Mont Meru Limited - Filleted accounts

MONT MERU LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2017

Company Registration Number: 04371760

MONT MERU LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 11

MONT MERU LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2017
DIRECTOR
Mr S C A Gray
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Cranbrook House
287-291 Banbury Road
Oxford
Oxfordshire
OX2 7JQ
COMPANY REGISTRATION NUMBER
04371760 England and Wales

MONT MERU LIMITED
BALANCE SHEET
AS AT 31 March 2017
			Notes		2017				2016
					£				£
FIXED ASSETS
Intangible assets			7				11,850				1
Tangible assets			8				66,174				72,888
Investments			9				1				-
							78,025				72,889
CURRENT ASSETS
Debtors			10		570,624				602,901
Cash at bank and in hand					35,885				43,035
					606,509				645,936
CREDITORS: Amounts falling due			11		544,208				596,047
within one year
NET CURRENT ASSETS							62,301				49,889
TOTAL ASSETS LESS CURRENT LIABILITIES							140,326				122,778
Provisions for liabilities and charges							137,355				124,440
NET ASSETS / (LIABILITIES)							2,971				(1,662)
CAPITAL AND RESERVES
Called up share capital							200				200
Distributable profit and loss account							2,771				(1,862)
SHAREHOLDER'S FUNDS / (DEFICIT)							2,971				(1,662)
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
Mr S C A Gray
Director
Date approved by the board: 9 December 2017

MONT MERU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
1	GENERAL INFORMATION
	Mont Meru Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	Cranbrook House
	287-291 Banbury Road
	Oxford
	Oxfordshire
	OX2 7JQ
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of membership and studio hire services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Intangible fixed assets

	Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. They are amortised on a straight-line basis over their useful economic life of 5 years.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Leasehold property					Straight line basis at 10% per annum
	Plant and machinery					Reducing balance basis at 25% per annum
	Fixtures and fittings					Reducing balance basis at 25% per annum
	Computer equipment					Reducing balance basis at 33% per annum
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Leases
	Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
	Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.

	Current and deferred tax assets and liabilities are not discounted.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Provisions

	Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.
	Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

	A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use is recognised. The provision is measured at the salary cost payable for the period of absence.
	Pensions
	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3	TRANSITION TO FRS 102
	This is the first year in which the financial statements have been prepared under FRS 102. Note 14 gives an explanation of the effects of the transition.
4	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
	The directors have made key assumptions in determination of provisions included within the financial statements.
5	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2017		2016
	Average number of employees								22		19
6	DIRECTOR'S REMUNERATION
									2017		2016
									£		£
	Remuneration paid to the director during the year was:								8,040		8,040
7	INTANGIBLE FIXED ASSETS
							Website		Domain name		Total
							£		£		£
	Cost
	At 1 April 2016						5,010		-		5,010
	Additions						-		11,850		11,850
	Transfer to investments						(1)		-		(1)
	At 31 March 2017						5,009		11,850		16,859
	Accumulated amounts written off
	At 1 April 2016						5,009		-		5,009
	At 31 March 2017						5,009		-		5,009
	Net book value
	At 1 April 2016						1		-		1
	At 31 March 2017						-		11,850		11,850
8	TANGIBLE ASSETS
			Leasehold property		Plant and machinery		Fixtures and fittings		Computer equipment		Total
			£		£		£		£		£
	Cost
	At 1 April 2016		60,467		63,519		77,518		35,613		237,117
	Additions		-		717		-		2,635		3,352
	At 31 March 2017		60,467		64,236		77,518		38,248		240,469
	Accumulated depreciation and impairments
	At 1 April 2016		-		59,406		73,275		31,548		164,229
	Charge for year		6,047		1,170		1,061		1,788		10,066
	At 31 March 2017		6,047		60,576		74,336		33,336		174,295
	Net book value
	At 1 April 2016		60,467		4,113		4,243		4,065		72,888
	At 31 March 2017		54,420		3,660		3,182		4,912		66,174
9	FIXED ASSET INVESTMENTS
											Investment in subsidiary
											£
	Cost
	Transfer from website cost										1
	At 31 March 2017										1
	Net book value
	At 31 March 2017										1
10	DEBTORS
									2017		2016
									£		£
	Trade debtors								13,427		2,097
	Prepayments and accrued income								152,234		115,018
	Other debtors								404,963		485,786
									570,624		602,901

Included in other debtors is an advance to a director of £253,283 (2016 = £253,283). Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance has no fixed date of repayment.

11	CREDITORS: Amounts falling due within one year
									2017		2016
									£		£
	Trade creditors								143,394		37,124
	Corporation tax								7,321		-
	Other taxation and social security								24,302		30,313
	Accruals and deferred income								234,657		-
	Other creditors								134,534		528,610
									544,208		596,047
	Last year accruals and deferred income totalling £200,785 was included within other creditors.
12	CONTINGENCIES AND COMMITMENTS
	Other Commitments
	Amounts falling due under operating leases for land and buildings:								2017		2016
									£		£
	In less than one year								144,500		121,575
	In more than one but less than five years								578,000		-
	In more than five years								686,375		-
									1,408,875		121,575
13	RELATED PARTY TRANSACTIONS
	During the year, the following transactions with related parties took place:
	Tree Spirit Limited
	Connected party								2017		2016
									£		£
	Mont Meru Limited charged net service charges to Tree Spirit Limited totalling:
									76,792		80,993
	Mont Meru Limited received net payments from Tree Spirit Limited totalling:
									100,000		42,777
	Mont Meru Limited owed Tree Spirit Limited the following amounts. These advances are interest free and repayable on demand:
									41,173		33,324
	Sirius B Limited
	Connected party								2017		2016
									£		£
	Mont Meru Limited settled liabilities on behalf of Sirius B Limited totalling:
									4,766		-
	Mont Meru Limited charged rent to Sirius B Limited totalling:								-		10,000
	Mont Meru Limited received net payments from Sirius B Limited totalling:
									18,741		-
	Mont Meru Limited owed Sirius B Limited the following amounts. These advances are interest free and repayable on demand:
									88,578		83,619
14	RECONCILIATIONS ON ADOPTION OF FRS 102
	These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102. The date of transition to FRS 102 is 1 April 2015.
	Profit and loss for the year ended 31 March 2016										£
	Loss for the year under former UK GAAP										(2,440)
	Loss for the year under FRS 102										(2,440)
	Balance sheet at 31 March 2016										£
	Equity under former UK GAAP										(1,662)
	Equity under FRS 102										(1,662)
	Balance sheet at 1 April 2015										£
	Equity under former UK GAAP										778
	Equity under FRS 102										778