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

REGISTERED NUMBER: 13959083 (England and Wales)

Unaudited Financial Statements

for the Period 7 March 2022 to 31 March 2023

for

Masafina Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L M Copp

Mrs A M Montes Renaud

SECRETARY:

Dr E Corrigan

REGISTERED OFFICE:

37-43 Gorst Road

Park Royal

LONDON

NW10 6LA

REGISTERED NUMBER:

13959083 (England and Wales)

FIXED ASSETS

Tangible assets

5

453,102

CURRENT ASSETS

Debtors

6

112,664

Cash at bank and in hand

68,243

180,907

CREDITORS

Amounts falling due within one year

7

271,953

NET CURRENT LIABILITIES

(91,046

)

TOTAL ASSETS LESS CURRENT LIABILITIES

362,056

CAPITAL AND RESERVES

Called up share capital

35,000

Share premium

586,000

Retained earnings

(258,944

)

362,056

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 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 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 Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by:

Mrs L M Copp - Director

Mrs A M Montes Renaud - Director

1.	STATUTORY INFORMATION

Masafina 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

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

Land and buildings

-

over the remaining life of the lease

Plant and machinery etc

-

25% on reducing balance

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Taxation

Taxation for the period 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 period 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

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

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

Additions

355,170

173,901

529,071

At 31 March 2023

355,170

173,901

529,071

DEPRECIATION

Charge for period

32,494

37,391

69,885

Eliminated on disposal

-

6,084

6,084

At 31 March 2023

32,494

43,475

75,969

NET BOOK VALUE

At 31 March 2023

322,676

130,426

453,102

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

112,664

Included within other debtors disclosed above is a balance of £80,638 in relation to prepayments, a balance of £31,846 in relation to VAT, a balance of £786 in relation to tax and a balance of £180 in relation to supplier deposits.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

66,765

Taxation and social security

3,384

Other creditors

201,804

271,953

Included within other creditors disclosed above is a balance of £1,272 in relation to accruals, a balance of £532 in relation to pensions payable and a balance of £200,000 in relation to investor loans.

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

£

Within one year

51,840

Between one and five years

133,920

185,760