MII Manufacturing Limited Filleted accounts for Companies House (small and micro)

MII MANUFACTURING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09415805

MII MANUFACTURING LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

28 February 2022

MII MANUFACTURING LIMITED

FINANCIAL STATEMENTS

Year ended 28 February 2022

CONTENTS	PAGE

Balance sheet	1

Notes to the financial statements	3

MII MANUFACTURING LIMITED

BALANCE SHEET

28 February 2022

	2022	2021
Note	£	£

FIXED ASSETS

Tangible assets	5	86,053	111,925

CURRENT ASSETS

Debtors	6	3,813,423	1,500,485
Cash at bank and in hand		1,142,401	521,607
		------------	------------
		4,955,824	2,022,092

CREDITORS: amounts falling due within one year	7	( 1,331,685)	( 730,751)
		------------	------------
NET CURRENT ASSETS		3,624,139	1,291,341
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		3,710,192	1,403,266

CREDITORS: amounts falling due after more than one year	8	–	( 11,307)

PROVISIONS	–	( 3,555)
	------------	------------
NET ASSETS	3,710,192	1,388,404
	------------	------------

CAPITAL AND RESERVES

Called up share capital	200	200
Profit and loss account	3,709,992	1,388,204
	------------	------------
SHAREHOLDERS FUNDS	3,710,192	1,388,404
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MII MANUFACTURING LIMITED

BALANCE SHEET (continued)

28 February 2022

These financial statements were approved by the board of directors and authorised for issue on 17 August 2022 , and are signed on behalf of the board by:

Mrs J A Crandon

Director

Company registration number: 09415805

MII MANUFACTURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

Year ended 28 February 2022

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 20, Pant Glas Industrial Estate, Bedwas, Caerphilly, CF83 8DR.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).

5. TANGIBLE ASSETS

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 March 2021	159,173	63,365	222,538
Disposals	–	( 4,200)	( 4,200)
	---------	--------	---------
At 28 February 2022	159,173	59,165	218,338
	---------	--------	---------
Depreciation
At 1 March 2021	86,580	24,033	110,613
Charge for the year	16,207	8,662	24,869
Disposals	–	( 3,197)	( 3,197)
	---------	--------	---------
At 28 February 2022	102,787	29,498	132,285
	---------	--------	---------
Carrying amount
At 28 February 2022	56,386	29,667	86,053
	---------	--------	---------
At 28 February 2021	72,593	39,332	111,925
	---------	--------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 28 February 2022	41,639	17,414	59,053
	--------	--------	--------
At 28 February 2021	53,606	23,557	77,163
	--------	--------	--------

6. DEBTORS

	2022	2021
	£	£
Trade debtors	3,313,223	550,285
Other debtors	500,200	950,200
	------------	------------
	3,813,423	1,500,485
	------------	------------

7. CREDITORS: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	12,061	6,000
Corporation tax	729,108	257,842
Social security and other taxes	576,735	423,526
Other creditors	13,781	43,383
	------------	---------
	1,331,685	730,751
	------------	---------

Included within creditors: amounts falling due within one year is an amount of £11,307 (2021 - £41,058) in respect of finance agreements repayable in less than one year. This balance is secured by the way of a fixed charge on the assets of which the agreement relate to.

8. CREDITORS: amounts falling due after more than one year

	2022	2021
	£	£
Other creditors	–	11,307
	----	--------

Included within creditors: amounts falling due after more than one year is an amount of £- (2021 - £11,307) in respect of finance agreements repayable in more than one year. This balance is secured by the way of a fixed charge on the assets of which the agreement relate.

9. RELATED PARTY TRANSACTIONS

During the year the company traded with a company related by common control. The company sold goods and services to this related party totalling £3,943,429 (2021 - £1,726,837). At the year end a balance of £3,313,223 (2021 - £548,135) was due from this company. The company also paid rent totalling £60,000 (2021 - £60,000) to a company related by common control. At the year end a balance of £6,000 (2021 - £6,000) was due to this company. In both instances above, the debt is interest free and repayable on demand.