Registration number:
Masuku Filtration Limited
for the Period from 24 June 2020 to 30 June 2021
Masuku Filtration Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Masuku Filtration Limited
Company Information
Directors |
Timofey Braslavets Alison Eyre |
Registered office |
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Accountants |
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Masuku Filtration Limited
(Registration number: 12694622)
Balance Sheet as at 30 June 2021
Note |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Total assets less current liabilities |
( |
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Provisions for liabilities |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
1 |
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Profit and loss account |
(423,492) |
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Shareholders' deficit |
(423,491) |
For the financial period ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
Masuku Filtration Limited
(Registration number: 12694622)
Balance Sheet as at 30 June 2021
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Masuku Filtration Limited
Notes to the Unaudited Financial Statements for the Period from 24 June 2020 to 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The company was established in the period under review. It commenced product development activities and brought the first product to market. Significant investment in marketing, further product development and new sales lines released since the year end are expected to contribute to forecast success of the business.
Whilst knowledge of the product establishes and sales start to increase, the company is supported by its participators. The financial statements have therefore been prepared on the going concern basis.
Masuku Filtration Limited
Notes to the Unaudited Financial Statements for the Period from 24 June 2020 to 30 June 2021
Judgements
There are not considered to be any material judgements made within these financial statements. |
Key sources of estimation uncertainty
Key sources of estimation uncertainty relate to the depreciation rates applicable to fixed assets. Being a newly established business, it is difficult to forecast the useful life of assets being used for the new technology that has been developed.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Masuku Filtration Limited
Notes to the Unaudited Financial Statements for the Period from 24 June 2020 to 30 June 2021
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
5 years straight line |
Intangible assets
Intangible assets relating to webiste development costs are capitalised on the basis that the website generates revenue directly. Costs capitalised are those incurred in bringing the website up to a useable condition. Subsequent maintenance is expensed in the profit and loss account.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website development costs |
5 years straight line |
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.
Masuku Filtration Limited
Notes to the Unaudited Financial Statements for the Period from 24 June 2020 to 30 June 2021
Trade debtors
Trade debtors are amounts due from customers for merchandise 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Masuku Filtration Limited
Notes to the Unaudited Financial Statements for the Period from 24 June 2020 to 30 June 2021
Financial instruments
Classification
Financial instruments are recognised in the company's balance sheet 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.
Recognition and measurement
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Masuku Filtration Limited
Notes to the Unaudited Financial Statements for the Period from 24 June 2020 to 30 June 2021
Intangible assets |
Internally generated software development costs |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 30 June 2021 |
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Amortisation |
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Amortisation charge |
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At 30 June 2021 |
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Carrying amount |
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At 30 June 2021 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £
Masuku Filtration Limited
Notes to the Unaudited Financial Statements for the Period from 24 June 2020 to 30 June 2021
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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Additions |
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At 30 June 2021 |
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Depreciation |
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Charge for the period |
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At 30 June 2021 |
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Carrying amount |
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At 30 June 2021 |
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Stocks |
2021 |
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Raw materials and consumables |
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Finished goods and goods for resale |
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Debtors |
Note |
2021 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Masuku Filtration Limited
Notes to the Unaudited Financial Statements for the Period from 24 June 2020 to 30 June 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Summary of transactions with other related parties
The company has taken advantge of the exemptions available under FRS 102 Section 1A not dislcose transactions with related parties that have been conducted under normal market conditions.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is