Company registration number:
Moulding Compounds Limited
Unaudited Filleted Financial Statements
for the Year Ended 29 February 2020
Moulding Compounds Limited
Contents
Company Information |
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Accountants' Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Moulding Compounds Limited
Company Information
Directors |
Mr P J Randell Mr R J Randell Mr D J Randell Mr M E Cordell |
Company secretary |
Mrs D Randell |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Moulding Compounds Limited
for the Year Ended 29 February 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Moulding Compounds Limited for the year ended 29 February 2020 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Moulding Compounds Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Moulding Compounds Limited and state those matters that we have agreed to state to the Board of Directors of Moulding Compounds Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Moulding Compounds Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Moulding Compounds Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Moulding Compounds Limited. You consider that Moulding Compounds Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Moulding Compounds Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
St. Helens
Merseyside
WA9 1UA
Moulding Compounds Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 29 February 2020
Note |
2020 |
2019 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Retained earnings brought forward |
525,482 |
495,937 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
558,949 |
525,482 |
Moulding Compounds Limited
(Registration number: 07886992)
Balance Sheet as at 29 February 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Moulding Compounds Limited
(Registration number: 07886992)
Balance Sheet as at 29 February 2020
Approved and authorised by the
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Moulding Compounds Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2020
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises the fair value of the sale of goods and services net of value added tax, returns, rebates and discounts. Sales of goods are recognised when the goods leave the company premises.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Moulding Compounds Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2020
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% reducing balance |
Stocks
Socks comprise raw materials, packaging and finished goods. Raw materials and packaging are valued at the lower of cost and net realisable value. Finished goods are calculated at selling price and reduced by appropriate margins to the lower of cost and net realisable value.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Moulding Compounds Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2020
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 March 2019 |
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Additions |
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At 29 February 2020 |
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Depreciation |
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At 1 March 2019 |
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Charge for the year |
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At 29 February 2020 |
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Carrying amount |
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At 29 February 2020 |
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At 28 February 2019 |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
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- |
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Moulding Compounds Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Corporation tax |
25,374 |
37,848 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £