Micro-Membrane Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04915635 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Micro-Membrane Systems Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr J Baker

S Barefield

SECRETARY:

Dr J Baker

REGISTERED OFFICE:

Unit 24 Midsomer Norton Enterprise Park

Radstock Road

Midsomer Norton

Radstock

Bath and NE Somerset

BA3 2BB

REGISTERED NUMBER:

04915635 (England and Wales)

ACCOUNTANTS:

Moore

Chartered Accountants

First Floor

29 St Augustine's Parade

Bristol

BS1 4UL

FIXED ASSETS

Tangible assets

4

28,102

21,775

CURRENT ASSETS

Stocks

83,803

54,413

Debtors

5

62,224

130,262

Cash at bank

115,950

93,889

261,977

278,564

CREDITORS

Amounts falling due within one year

6

18,618

12,999

NET CURRENT ASSETS

243,359

265,565

TOTAL ASSETS LESS CURRENT LIABILITIES

271,461

287,340

PROVISIONS FOR LIABILITIES

4,980

4,137

NET ASSETS

266,481

283,203

CAPITAL AND RESERVES

Called up share capital

8

110

110

Retained earnings

9

266,371

283,093

SHAREHOLDERS' FUNDS

266,481

283,203

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 and authorised for issue on 20 June 2022 and were signed on its behalf by:

Dr J Baker - Director

1.	STATUTORY INFORMATION

Micro-Membrane Systems 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.

Improvements to property

-

Over the life of the lease

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2021

-

21,043

17,045

Additions

4,964

7,419

4,267

At 31 December 2021

4,964

28,462

21,312

DEPRECIATION

At 1 January 2021

-

11,538

4,892

Charge for year

552

5,023

5,153

At 31 December 2021

552

16,561

10,045

NET BOOK VALUE

At 31 December 2021

4,412

11,901

11,267

At 31 December 2020

-

9,505

12,153

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2021

9,500

3,413

51,001

Additions

-

665

17,315

At 31 December 2021

9,500

4,078

68,316

DEPRECIATION

At 1 January 2021

9,500

3,296

29,226

Charge for year

-

260

10,988

At 31 December 2021

9,500

3,556

40,214

NET BOOK VALUE

At 31 December 2021

-

522

28,102

At 31 December 2020

-

117

21,775

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

48,536

52,900

Other debtors

13,688

77,362

62,224

130,262

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Taxation and social security

14,100

9,749

Other creditors

4,518

3,250

18,618

12,999

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.21

31.12.20

£

£

Within one year

22,350

22,350

Between one and five years

89,400

89,400

In more than five years

75,163

103,101

186,913

214,851

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

110

Ordinary

£1

110

110

9.

RESERVES

Retained

earnings

£

At 1 January 2021

283,093

Profit for the year

34,208

Dividends

(50,930

)

At 31 December 2021

266,371

10.	RELATED PARTY DISCLOSURES

Included in Creditors is £1,621 owed by the company to Dr J Baker, a director of the company (2020: £73,384 in Debtors).

During the year the company paid rent of £33,525 (2020 £8,649) to Denton Pension Management Limited, a company in which Dr Baker has a SIPP pension arrangement which owns the premises the company rents.

Included in debtors is £9,850 (2020: £nil) owed to Micro Membrane Systems Ltd by Microporous Products Ltd, a company which Dr J Baker is also a director. This loan is unsecured, interest is charged at 4% per annum and is repayable by March 2028.