M S Welding Limited Filleted accounts for Companies House (small and micro)

M S Welding Limited Filleted accounts for Companies House (small and micro)

M S WELDING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08935995
M S Welding Limited
Filleted Unaudited Financial Statements
31 March 2022
M S Welding Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
6,117
7,611
Current assets
Stocks
150
150
Debtors
6
2,132
5,313
Cash at bank and in hand
18,021
16,099
--------
--------
20,303
21,562
Creditors: amounts falling due within one year
7
21,468
18,256
--------
--------
Net current (liabilities)/assets
( 1,165)
3,306
-------
--------
Total assets less current liabilities
4,952
10,917
-------
--------
Net assets
4,952
10,917
-------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
4,951
10,916
-------
--------
Shareholders funds
4,952
10,917
-------
--------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
M S Welding Limited
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 6 December 2022 , and are signed on behalf of the board by:
Mr M A Styles
Director
Company registration number: 08935995
M S Welding Limited
Notes to the Financial Statements
Year ended 31 March 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 84 Whiting Street, Bury St Edmunds, Suffolk, IP33 1NZ.
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.
Revenue recognition
The turnover shown in the profit and loss account represents the value of goods and services provided during the period, exclusive of Value Added Tax.
Income tax
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 & Machinery
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2021
15,454
10,254
25,708
Additions
234
–
234
--------
--------
--------
At 31 March 2022
15,688
10,254
25,942
--------
--------
--------
Depreciation
At 1 April 2021
11,027
7,070
18,097
Charge for the year
932
796
1,728
--------
--------
--------
At 31 March 2022
11,959
7,866
19,825
--------
--------
--------
Carrying amount
At 31 March 2022
3,729
2,388
6,117
--------
--------
--------
At 31 March 2021
4,427
3,184
7,611
--------
--------
--------
6. Debtors
2022
2021
£
£
Trade debtors
544
3,957
Other debtors
1,588
1,356
-------
-------
2,132
5,313
-------
-------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
–
23
Social security and other taxes
1,581
335
Other creditors
19,887
17,898
--------
--------
21,468
18,256
--------
--------