Mann McGowan Fabrications Limited - Period Ending 2018-12-31
Mann McGowan Fabrications Limited - Period Ending 2018-12-31
Registration number:
Mann McGowan Fabrications Limited
for the Year Ended 31 December 2018
Ashcombe Court
Woolsack Way
Godalming
Surrey
GU7 1LQ
Mann McGowan Fabrications Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Mann McGowan Fabrications Limited
Company Information
Directors |
J A Scott R A Smith |
Registered office |
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Accountants |
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Page 1 |
Mann McGowan Fabrications Limited
(Registration number: 01212744)
Balance Sheet as at 31 December 2018
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2018 |
2017 |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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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:
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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.
Approved and authorised by the
Director
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Mann McGowan Fabrications Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
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.
Summary of disclosure exemptions
The company has taken advantage of the 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..
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
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.
Page 3 |
Mann McGowan Fabrications Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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 |
Office equipment |
33% on cost |
Fixtures and fittings |
20% on cost |
Plant and machinery |
10% on cost |
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 inventories 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.
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.
Page 4 |
Mann McGowan Fabrications Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Fixtures and fittings |
Office equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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Depreciation |
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At 1 January 2018 |
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Charge for the year |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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Stocks |
2018 |
2017 |
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Raw materials |
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Work in progress |
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Finished goods and goods for resale |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Total current trade and other debtors |
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Page 5 |
Mann McGowan Fabrications Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Directors current account |
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Taxation and social security |
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Other creditors |
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Corporation tax control |
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Accruals |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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24,500 |
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24,500 |
Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank overdrafts |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2018 |
2017 |
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Not later than one year |
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Later than one year and not later than five years |
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Page 6 |
Mann McGowan Fabrications Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
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 undertaken on behalf of any parent undertaking or any fellow subsidiary undertaking is £Nil (2017 - £17,320).
Related party transactions |
Income and receivables from related parties
2018 |
Other related parties |
Amounts receivable from related party |
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2017 |
Other related parties |
Amounts receivable from related party |
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Expenditure with and payables to related parties
2018 |
Key management |
Amounts payable to related party |
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2017 |
Key management |
Amounts payable to related party |
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Parent and ultimate parent undertaking |
The company's immediate parent is
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