Modular Wiring Systems Ltd - Accounts to registrar (filleted) - small 18.2

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

MODULAR WIRING SYSTEMS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

8

DIRECTORS:

T Habgood

J Marson

REGISTERED OFFICE:

Unit 1 Park Road

Holmewood Industrial Park

Chesterfield

Derbyshire

S42 5UW

REGISTERED NUMBER:

09310972 (England and Wales)

ACCOUNTANTS:

Hewitt Card Limited

Chartered Certified Accountants

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

48,378

44,335

48,378

44,335

CURRENT ASSETS

Stocks

169,711

228,764

Debtors

7

322,560

403,469

Cash at bank and in hand

35,750

12,267

528,021

644,500

CREDITORS

Amounts falling due within one year

8

894,736

925,270

NET CURRENT LIABILITIES

(366,715

)

(280,770

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(318,337

)

(236,435

)

CREDITORS

Amounts falling due after more than one year

9

200,877

249,034

NET LIABILITIES

(519,214

)

(485,469

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(519,314

)

(485,569

)

SHAREHOLDERS' FUNDS

(519,214

)

(485,469

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2021 and were signed on its behalf by:

J Marson - Director

1.	STATUTORY INFORMATION

Modular Wiring Systems 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	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 the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The coronavirus pandemic has significantly disrupted individuals, personal lives and businesses, economic prospects in the UK and across the globe. The UK entered lockdown in March 2020 and some restrictions and social distancing provisions remain in place.

Despite the restrictions placed on our industry during the COVID-19 pandemic, we have managed to ensure that the business has continued to serve customers and act responsibly with suppliers and employees.

Going concern

We have continued to prepare the accounts on a going concern basis and deem this appropriate. we do not consider that a material uncertainty about our going concern status currently exists.These factors together with the support of the company shareholders and bank is considered to give the directors confidence that the trade will continue in the next financial year. In making this assessment we have considered the likely trading conditions for a period of twelve months from the date of our approval of these accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

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

-

20% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Government grants

These relate to the current coronavirus pandemic and are recorded as received as they are to cover current expenditure.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2019 - 28 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2020

and 31 December 2020

100,000

AMORTISATION

At 1 January 2020

and 31 December 2020

100,000

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2020

30,217

54,432

-

84,649

Additions

-

6,095

4,495

10,590

At 31 December 2020

30,217

60,527

4,495

95,239

DEPRECIATION

At 1 January 2020

17,108

23,206

-

40,314

Charge for year

2,628

3,357

562

6,547

At 31 December 2020

19,736

26,563

562

46,861

NET BOOK VALUE

At 31 December 2020

10,481

33,964

3,933

48,378

At 31 December 2019

13,109

31,226

-

44,335

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

196,580

291,928

Directors' current accounts

68,489

68,535

Tax

38,711

21,896

Prepayments and accrued income

18,780

21,110

322,560

403,469

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts (see note 10)

160,081

219,807

Other loans (see note 10)

400,466

348,329

Trade creditors

146,851

177,736

Tax

-

8,504

Social security and other taxes

51,529

58,323

VAT

69,740

23,247

Other creditors

-

265

Directors' current accounts

58,379

82,278

Accrued expenses

7,690

6,781

894,736

925,270

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Other loans (see note 10)

200,877

249,034

10.

LOANS

The company took the advantage of a bounce back loan of £50,000 which is wholly guaranteed by the UK Government. The loan is repayable in instalments commencing June 2021.

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Bank overdrafts

160,081

219,807

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 Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Modular Wiring Systems Ltd for the year ended 31 December 2020 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Modular Wiring Systems Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Modular Wiring Systems Ltd and state those matters that we have agreed to state to the Board of Directors of Modular Wiring Systems Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Modular Wiring Systems Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Modular Wiring Systems Ltd. You consider that Modular Wiring Systems Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Modular Wiring Systems Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hewitt Card Limited

Chartered Certified Accountants

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

16 April 2021