M. M. Bell & Sons Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03688192 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31st December 2019

for

M. M. Bell & Sons Limited

Page

Company Information

1

Report of the Directors

2

Statement of Financial Position

3

Notes to the Financial Statements

5

Report of the Accountants

10

DIRECTORS:

J C Fenton

R Parkin

REGISTERED OFFICE:

Units 4-6

Shepcote Enterprise Park 2

3 Europa Drive

Sheffield

South Yorkshire

S9 1XT

REGISTERED NUMBER:

03688192 (England and Wales)

ACCOUNTANTS:

Hewson & Howson

8 Shepcote Office Village

Shepcote Lane

Sheffield

South Yorkshire

S9 1TG

The directors present their report with the financial statements of the company for the year ended 31st December 2019.

REVIEW OF BUSINESS

M M Bell & Sons Limited, which is a wholly owned subsidiary of M M Bell & Sons Holdings Limited, was founded

over 200 years ago and it is in its 204th year of continuous trading.

The UK production facility in Sheffield is key to the plan and it is anticipated staff numbers will grow over the

forthcoming period to support the increase in sales.

We continue to be fully committed to our Customers and our team members and anticipate an exciting future for the

company.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2019 to the date of this

report.

J C Fenton

R Parkin

Other changes in directors holding office are as follows:

D J Hobson - resigned 12th February 2019

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

J C Fenton - Director

17th March 2020

FIXED ASSETS

Intangible assets

4

-

8,020

Tangible assets

5

357,622

247,706

357,622

255,726

CURRENT ASSETS

Stocks

367,292

417,788

Debtors

6

337,655

576,528

Cash at bank and in hand

28,112

30,727

733,059

1,025,043

CREDITORS

Amounts falling due within one year

7

691,141

946,517

NET CURRENT ASSETS

41,918

78,526

TOTAL ASSETS LESS CURRENT LIABILITIES

399,540

334,252

CREDITORS

Amounts falling due after more than one year

8

102,818

98,814

NET ASSETS

296,722

235,438

CAPITAL AND RESERVES

Called up share capital

10

477

477

Share premium

29,517

29,517

Retained earnings

266,728

205,444

SHAREHOLDERS' FUNDS

296,722

235,438

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 17th March 2020 and were signed on its behalf by:

J C Fenton - Director

1.	STATUTORY INFORMATION

M. M. Bell & Sons 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.

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value

added taxes. Turnover includes revenue from the sale of goods. Turnover from the sale of goods is recognised

when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at

the point that the customer has signed for the delivery of the goods.

Goodwill

Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate

of the fair value of that entity's identifiable assets and liabilities.

Positive goodwill is capitalised,classified as an asset on the balance sheet and amortised on a straight line basis

over its useful economic life.

Amortisation is provided on Goodwill over 20 years straight line, so as to write off the cost or valuation, less any

estimated residual value, over the expected useful economic life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

not provided

Fixtures and fittings

-

10% on cost

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss.If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised

immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate

of its recoverable amount, but not in excess of the amount that would have been determined had no impairment

loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in

profit or loss.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to

profit on a straight line basis over 10 years.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12

"Other Financial Instruments Issues" of FRS 102 to all of its financial Instruments.

Financial Instruments are recognised in the company's balance sheet when it becomes party to the contractual

provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there

is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or

to realise the asset and settle the liability simultaneously.

Currency presentation

The financial statements are presented in Sterling (£) which is the functional currency of the company. Monetary

amounts in these financial statements are rounded to the nearest £.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2018 - 43 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2019

and 31st December 2019

642,452

AMORTISATION

At 1st January 2019

634,432

Charge for year

8,020

At 31st December 2019

642,452

NET BOOK VALUE

At 31st December 2019

-

At 31st December 2018

8,020

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1st January 2019

250,019

3,767

253,786

Additions

141,785

2,310

144,095

At 31st December 2019

391,804

6,077

397,881

DEPRECIATION

At 1st January 2019

6,000

80

6,080

Charge for year

33,072

1,107

34,179

At 31st December 2019

39,072

1,187

40,259

NET BOOK VALUE

At 31st December 2019

352,732

4,890

357,622

At 31st December 2018

244,019

3,687

247,706

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1st January 2019

25,135

Additions

140,385

At 31st December 2019

165,520

DEPRECIATION

At 1st January 2019

6,000

Charge for year

13,031

At 31st December 2019

19,031

NET BOOK VALUE

At 31st December 2019

146,489

At 31st December 2018

19,135

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

279,867

539,535

Other debtors

57,788

36,993

337,655

576,528

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

51,875

55,789

Hire purchase contracts

36,512

5,735

Invoice discounting

198,627

393,228

Trade creditors

295,083

346,148

Taxation and social security

72,468

108,982

Other creditors

36,576

36,635

691,141

946,517

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans

34,231

85,150

Hire purchase contracts

68,587

13,664

102,818

98,814

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Bank loans

86,106

140,939

Hire purchase contracts

105,099

19,399

Invoice discounting

198,627

393,228

389,832

553,566

Amounts owed in respect of invoice discounting are secured by a fixed and floating charge over the trade debtors

of the company and subsequently by personal guarantee from the director J C Fenton.

The hire purchase liabilities are secured over the assets to which they relate.

Amounts owed in respect of bank loans and overdrafts are secured over the other assets of the company and

subsequently supported by personal guarantee from the director J C Fenton.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

477

Ordinary

£1

477

477

11.	CONTINGENT LIABILITIES

A cross guarantee exists with the company's holding company, M M Bell & Sons (Holdings) Limited in respect

of the bank borrowings of both companies.

12.	ULTIMATE CONTROLLING PARTY

M. M. Bell & Sons (Holdings) Limited, a company registered in England and Wales.

13.	PENSION SCHEME

The company operates a defined contribution pension scheme. The pension cost charge for the period represents

contributions payable by the company to the scheme and amounted to £6,376 (2018 - £6,990). Contributions

totalling £3,438 (2018 - £6,707) were payable to the scheme at the end of the period and are included in

creditors.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary

statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the year ended 31st December 2019 set out on pages three to twelve and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Hewson & Howson

8 Shepcote Office Village

Shepcote Lane

Sheffield

South Yorkshire

S9 1TG

17th March 2020