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a Written Down basis at 6% amortization rate.
Licences and patents
Licences and patents are stated at cost less amortisation. Amortisation of licences is calculated on a straight line basis over the life of the licence. Amortisation of patents is calculated on a straight line basis over the estimated expected useful economic life of the patents of 7 years.
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:
| Land and Buildings |
7 Reducing Balance |
| Plant and Machinery |
25 Reducing Balance
|
| Motor Vehicles |
25 Reducing Balance
|
| Fixtures and Fittings |
25 Reducing Balance
|
| Computer Equipment |
3 Straight Line
|
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.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 15 (2022 : 11).
|
| 3. |
Intangible fixed assets
| Cost |
Goodwill |
|
Patents and Licenses |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 April 2022 |
- |
|
5,982 |
|
5,982 |
| Additions |
25,000 |
|
- |
|
25,000 |
| Disposals |
- |
|
- |
|
- |
| At 31 March 2023 |
25,000 |
|
5,982 |
|
30,982 |
| Amortisation |
| At 01 April 2022 |
- |
|
2,594 |
|
2,594 |
| Charge for year |
1,422 |
|
237 |
|
1,659 |
| On disposals |
- |
|
- |
|
- |
| At 31 March 2023 |
1,422 |
|
2,831 |
|
4,253 |
| Net book values |
| At 31 March 2023 |
23,578 |
|
3,151 |
|
26,729 |
| At 31 March 2022 |
- |
|
3,388 |
|
3,388 |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Land and Buildings |
|
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 April 2022 |
113,450 |
|
40,357 |
|
4,750 |
|
10,855 |
|
333 |
|
169,745 |
| Additions |
- |
|
15,000 |
|
- |
|
- |
|
1,732 |
|
16,732 |
| Disposals |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
| At 31 March 2023 |
113,450 |
|
55,357 |
|
4,750 |
|
10,855 |
|
2,065 |
|
186,477 |
| Depreciation |
| At 01 April 2022 |
49,156 |
|
33,793 |
|
4,082 |
|
8,897 |
|
333 |
|
96,261 |
| Charge for year |
4,500 |
|
4,017 |
|
167 |
|
422 |
|
123 |
|
9,229 |
| On disposals |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
| At 31 March 2023 |
53,656 |
|
37,810 |
|
4,249 |
|
9,319 |
|
456 |
|
105,490 |
| Net book values |
| Closing balance as at 31 March 2023 |
59,794 |
|
17,547 |
|
501 |
|
1,536 |
|
1,609 |
|
80,987 |
| Opening balance as at 01 April 2022 |
64,294 |
|
6,564 |
|
668 |
|
1,958 |
|
- |
|
73,484 |
|
| 5. |
Share Capital
Authorised
100 Ordinary shares of £100.00 each
Allotted, called up and fully paid
|
2023
£ |
|
2022
£ |
|
100
Ordinary shares of £100.00 each |
10,000 |
|
10,000 |
|
10,000 |
|
10,000 |
|
2
|
