Masito Limited - Period Ending 2022-01-31

Masito Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

Masito Limited

Company Information

Directors

Mr R D Evans Mr J E Parker Evans

Registered office

Midway House Herrick Way Staverton Cheltenham GL51 6TQ

Accountants

Harbour Key Limited Midway House Herrick Way Staverton Cheltenham GL51 6TQ

Masito Limited

(Registration number: 13135616)
Balance Sheet as at 31 January 2022

	Note	2022 £
Fixed assets
Investments	4	10,080,678
Current assets
Debtors	5	1,113
Cash at bank and in hand		162,951
		164,064
Creditors: Amounts falling due within one year	6	(10,314,964)
Net current liabilities		(10,150,900)
Net liabilities		(70,222)
Capital and reserves
Called up share capital		1
Retained earnings		(70,223)
Shareholders' deficit		(70,222)

For the financial period ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 October 2022 and signed on its behalf by:
 

......................................... Mr R D Evans Director

......................................... Mr J E Parker Evans Director

Masito Limited

Notes to the Unaudited Financial Statements for the Period from 15 January 2021 to 31 January 2022

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ
England

These financial statements were authorised for issue by the Board on 14 October 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Masito Limited

Notes to the Unaudited Financial Statements for the Period from 15 January 2021 to 31 January 2022

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the Balance Sheet. The corresponding dividends relating to the liability component are charges as interest in the Profit and Loss Account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction value (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financial transaction. If an arrangement constitutes a financial transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market value of interest for a similar debt instrument.

 Impairment
Asset, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after intial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and it value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ("CGUs") of which the goodwill is a part. Any impairment in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Masito Limited

Notes to the Unaudited Financial Statements for the Period from 15 January 2021 to 31 January 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

Masito Limited

Notes to the Unaudited Financial Statements for the Period from 15 January 2021 to 31 January 2022

4	Investments

	2022 £
Investment additions	11,280,089
Investment disposals	(1,151,211)
Investment revaluation	(48,200)
	10,080,678

Other investments

The market value of the listed investments at 31 January 2022 was £10,080,678.

5

Debtors

Current	2022 £
Other debtors	1,113

6

Creditors

Creditors: amounts falling due within one year

	Note	2022 £
Due within one year
Bank loans and overdrafts	7	195,629
Other creditors	8	10,119,335
		10,314,964

7	Loans and borrowings

	2022 £
Current loans and borrowings
Bank overdrafts	195,629

Bank borrowings

There is a fixed charge held by UBS AG, London Branch, over the cash and securities within the portfolio they manage on behalf of the company.

8	Related party transactions

Summary of transactions with other related parties

At the balance sheet date, the company owed the Evans Family Trust £10,117,535. There are no repayment terms or interest charged on the outstanding amount.