Monstercam Limited - Accounts to registrar (filleted) - small 18.2

MONSTERCAM LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P J Hill

T G Stubington

N Phelps

REGISTERED OFFICE:

Venture House

The Tanneries

East Street

Titchfield

Hampshire

PO14 4AR

REGISTERED NUMBER:

07464913 (England and Wales)

ACCOUNTANTS:

Compass Accountants Limited

Chartered Accountants

Venture House

The Tanneries

East Street

Titchfield

Hampshire

PO14 4AR

BANKERS:

Natwest Bank PLC

52 West Street

Fareham

Hampshire

PO16 0JX

FIXED ASSETS

Tangible assets

4

1,903,282

1,801,390

CURRENT ASSETS

Stocks

126,784

43,500

Debtors

5

474,146

142,510

Cash at bank

214,329

176,592

815,259

362,602

CREDITORS

Amounts falling due within one year

6

928,576

635,579

NET CURRENT LIABILITIES

(113,317

)

(272,977

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,789,965

1,528,413

CREDITORS

Amounts falling due after more than one year

7

(1,183,340

)

(1,185,784

)

PROVISIONS FOR LIABILITIES

(35,569

)

(28,572

)

NET ASSETS

571,056

314,057

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

570,756

313,757

SHAREHOLDERS' FUNDS

571,056

314,057

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 9 January 2019 and were signed on its behalf by:

T G Stubington - Director

1.	STATUTORY INFORMATION

Monstercam 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Long leasehold

-

over period of lease

Plant and machinery

-

Straight line over 10 years

Fixtures and fittings

-

15% on reducing balance

HSM Modal Machine

-

10% on reducing balance

Computer equipment

-

33.3% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS102 (Section 1a) to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the

instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there

is a legally enforceable right to set off the recognised amounts and there is an intention

to settle on a net basis or to realise the asset and settle the liability simultaneously.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2017 - 33 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

Long

to

Plant and

property

leasehold

property

machinery

£

£

£

£

COST OR VALUATION

At 1 July 2017

17,660

1,526,863

-

644,731

Additions

-

-

9,920

2,990

Reclassification/transfer

-

-

-

(553,622

)

At 30 June 2018

17,660

1,526,863

9,920

94,099

DEPRECIATION

At 1 July 2017

-

12,215

-

378,238

Charge for year

-

12,215

-

9,409

Reclassification/transfer

-

-

-

(349,270

)

At 30 June 2018

-

24,430

-

38,377

NET BOOK VALUE

At 30 June 2018

17,660

1,502,433

9,920

55,722

At 30 June 2017

17,660

1,514,648

-

266,493

Fixtures

and

HSM Modal

Computer

fittings

Machine

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 July 2017

5,003

-

6,322

2,200,579

Additions

72,626

-

-

85,536

Revaluations

-

65,648

-

65,648

Reclassification/transfer

-

204,352

-

(349,270

)

At 30 June 2018

77,629

270,000

6,322

2,002,493

DEPRECIATION

At 1 July 2017

2,743

-

5,993

399,189

Charge for year

339

27,000

329

49,292

Reclassification/transfer

-

-

-

(349,270

)

At 30 June 2018

3,082

27,000

6,322

99,211

NET BOOK VALUE

At 30 June 2018

74,547

243,000

-

1,903,282

At 30 June 2017

2,260

-

329

1,801,390

Cost or valuation at 30 June 2018 is represented by:

Improvements

Freehold

Long

to

Plant and

property

leasehold

property

machinery

£

£

£

£

Cost

17,660

1,526,863

9,920

94,099

17,660

1,526,863

9,920

94,099

Fixtures

and

HSM Modal

Computer

fittings

Machine

equipment

Totals

£

£

£

£

Valuation in 2018

-

270,000

-

270,000

Cost

77,629

-

6,322

1,732,493

77,629

270,000

6,322

2,002,493

The above valuation was undertaken by Hilco Valuation Services on 7th November 2018. Their valuation reflects

the market value of the company's machine as of that date.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

415,058

141,197

Other debtors

59,088

1,313

474,146

142,510

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

2,490

2,530

Trade creditors

353,212

106,706

Taxation and social security

95,671

112,281

Other creditors

477,203

414,062

928,576

635,579

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

58,340

60,784

Other creditors

1,125,000

1,125,000

1,183,340

1,185,784

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

1,125,000

1,125,000

Repayable by instalments

Bank loans more 5 yr by instal

58,340

60,784

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Debentures

60,830

63,314

HSBC Bank plc holds a fixed and floating charge over all assets. Floating charge covers all property or

undertakings of the company. Contains negative pledge.