ACCOUNTS - Final Accounts preparation

BRESCO MECHFAST LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-312021-04-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseNo description of principal activity43truetrue 01325919 2021-04-01 2022-03-31 01325919 2020-01-01 2021-03-31 01325919 2022-03-31 01325919 2021-03-31 01325919 c:Director1 2021-04-01 2022-03-31 01325919 d:PlantMachinery 2022-03-31 01325919 d:PlantMachinery 2021-03-31 01325919 d:ComputerEquipment 2022-03-31 01325919 d:ComputerEquipment 2021-03-31 01325919 d:CurrentFinancialInstruments 2022-03-31 01325919 d:CurrentFinancialInstruments 2021-03-31 01325919 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 01325919 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 01325919 d:ShareCapital 2022-03-31 01325919 d:ShareCapital 2021-03-31 01325919 d:SharePremium 2022-03-31 01325919 d:SharePremium 2021-03-31 01325919 d:RetainedEarningsAccumulatedLosses 2022-03-31 01325919 d:RetainedEarningsAccumulatedLosses 2021-03-31 01325919 c:FRS102 2021-04-01 2022-03-31 01325919 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 01325919 c:FullAccounts 2021-04-01 2022-03-31 01325919 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 01325919

BRESCO MECHFAST LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2022

BRESCO MECHFAST LIMITED

REGISTERED NUMBER: 01325919

BALANCE SHEET

AS AT 31 MARCH 2022

		2022		2021
Note		£		£


Tangible assets	4		-		-
Current assets
Stocks		13,920		32,687
Debtors	5	49,032		46,460
Cash at bank and in hand		10,753		13,524
		73,705		92,671
Creditors: amounts falling due within one year	6	(75,870)		(76,777)
Net current (liabilities)/assets			(2,165)		15,894

Net (liabilities)/assets			(2,165)		15,894

Capital and reserves
Called up share capital	1,000	1,000
Share premium account	2,994	2,994
Profit and loss account	(6,159)	11,900
	(2,165)	15,894

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2022.

T A Christian

Director

Page 1

BRESCO MECHFAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2022

1.	General information

Bresco Mechfast Limited is a private limited Company limited by shares, incorporated in England and Wales (registered number: 01325919). Its registered office is Unit 1d Oaktree Business Park, Acorn Way, Mansfield, Nottinghamshire, NG18 3HD. The principal activity of the Company throughout the year continued to be that of the manufacturing of special-purpose fasteners.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on the going concern basis which assumes that the
Company will continue in operational existence for the foreseeable future.
The validity of this assumption depends on the ability of the company to generate profits in the
future. The directors believe this to be well founded, based on current and expected future levels of
activity. The financial statements do not include any adjustments that would result if sufficient profits were not generated.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 2

BRESCO MECHFAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

Page 3

BRESCO MECHFAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Employees

The average monthly number of employees, including directors, during the period was 4 (2021 - 3).

Page 4

BRESCO MECHFAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2022

4.	Tangible fixed assets

	Plant and machinery	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 April 2021	33,879	7,649	41,528
At 31 March 2022	33,879	7,649	41,528
Depreciation
At 1 April 2021	33,879	7,649	41,528
At 31 March 2022	33,879	7,649	41,528
Net book value
At 31 March 2022	-	-	-
At 31 March 2021	-	-	-

Debtors

					2022	2021
					£	£



Trade debtors	43,699	41,334
Other debtors	2,750	2,750
Prepayments and accrued income	2,583	2,376
	49,032	46,460

Page 5

BRESCO MECHFAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2022

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Other loans	10,000	-
Trade creditors	24,189	15,566
Amount owed to parent company	30,000	50,000
Other taxation and social security	8,542	8,171
Other creditors	3,139	3,040
	75,870	76,777

The amounts owed to the parent Company and other loans are secured on the assets of the Company.

7.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independantly administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,424 (2021 - £3,538). Contributions totalling £nil (2021 - £nil) were payable to the fund at the Balance Sheet date and are included in creditors.

8.	Controlling party

The Company is 100% owned by Bresco Vehicle Services Limited.

Page 6