Company Registration No. 05946322 (England and Wales)
MEDWAY DRUMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
MEDWAY DRUMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MEDWAY DRUMS LIMITED (REGISTERED NUMBER: 05946322)
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
196,016
260,714
Current assets
Debtors
4
225,863
129,357
Cash at bank and in hand
87,444
23,756
313,307
153,113
Creditors: amounts falling due within one year
5
(274,515)
(151,863)
Net current assets
38,792
1,250
Total assets less current liabilities
234,808
261,964
Creditors: amounts falling due after more than one year
6
(11,764)
(42,266)
Provisions for liabilities
(36,461)
(49,683)
Net assets
186,583
170,015
Capital and reserves
Called up share capital
7
5
5
Profit and loss reserves
186,578
170,010
Total equity
186,583
170,015
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MEDWAY DRUMS LIMITED (REGISTERED NUMBER: 05946322)
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2021
31 March 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 November 2021 and are signed on its behalf by:
Mrs J L French
N French
Director
Director
MEDWAY DRUMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Medway Drums Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
19-21 Swan Street, West Malling, Kent, ME19 6JU.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £
1
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MEDWAY DRUMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
6
6
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2020
687,270
21,532
55,771
764,573
Additions
531
531
At 31 March 2021
687,270
22,063
55,771
765,104
Depreciation and impairment
At 1 April 2020
460,986
19,571
23,302
503,859
Depreciation charged in the year
56,571
541
8,117
65,229
At 31 March 2021
517,557
20,112
31,419
569,088
Carrying amount
At 31 March 2021
169,713
1,951
24,352
196,016
At 31 March 2020
226,284
1,961
32,469
260,714
MEDWAY DRUMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
214,163
113,357
Other debtors
11,700
16,000
225,863
129,357
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
14,295
12,502
Trade creditors
38,734
16,352
Taxation and social security
53,850
22,069
Other creditors
167,636
100,940
274,515
151,863
6
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Bank loans and overdrafts
10,415
Obligations under finance leases
11,764
31,851
11,764
42,266
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
2
2
2
2
Ordinary B of £1 each
1
1
1
1
Ordinary C of £1 each
1
1
1
1
Ordinary D of £1 each
1
1
1
1
5
5
5
5
MEDWAY DRUMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
8
Financial commitments, guarantees and contingent liabilities
During the year, the company borrowed £
25,000
from its bankers for a Bounce Back Loan. As part of this loan scheme, the UK government has guaranteed the advance and will pay the interest and fees due for the first 12 months.