Madson Black Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04623498 (England and Wales)

Madson Black Limited

Unaudited Financial Statements for the Year Ended 31 December 2021

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

29,670

31,971

CURRENT ASSETS

Stocks

713,781

391,000

Debtors

5

416,474

360,236

Cash at bank

114,145

217,742

1,244,400

968,978

CREDITORS

Amounts falling due within one year

6

945,934

611,172

NET CURRENT ASSETS

298,466

357,806

TOTAL ASSETS LESS CURRENT LIABILITIES

328,136

389,777

CREDITORS

Amounts falling due after more than one year

7

(86,783

)

(90,553

)

PROVISIONS FOR LIABILITIES

(5,637

)

(6,075

)

NET ASSETS

235,716

293,149

CAPITAL AND RESERVES

Called up share capital

6,000

6,000

Retained earnings

229,716

287,149

235,716

293,149

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 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.

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 director and authorised for issue on 30 September 2022 and were signed by:

Mr I J Hall - Director

1.	STATUTORY INFORMATION

Madson Black Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

04623498

Registered office:

10 Murdock Road

Bicester

Oxon

OX26 4PP

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

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 the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 25% on cost

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.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

90,878

Additions

7,232

At 31 December 2021

98,110

DEPRECIATION

At 1 January 2021

58,907

Charge for year

9,533

At 31 December 2021

68,440

NET BOOK VALUE

At 31 December 2021

29,670

At 31 December 2020

31,971

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

98,173

120,353

Amounts owed by associates

255,656

206,896

Other debtors

62,645

32,987

416,474

360,236

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

177,071

9,447

Trade creditors

223,735

93,680

Amounts owed to associates

96,581

-

Taxation and social security

222,629

252,175

Other creditors

225,918

255,870

945,934

611,172

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

86,783

90,553

8.	LEASING AGREEMENTS

Operating lease payments represent rentals payable by the company for certain of its properties. Leases are negotiated for an average term of 9 years and rentals are fixed for an average of 3 years with an option to extend for a further 3 years at the prevailing market rate.

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

Mr I J Hall

Balance outstanding at start of year

32,988

-

Amounts advanced

176,080

244,350

Amounts repaid

(146,424

)

(211,362

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

62,644

32,988