Mont Meru Limited - Filleted accounts

MONT MERU LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2018

Company Registration Number: 04371760

MONT MERU LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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 2018
DIRECTOR
Mr S C A Gray
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Cranbrook House
287-291 Banbury Road
Oxford
OX2 7JQ
COMPANY REGISTRATION NUMBER
04371760 England and Wales

MONT MERU LIMITED
BALANCE SHEET
AS AT 31 March 2018
			Notes		2018				2017
					£				£
FIXED ASSETS
Intangible assets			5				20,630				11,850
Tangible assets			6				68,224				66,174
Investments			7				1				1
							88,855				78,025
CURRENT ASSETS
Debtors			8		575,295				570,624
Cash at bank and in hand					21,070				35,885
					596,365				606,509
CREDITORS: Amounts falling due within one year			9		546,540				544,208
NET CURRENT ASSETS							49,825				62,301
TOTAL ASSETS LESS CURRENT LIABILITIES							138,680				140,326
Provisions for liabilities and charges							135,671				137,355
NET ASSETS							3,009				2,971
CAPITAL AND RESERVES
Called up share capital							200				200
Distributable profit and loss account							2,809				2,771
SHAREHOLDER'S FUNDS							3,009				2,971
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 2018 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: 14 December 2018

MONT MERU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
1	GENERAL INFORMATION
	Mont Meru Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
	Registered office				Principal place of business
	Cranbrook House				16 Balderton Street
	287-291 Banbury Road				Mayfair
	Oxford				London
	OX2 7JQ				W1K 6TN
	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, studio hire and dance lesson 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 lives 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
	Office equipment					Reducing balance basis at 25% per annum
	Fixtures and fittings					Reducing balance basis at 25% per annum
	Computer equipment and website					Straight line basis at 33% per annum and 20% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
	Investments

	Investments in subsidiaries are shown at cost less accumulated impairment losses.

	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 the profit and loss account.

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.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	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 the profit and loss account.
	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 the profit and loss account.

	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
	Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
	Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	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.

	Current and deferred tax assets and liabilities are not discounted.
	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.
	A provision for the estimated dilapidations costs in regards to the rental lease agreement is recognised.

	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	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	The director has made key assumptions in determination of the dilapidations provision included within the financial statements.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2018		2017
	Average number of employees								26		22
5	INTANGIBLE FIXED ASSETS
							Website		Domain name		Total
							£		£		£
	Cost
	At 1 April 2017						5,009		11,850		16,859
	Additions						-		11,150		11,150
	Disposals						(5,009)		-		(5,009)
	At 31 March 2018						-		23,000		23,000
	Accumulated amounts written off
	At 1 April 2017						5,009		-		5,009
	Charge for year						-		2,370		2,370
	Disposals						(5,009)		-		(5,009)
	At 31 March 2018						-		2,370		2,370
	Net book value
	At 1 April 2017						-		11,850		11,850
	At 31 March 2018						-		20,630		20,630
6	TANGIBLE ASSETS
			Leasehold property		Office equipment		Fixtures and fittings	Computer equipment and website			Total
			£		£		£		£		£
	Cost
	At 1 April 2017		60,467		64,236		77,518		38,248		240,469
	Additions		5,250		265		-		8,626		14,141
	Disposals		-		-		-		(3,777)		(3,777)
	At 31 March 2018		65,717		64,501		77,518		43,097		250,833
	Accumulated depreciation and impairments
	At 1 April 2017		6,047		60,576		74,336		33,336		174,295
	Charge for year		6,418		1,012		796		1,306		9,532
	Disposals		-		-		-		(1,218)		(1,218)
	At 31 March 2018		12,465		61,588		75,132		33,424		182,609
	Net book value
	At 1 April 2017		54,420		3,660		3,182		4,912		66,174
	At 31 March 2018		53,252		2,913		2,386		9,673		68,224
7	FIXED ASSET INVESTMENTS
											Investment in subsidiary
											£
	Cost
	At 1 April 2017										1
	At 31 March 2018										1
	Net book value
	At 1 April 2017										1
	At 31 March 2018										1
8	DEBTORS
									2018		2017
									£		£
	Trade debtors								15,364		13,427
	Prepayments and accrued income								162,871		152,234
	Other debtors								397,060		404,963
									575,295		570,624
9	CREDITORS: Amounts falling due within one year
									2018		2017
									£		£
	Trade creditors								106,160		143,394
	Taxation and social security								34,975		31,623
	Accruals and deferred income								194,880		234,657
	Other creditors								210,525		134,534
									546,540		544,208
10	SECURED DEBTS
	The company has an overdraft facility with National Westminster Bank PLC which has a fixed and floating charge over the undertakings and all property and assets of the company.
11	CONTINGENCIES AND COMMITMENTS
	Other Commitments
	Amounts falling due under operating leases:								2018		2017
									£		£
	In less than one year								184,000		177,425
	In more than one but less than five years								736,000		736,000
	In more than five years								644,000		828,000
									1,564,000		1,741,425
12	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
	The following director's advances, credits and guarantees took place during the year
			Balance at 1 April 2017		Amounts advanced		Amounts repaid		Amounts written off or waived		Balance at 31 March 2018
			£		£		£		£		£
	Mr S C A Gray		253,283		19,754		19,754		-		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 is repayable on demand.