Mouldtech Solutions Limited - Period Ending 2018-12-31

Mouldtech Solutions Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2018

Registration number: 07078895

Mouldtech Solutions Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 11

Mouldtech Solutions Limited

Company Information

Directors

Mrs J Buckley-Wills Mr A J Wills

Company secretary

Mr A J Wills

Registered office

Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF

Page 1

Mouldtech Solutions Limited

Balance Sheet

31 December 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	13,800	20,700
Tangible assets	5	477,361	463,537
		491,161	484,237
Current assets
Stocks		5,000	5,000
Debtors	6	98,860	104,587
Cash at bank and in hand		20	20
		103,880	109,607
Creditors: Amounts falling due within one year	7	(203,548)	(255,056)
Net current liabilities		(99,668)	(145,449)
Total assets less current liabilities		391,493	338,788
Creditors: Amounts falling due after more than one year	7	(190,628)	(200,142)
Provisions for liabilities		(17,507)	(19,639)
Net assets		183,358	119,007
Capital and reserves
Called up share capital		10	10
Profit and loss account		183,348	118,997
Total equity		183,358	119,007

The notes on pages 4 to 11 form an integral part of these financial statements.

Page 2

Mouldtech Solutions Limited

Balance Sheet

31 December 2018

For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 April 2019 and signed on its behalf by:
 

......................................... Mr A J Wills Director

Company Registration Number: 07078895

The notes on pages 4 to 11 form an integral part of these financial statements.

Page 3

Mouldtech Solutions Limited

Notes to the Financial Statements

Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

The principal place of business is:
Unit 8, Torbay Business Park
Woodview Road
Paignton
TQ4 7HP

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date that company had net current liabilities of £99,668 (2017: £145,449). In order to continue trading for at least 12 months the company requires the support of the bank and its directors. The directors have no reason to believe that this support will not continue and the financial statements have therefore been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax. The company recognises revenue based on its value of the goods and services provided to date.

Government grants

Grant income is recognised when the grant's performance-related conditions have been met.

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Mouldtech Solutions Limited

Notes to the Financial Statements

Year Ended 31 December 2018

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The current corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant & Machinery	25% and 10% Reducing balance
Motor vehicles	25% Reducing balance
Office equipment	33.3% Straight line
Fixtures and fittings	25% Reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Page 5

Mouldtech Solutions Limited

Notes to the Financial Statements

Year Ended 31 December 2018

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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Page 6

Mouldtech Solutions Limited

Notes to the Financial Statements

Year Ended 31 December 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2017 - 4).

Page 7

Mouldtech Solutions Limited

Notes to the Financial Statements

Year Ended 31 December 2018

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2018	69,000	69,000
At 31 December 2018	69,000	69,000
Amortisation
At 1 January 2018	48,300	48,300
Amortisation charge	6,900	6,900
At 31 December 2018	55,200	55,200
Carrying amount
At 31 December 2018	13,800	13,800
At 31 December 2017	20,700	20,700

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Mouldtech Solutions Limited

Notes to the Financial Statements

Year Ended 31 December 2018

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2018	358,885	29,495	9,330	260,659	658,369
Additions	-	945	30,504	6,851	38,300
At 31 December 2018	358,885	30,440	39,834	267,510	696,669
Depreciation
At 1 January 2018	-	24,887	7,117	162,828	194,832
Charge for the year	-	2,369	8,180	13,927	24,476
At 31 December 2018	-	27,256	15,297	176,755	219,308
Carrying amount
At 31 December 2018	358,885	3,184	24,537	90,755	477,361
At 31 December 2017	358,885	4,608	2,213	97,831	463,537

Page 9

Mouldtech Solutions Limited

Notes to the Financial Statements

Year Ended 31 December 2018

6

Debtors

	2018  £	2017  £
Trade debtors	65,797	69,286
Other debtors	14,963	14,962
Prepayments	18,100	20,339
	98,860	104,587

7

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Loans and borrowings	8	112,304	106,109
Trade creditors		21,552	30,248
Social security and other taxes		51,044	55,428
Outstanding defined contribution pension costs		136	100
Other creditors		15,012	59,246
Accrued expenses		3,500	3,925
		203,548	255,056

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	8	190,628	200,142

	2018 £	2017 £
Due after more than five years
After more than five years by instalments	100,995	117,243

	-	-

Page 10

Mouldtech Solutions Limited

Notes to the Financial Statements

Year Ended 31 December 2018

8	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	25,692	13,913
Bank overdrafts	67,952	71,475
Finance lease liabilities	18,660	20,721
	112,304	106,109

	2018 £	2017 £
Loans and borrowings due after one year
Bank borrowings	162,432	177,179
Finance lease liabilities	28,196	22,963
	190,628	200,142

Bank borrowings
The bank loan is secured on the freehold property.
Bank borrowings and overdrafts are secured by a charge over the company's assets.

Other borrowings
Finance lease liabilities are secured on the assets financed.
 

9	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	10	10	10	10

10	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 £54,458 (2017 - £37,509). These are in respect of lease rentals; which are secured on the relevant assets.

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