M.A.B.Fabrications Ltd - Accounts to registrar (filleted) - small 18.2

M.A.B.Fabrications Ltd - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 08057650 (England and Wales)















Financial Statements for the Year Ended 31 May 2020

for

M.A.B.Fabrications Ltd

M.A.B.Fabrications Ltd (Registered number: 08057650)






Contents of the Financial Statements
for the Year Ended 31 May 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M.A.B.Fabrications Ltd

Company Information
for the Year Ended 31 May 2020







DIRECTOR: Mr M Morrett





SECRETARY: Mr M Morrett





REGISTERED OFFICE: Unit 12 Arcany road
South Ockendon
Essex
RM15 5TB





REGISTERED NUMBER: 08057650 (England and Wales)





ACCOUNTANTS: B G Hoddy & Co
15 Electric Parade
Seven Kings Road
Ilford
Essex
IG3 8BY

M.A.B.Fabrications Ltd (Registered number: 08057650)

Balance Sheet
31 May 2020

31.5.20 31.5.19
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 77,434 14,169

CURRENT ASSETS
Stocks 5 2,600 400
Debtors 6 127,587 58,791
Cash at bank and in hand 200,835 141,687
331,022 200,878
CREDITORS
Amounts falling due within one year 7 164,239 94,369
NET CURRENT ASSETS 166,783 106,509
TOTAL ASSETS LESS CURRENT
LIABILITIES

244,217

120,678

CREDITORS
Amounts falling due after more than one
year

8

126,082

111,725
NET ASSETS 118,135 8,953

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 118,134 8,952
SHAREHOLDERS' FUNDS 118,135 8,953

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

M.A.B.Fabrications Ltd (Registered number: 08057650)

Balance Sheet - continued
31 May 2020


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 director and authorised for issue on 3 February 2021 and were signed by:





Mr M Morrett - Director


M.A.B.Fabrications Ltd (Registered number: 08057650)

Notes to the Financial Statements
for the Year Ended 31 May 2020

1. STATUTORY INFORMATION

M.A.B.Fabrications Ltd 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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

M.A.B.Fabrications Ltd (Registered number: 08057650)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2020

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2019 9,200 - 10,083 1,178 20,461
Additions 19,000 7,000 59,939 3,137 89,076
At 31 May 2020 28,200 7,000 70,022 4,315 109,537
DEPRECIATION
At 1 June 2019 2,300 - 3,520 472 6,292
Charge for year 6,475 1,750 16,625 961 25,811
At 31 May 2020 8,775 1,750 20,145 1,433 32,103
NET BOOK VALUE
At 31 May 2020 19,425 5,250 49,877 2,882 77,434
At 31 May 2019 6,900 - 6,563 706 14,169

5. STOCKS
31.5.20 31.5.19
£    £   
Stocks 2,600 400

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.20 31.5.19
£    £   
Trade debtors 100,560 43,248
VAT 27,027 15,543
127,587 58,791

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.20 31.5.19
£    £   
Bank loans and overdrafts 32,700 32,700
Hire purchase contracts 7,599 -
Trade creditors 83,316 55,368
Tax 34,433 90
Social security and other taxes 4,652 4,811
Directors' current accounts 39 -
Accrued expenses 1,500 1,400
164,239 94,369

M.A.B.Fabrications Ltd (Registered number: 08057650)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2020

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.20 31.5.19
£    £   
Bank loans - 1-5 years 79,025 111,725
Hire purchase contracts 47,057 -
126,082 111,725