REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
MOLONEY AUTOMATICS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
MOLONEY AUTOMATICS LIMITED |
MOLONEY AUTOMATICS LIMITED (REGISTERED NUMBER: 04127870) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MOLONEY AUTOMATICS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 DECEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
BANKERS: |
Kingswood |
Bristol |
BS15 8HT |
MOLONEY AUTOMATICS LIMITED (REGISTERED NUMBER: 04127870) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Inventories |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
MOLONEY AUTOMATICS LIMITED (REGISTERED NUMBER: 04127870) |
BALANCE SHEET - continued |
31 DECEMBER 2022 |
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. |
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 |
MOLONEY AUTOMATICS LIMITED (REGISTERED NUMBER: 04127870) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Moloney Automatics Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. |
Tangible fixed assets |
Workshop | - |
Machines | - |
Motor vehicles | - |
Equipment | - |
Government grants |
The company furloughed staff under the Government's Coronavirus Job Retention Scheme (CJRS) in the prior year. Income receivable under the CJRS and relating to the accounting period has been recognised as Other Operating Income under the accruals basis. Salaries paid continue to be included with costs as usual. |
Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year 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. |
MOLONEY AUTOMATICS LIMITED (REGISTERED NUMBER: 04127870) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
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 year 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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Financial instruments |
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs. |
Going concern |
The directors have reviewed the going concern status of the business for the foreseeable future as best they can given the ongoing impact of COVID-19 within the industry. The directors fully expect, that the company will remain a going concern and will have sufficient working capital to meet its requirements for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MOLONEY AUTOMATICS LIMITED (REGISTERED NUMBER: 04127870) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2022 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Motor |
Workshop | Machines | vehicles | Equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Machines |
£ |
COST |
At 1 January 2022 |
Additions |
Transfer to ownership | (3,855 | ) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Transfer to ownership | (1,205 | ) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
MOLONEY AUTOMATICS LIMITED (REGISTERED NUMBER: 04127870) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Directors' current accounts | 7,943 | 1,056 |
Corporation tax recoverable |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 11,985 | 18,321 |
Other creditors |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Hire purchase contracts |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
Hire purchase contracts | 6,206 | 7,861 |
MOLONEY AUTOMATICS LIMITED (REGISTERED NUMBER: 04127870) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2022 |
9. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Provided during year | ( |
) |
Balance at 31 December 2022 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
11. | RELATED PARTY DISCLOSURES |
At the year end the company was owed £7,943 by Tim Moloney (2021 - £1,056), a director of the company.This amount has been repaid in full since the year end. |
The bank borrowings are secured by personal guarantees given by the directors and by a debenture over the assets of the company. |
The finance lease and hire purchase agreements are also secured by personal guarantees given by the directors and by a debenture over the assets of the company. |
12. | ULTIMATE CONTROLLING PARTY |
The company was under the joint control of T J Moloney and C Moloney throughout the current and previous year. |