Mynydd Timber Service Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05250394 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Mynydd Timber Service Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J Sweeny

Mr P J Sweeny

Mrs S E Sweeny

SECRETARY:

Mr J Sweeny

REGISTERED OFFICE:

18 Tan Y Bwlch

Mynydd Llandegai

Bangor

Gwynedd

LL57 4DX

REGISTERED NUMBER:

05250394 (England and Wales)

ACCOUNTANTS:

Dunn & Ellis Cyf

Chartered Accountants

Adeilad St David's Building

Stryd Lombard Street

Porthmadog

Gwynedd

LL49 9AP

FIXED ASSETS

Tangible assets

4

26,359

32,949

CURRENT ASSETS

Stocks

2,500

4,500

Debtors

5

21,146

11,452

23,646

15,952

CREDITORS

Amounts falling due within one year

6

69,538

58,849

NET CURRENT LIABILITIES

(45,892

)

(42,897

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(19,533

)

(9,948

)

CREDITORS

Amounts falling due after more than one year

7

(9,128

)

(11,541

)

PROVISIONS FOR LIABILITIES

(5,482

)

(5,482

)

NET LIABILITIES

(34,143

)

(26,971

)

CAPITAL AND RESERVES

Called up share capital

30,100

30,100

Retained earnings

(64,243

)

(57,071

)

SHAREHOLDERS' FUNDS

(34,143

)

(26,971

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 24 December 2019 and were signed on its behalf by:

Mr J Sweeny - Director

Mrs S E Sweeny - Director

1.	STATUTORY INFORMATION

Mynydd Timber Service Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixed assets are stated at their cost prices, less accumulated depreciation and less amounts recognised in respect

of impairment.

Plant and machinery - 20% reducing balance

Equipment and tools - 20% reducing balance

Motor vehicles - 20% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Going concern

The accounts have been prepared on the going concern basis, on the understanding that the directors and

shareholders will continue to financially support the company for at least 12 months from the date of signature.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

and 31 March 2019

146,140

DEPRECIATION

At 1 April 2018

113,191

Charge for year

6,590

At 31 March 2019

119,781

NET BOOK VALUE

At 31 March 2019

26,359

At 31 March 2018

32,949

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

21,146

11,452

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

8,436

10,598

Hire purchase contracts

3,897

3,897

Trade creditors

4,944

1,285

Taxation and social security

7,096

3,509

Other creditors

45,165

39,560

69,538

58,849

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts

9,128

11,541

8.	RELATED PARTY DISCLOSURES

No dividends were issued in the year.

The Directors current account was in credit throughout the year.