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Unaudited Financial Statements for the Year Ended 30 September 2021 |
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Maybrey Precision Castings Limited |
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Unaudited Financial Statements for the Year Ended 30 September 2021 |
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for |
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Maybrey Precision Castings Limited |
Maybrey Precision Castings Limited (Registered number: 04296192) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2021 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Maybrey Precision Castings Limited |
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Company Information |
for the Year Ended 30 September 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Lake House |
Market Hill |
Royston |
Hertfordshire |
SG8 9JN |
Maybrey Precision Castings Limited (Registered number: 04296192) |
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Abridged Balance Sheet |
30 September 2021 |
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30.9.21 | 30.9.20 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
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 ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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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. |
Maybrey Precision Castings Limited (Registered number: 04296192) |
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Abridged Balance Sheet - continued |
30 September 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Maybrey Precision Castings Limited (Registered number: 04296192) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2021 |
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1. | STATUTORY INFORMATION |
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Maybrey Precision Castings Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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On the date of signing these financial statements, there was a world-wide pandemic. It is currently unknown how long the pandemic will last and the lasting impact that it will have on the trading activity of the company. The directors believe that the company will continue to be profitable and will have adequate cash resources in order to pay all of its creditors as they fall due for the foreseeable future and for at least 12 months from the date of signing of these financial statements. |
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The financial statements have been prepared on a going concern basis. The directors consider this basis to be appropriate despite the fact that the balance sheet shows negative retained earnings at 30 September 2021. |
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Should the company be unable to continue trading, adjustments would have been made to adjust the value of the assets to their recoverable amount, to provide for any further liabilities which might arise. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Short leasehold | - |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Impairment loss occurs when the carrying amount of an asset exceeds its recoverable amount. Impairment is applied as necessary and the loss is taken to the profit and loss account. |
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Government grants |
Government grants are recognised in the financial statements using the accruals model. Grants that are received in respect of expenses or losses already incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Maybrey Precision Castings Limited (Registered number: 04296192) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
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Basic financial assets |
Basic financial assets, which include debtors, 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. |
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Basic financial liabilities |
Basic financial liabilities, including creditors and loans 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Maybrey Precision Castings Limited (Registered number: 04296192) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 October 2020 |
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Additions |
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Disposals | ( |
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At 30 September 2021 |
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DEPRECIATION |
At 1 October 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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Maybrey Precision Castings Limited (Registered number: 04296192) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Totals |
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COST |
Additions | 35,614 |
At 30 September 2021 | 35,614 |
DEPRECIATION |
Charge for year | 4,803 |
At 30 September 2021 | 4,803 |
NET BOOK VALUE |
At 30 September 2021 | 30,811 |
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5. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
30.9.21 | 30.9.20 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating | leases |
30.9.21 | 30.9.20 |
as restated |
£ | £ |
Within one year |
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Between one and five years |
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Maybrey Precision Castings Limited (Registered number: 04296192) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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6. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.9.21 | 30.9.20 |
as restated |
£ | £ |
Bounce back loan | 47,500 | 50,000 |
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During the 2020 financial year the company received a government backed loan in light of the Covid 19 pandemic. The loan is secured by the government over a 5 year period. The loan is repayable by instalments beginning no earlier than 1 year after the loan was agreed. Interest is then charged at 2.5% per annum from the first repayment date. |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.21 | 30.9.20 |
value: | as restated |
£ | £ |
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Ordinary | £1 | 801,000 | 801,000 |
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8. | PENSION COMMITMENTS |
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The pension cost charge represents contributions payable by the company to the fund and amounted to £41,186 (2020: £37,636). Contributions totalling £11,255 (2020: £10,019) were payable to the fund at the balance sheet date and are included in creditors. |