Company Registration No. 09347300 (England and Wales)
MASH ALPHA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
MASH ALPHA LIMITED
COMPANY INFORMATION
Director
Mr M J W Ashley
Secretary
Eacotts International Limited
Company number
09347300
Registered office
Grenville Court
Britwell Road
Burnham
Buckinghamshire
SL1 8DF
Independent Auditor
Grant Thornton UK LLP
Chartered Accountants and Statutory Auditors
1 Holly Street
Sheffield
S1 2GT
MASH ALPHA LIMITED
CONTENTS
Page
Director's report
1 - 2
Independent auditor's report
3 - 4
Statement of comprehensive income
5
Balance sheet
6
Statement of changes in equity
7
Notes to the financial statements
8 - 13
MASH ALPHA LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2019
The director presents his annual report and financial statements for the year ended 30 April 2019.
Principal activities
The principal
activity of the company is that of
an investment holding company.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr M J W Ashley
Results and dividends
The results for the year are set out on the Statement of Comprehensive Income.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Post reporting date events
There were no post balance sheet events to report.
Future developments
The director foresees no material change in the nature of the company's activities.
Director's responsibilities statement
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the company for that period. In preparing these financial statements, the director is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable
accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 1 -
MASH ALPHA LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
The director confirms that:
-
So far as
director is aware, there is no relevant audit information of which the company’s auditor is unaware
; and
-
the director ha
taken all the
steps that they ought to have taken as director in order to make themsel
f
aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
This report was approved by the Board on
29 June 2020
29 June 2020
and is signed on its behalf.
Mr M J W Ashley
Director
- 2 -
MASH ALPHA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MASH ALPHA LIMITED
Opinion
- 3 -
We have audited the financial statements of MASH Alpha Limited (the 'company') for the year ended 30 April 2019 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 April 2019 and of its loss for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the director's r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the director's report has been prepared in accordance with applicable legal requirements.
MASH ALPHA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MASH ALPHA LIMITED
Matter on which we are required to report under the Companies Act 2006
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the director's
r
eport
.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of director's remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the director's report and from the requirement to prepare a strategic report.
Responsibilities of director for the financial statements
As explained more fully in the director's
r
esponsibilities
s
tatement
set out on page 1
, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to him in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Mr Michael Redfern
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
26 June 2020
Chartered Accountants
Statutory Auditor
1 Holly Street
Sheffield
S1 2GT
- 4 -
MASH ALPHA LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2019
Year
Period
Ended
Ended
30 April
30 April
2019
2018
£
£
Administrative expenses
(35)
(30)
Loss and total comprehensive income
(35)
(30)
- 5 -
MASH ALPHA LIMITED
BALANCE SHEET
AS AT
30 APRIL 2019
30 April 2019
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
7
26
26
Current assets
Cash at bank and in hand
43
-
Creditors: amounts falling due within one year
10
(200)
(122)
Net current liabilities
(157)
(122)
Total assets less current liabilities
(131)
(96)
Reserves
Income and expenditure account
(131)
(96)
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 26 June 2020
Mr M J W Ashley
Director
Company Registration No. 09347300
- 6 -
MASH ALPHA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2019
Income and expenditure account
£
Balance at 29 April 2017
(66)
Period ended 30 April 2018:
Loss and total comprehensive income for the period
(30)
Balance at 30 April 2018
(96)
Year ended 30 April 2019:
Loss and total comprehensive income for the year
(35)
Balance at 30 April 2019
(131)
- 7 -
MASH ALPHA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
Company information
MASH Alpha Limited is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
Grenville Court, Britwell Road, Burnham, Buckinghamshire, SL1 8DF.
The principal
activity of the company is that of
an investment holding company.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘
Balance Sheet
’ – Reconciliation of the opening and closing number of shares
;
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
MASH Holdings Limited
. These consolidated financial statements are available from its registered office.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
- 8 -
MASH ALPHA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in surplus or deficit.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
- 9 -
MASH ALPHA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no significant judgements in these financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was Nil (2018: Nil).
4
Director's remuneration
The company's director has not been remunerated by this company or any other group company during the year (2018: £Nil).
- 10 -
MASH ALPHA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
5
Auditor's remuneration
2019
2018
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
500
500
The audit fees are being paid by the company's ultimate parent undertaking, MASH Holdings Limited.
6
Taxation
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2019
2018
£
£
Loss before taxation
(35)
(30)
Expected tax credit based on the standard rate of corporation tax in the UK of 19% (2018: 19%)
(7)
(6)
Unutilised tax losses carried forward
7
6
Taxation charge for the year
-
-
7
Fixed asset investments
2019
2018
£
£
Investments in subsidiaries
26
26
Movements in fixed asset investments
Shares in group undertakings
£
Cost
At 1 May 2018 & 30 April 2019
26
Carrying amount
At 30 April 2019
26
At 30 April 2018
26
- 11 -
MASH ALPHA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
8
Financial instruments
2019
2018
£
£
Carrying amount of financial liabilities
Measured at amortised cost
200
122
9
Significant undertakings
The company has significant holdings in undertakings which are not consolidated:
Name of undertaking
Registered office
Nature of business
Class of shares held
% Held
MASH Beta Ltd
Grenville Court, Britwell Road, Burnham, Buckinghamshire, SL1 8DF
Holding Company
Ordinary
26
0
The aggregate capital and reserves and the result for the year of significant undertakings noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
MASH Beta Ltd
(30)
(26)
10
Creditors: amounts falling due within one year
2019
2018
Notes
£
£
Bank loans and overdrafts
11
-
22
Amounts owed to group undertakings
200
100
200
122
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
11
Loans and overdrafts
2019
2018
£
£
Bank overdrafts
-
22
Payable within one year
-
22
- 12 -
MASH ALPHA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
12
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
13
Ultimate controlling party
The company's immediate and ultimate parent company is MASH Holdings Limited, a company incorporated in England. The largest and smallest group in which the results of the company are consolidated is that headed by MASH Holdings Limited which is incorporated in England. The consolidated financial statements are available to the public and may be obtained from: MASH Holdings Limited, Grenville Court, Britwell Road, Burnham, SL1 8DF.
The ultimate controlling party is Mr M J W Ashley by virtue of his beneficial interest in the issued share capital of the parent company, MASH Holdings Limited.
14
Related party transactions
The immediate parent of the company is MASH Holdings Limited. As a wholly owned subsidiary of MASH Holdings Limited, the company is exempt from requirements of FRS 102 Section 33 to disclose transactions with other members of the group headed by MASH Holdings Limited.
- 13 -
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