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Unaudited Financial Statements |
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for the Year Ended 31st March 2020 |
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for |
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MONWAY WOODFUEL LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31st March 2020 |
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for |
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MONWAY WOODFUEL LIMITED |
MONWAY WOODFUEL LIMITED (REGISTERED NUMBER: 09364431) |
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Contents of the Financial Statements |
for the year ended 31st March 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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MONWAY WOODFUEL LIMITED |
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Company Information |
for the year ended 31st March 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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(The practising name of |
Baker (Midlands) Limited) |
Arbor House |
Broadway North |
Walsall |
WS1 2AN |
MONWAY WOODFUEL LIMITED (REGISTERED NUMBER: 09364431) |
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Balance Sheet |
31st March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
MONWAY WOODFUEL LIMITED (REGISTERED NUMBER: 09364431) |
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Balance Sheet - continued |
31st March 2020 |
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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 director and authorised for issue on
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MONWAY WOODFUEL LIMITED (REGISTERED NUMBER: 09364431) |
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Notes to the Financial Statements |
for the year ended 31st March 2020 |
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1. | STATUTORY INFORMATION |
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Monway Woodfuel Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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The financial statements have been prepared on a going concern basis, not withstanding the net current liabilities. This assumes the continued support of the directors and creditors. |
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The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and |
assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the |
amounts reported for revenues and expenses during the year. However the nature of estimation means that |
actual outcomes could differ from those estimates. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
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Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
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Plant and machinery | - 10% cost |
Fixtures and fittings | - 25% reducing balance |
Motor vehicles | - 25% reducing balance |
Short leasehold | - 20% cost |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
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MONWAY WOODFUEL LIMITED (REGISTERED NUMBER: 09364431) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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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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Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
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The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
MONWAY WOODFUEL LIMITED (REGISTERED NUMBER: 09364431) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
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Cash and cash equivalents |
Cash comprise cash in hand and demand deposits. Cash equivalents are short-term, highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with an insignificant risk of change in value. |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
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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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MONWAY WOODFUEL LIMITED (REGISTERED NUMBER: 09364431) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2020 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
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COST |
At 1st April 2019 |
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Additions |
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Disposals |
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At 31st March 2020 |
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DEPRECIATION |
At 1st April 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31st March 2020 |
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NET BOOK VALUE |
At 31st March 2020 |
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At 31st March 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1st April 2019 |
and 31st March 2020 |
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DEPRECIATION |
At 1st April 2019 |
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Charge for year |
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At 31st March 2020 |
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NET BOOK VALUE |
At 31st March 2020 |
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At 31st March 2019 |
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5. | STOCKS |
2020 | 2019 |
£ | £ |
Stocks |
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MONWAY WOODFUEL LIMITED (REGISTERED NUMBER: 09364431) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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Included in other debtors are prepayments totalling £10,038 (2019: £8,067). |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Included in other creditors are accruals amounting to £3,635 (2019: £1,814) |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Hire purchase contracts | 24,352 | 45,225 |
Invoice discounting | 208,558 | 120,960 |
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Advances from the invoice discounter are secured by fixed and floating charges. |
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The hire purchase indebtedness is secured on the relevant assets. |
MONWAY WOODFUEL LIMITED (REGISTERED NUMBER: 09364431) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2020 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 120 | 120 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31st March 2020 and 31st March 2019: |
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2020 | 2019 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Loans to directors attract interest at 2.5%, and are repayable on demand. |