Monohill Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01988094 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

MONOHILL LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Mr A Mahtani

SECRETARY:

Mr A Mahtani

REGISTERED OFFICE:

505 Pinner Road

Harrow

Middlesex

HA2 6EH

REGISTERED NUMBER:

01988094 (England and Wales)

ACCOUNTANTS:

STGCA LLP t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Monohill Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Monohill Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Monohill Limited and state those matters that we have agreed to state to the director of Monohill Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Monohill Limited and its director for our work or for this report.

It is your duty to ensure that Monohill Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Monohill Limited. You consider that Monohill 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 financial statements of Monohill 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 financial statements.

STGCA LLP t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

26 December 2023

FIXED ASSETS

Tangible assets

4

6,847

5,533

Investments

5

9,980

9,980

16,827

15,513

CURRENT ASSETS

Debtors

6

5,398,627

2,746,594

Cash at bank and in hand

358,887

235,598

5,757,514

2,982,192

CREDITORS

Amounts falling due within one year

7

5,580,088

2,785,508

NET CURRENT ASSETS

177,426

196,684

TOTAL ASSETS LESS CURRENT LIABILITIES

194,253

212,197

CREDITORS

Amounts falling due after more than one year

8

(19,445

)

(37,258

)

PROVISIONS FOR LIABILITIES

10

(1,301

)

(1,051

)

NET ASSETS

173,507

173,888

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

123,507

123,888

SHAREHOLDERS' FUNDS

173,507

173,888

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 December 2023 and were signed by:

Mr A Mahtani - Director

1.	STATUTORY INFORMATION

Monohill Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the company has a right to the consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

10% on reducing balance

Computer equipment

-

20% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into Pound sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Pound sterling using spot rate at the transaction date. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed assets investments

Fixed asset investments are valued at cost less accumulated impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2022

43,850

19,096

62,946

Additions

-

2,748

2,748

At 31 March 2023

43,850

21,844

65,694

DEPRECIATION

At 1 April 2022

41,630

15,783

57,413

Charge for year

222

1,212

1,434

At 31 March 2023

41,852

16,995

58,847

NET BOOK VALUE

At 31 March 2023

1,998

4,849

6,847

At 31 March 2022

2,220

3,313

5,533

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2023

2022

£

£

Cost/valuation b/f

9,980

9,980

Fixed asset investments represents cost of acquisition of a timeshare in a property.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

4,650,139

1,633,303

Amounts owed by connected company

385,186

943,528

Other debtors

243,196

143,127

Directors' current accounts

93,581

-

VAT

1,525

1,636

Prepayments

25,000

25,000

5,398,627

2,746,594

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

971,687

2,591,512

Amounts owed to connected company

4,590,106

-

Tax

2,746

-

Social security and other taxes

2,916

2,816

Other creditors

233

170,715

Directors' current accounts

-

8,065

Accrued expenses

2,400

2,400

5,580,088

2,785,508

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 1-2 years

10,000

10,000

Bank loans - 2-5 years

9,445

27,258

19,445

37,258

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

29,445

47,258

The company has a government-backed bounced-back loan, which is repayable over five years with interest at 2.5% per annum.

10.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

1,301

1,051

Deferred

tax

£

Balance at 1 April 2022

1,051

Movement

250

Balance at 31 March 2023

1,301

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the company paid dividends of £9,000 (2022: £12,000) to the director.

At the year end, the director owed £93,581 (2022: was owed £8,065 by) to the company. The amount owed was repaid in full on 21 December 2023. The company charged interest at 2% per annum.

12.	RELATED PARTY DISCLOSURES

At the year end, the company owed £4,590,106 (2022: was owed £573,104 by) to Ashok International Limited, a company in which the director has beneficial interest. The amount owed is interest free and repayable on demand.

At the year end, the company was owed £382,471 (2022: £368,232.26) by Monohill DMCC Limited, a company in which the director has beneficial interest. The amount owed is interest free and repayable on demand.

At the year end, the company was owed £2,715 (2022: £2,192) by Monohill (HK) Limited, a company in which the director has beneficial interest. The amount owed is interest free and repayable on demand.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A Mahtani, a director of the company.