M. M. Bell & Sons Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03688192 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31st December 2020

for

M. M. Bell & Sons Limited

Page

Company Information

1

Report of the Director

2

Statement of Financial Position

3

Notes to the Financial Statements

5

Report of the Accountants

10

DIRECTOR:

J C Fenton

REGISTERED OFFICE:

Units 4-6

Shepcote Enterprise Park 2

3 Europa Drive

Sheffield

South Yorkshire

S9 1XT

REGISTERED NUMBER:

03688192 (England and Wales)

ACCOUNTANTS:

Hewson & Howson

8 Shepcote Office Village

Shepcote Lane

Sheffield

South Yorkshire

S9 1TG

The director presents his report with the financial statements of the company for the year ended 31st December 2020.

DIRECTORS

J C Fenton has held office during the whole of the period from 1st January 2020 to the date of this report.

Other changes in directors holding office are as follows:

R Parkin - resigned 10th December 2020

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

J C Fenton - Director

28th September 2021

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

415,571

357,622

415,571

357,622

CURRENT ASSETS

Stocks

398,174

367,292

Debtors

6

266,629

337,655

Cash at bank and in hand

39,368

28,112

704,171

733,059

CREDITORS

Amounts falling due within one year

7

621,181

691,141

NET CURRENT ASSETS

82,990

41,918

TOTAL ASSETS LESS CURRENT LIABILITIES

498,561

399,540

CREDITORS

Amounts falling due after more than one year

8

233,103

102,818

NET ASSETS

265,458

296,722

CAPITAL AND RESERVES

Called up share capital

10

477

477

Share premium

29,517

29,517

Retained earnings

235,464

266,728

SHAREHOLDERS' FUNDS

265,458

296,722

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2020 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28th September 2021 and were signed by:

J C Fenton - Director

1.	STATUTORY INFORMATION

M. M. Bell & Sons 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, net of discounts and value added taxes. Turnover includes revenue from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Goodwill

Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities. Goodwill has been fully amortised.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

not provided

Fixtures and fittings

-

10% on cost

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss.If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit on a straight line basis over 10 years.

Government grants in respect of revenue expenditure are recognised in the period to which they relate.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial Instruments.

Financial Instruments are recognised in the company's balance sheet when it becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Currency presentation

The financial statements are presented in Sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2019 - 33 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2020

642,452

Disposals

(642,452

)

At 31st December 2020

-

AMORTISATION

At 1st January 2020

642,452

Eliminated on disposal

(642,452

)

At 31st December 2020

-

NET BOOK VALUE

At 31st December 2020

-

At 31st December 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1st January 2020

391,804

6,077

397,881

Additions

115,393

2,218

117,611

Disposals

(25,135

)

-

(25,135

)

At 31st December 2020

482,062

8,295

490,357

DEPRECIATION

At 1st January 2020

39,072

1,187

40,259

Charge for year

44,277

1,382

45,659

Eliminated on disposal

(11,132

)

-

(11,132

)

At 31st December 2020

72,217

2,569

74,786

NET BOOK VALUE

At 31st December 2020

409,845

5,726

415,571

At 31st December 2019

352,732

4,890

357,622

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1st January 2020

165,520

Additions

109,836

Disposals

(25,135

)

At 31st December 2020

250,221

DEPRECIATION

At 1st January 2020

19,031

Charge for year

15,703

Eliminated on disposal

(11,132

)

At 31st December 2020

23,602

NET BOOK VALUE

At 31st December 2020

226,619

At 31st December 2019

146,489

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

217,960

279,867

Other debtors

48,669

57,788

266,629

337,655

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

61,799

51,875

Hire purchase contracts

50,533

36,512

Invoice discounting

157,787

198,627

Trade creditors

175,420

295,083

Taxation and social security

134,170

72,468

Other creditors

41,472

36,576

621,181

691,141

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

117,269

34,231

Hire purchase contracts

115,834

68,587

233,103

102,818

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Bank loans

179,068

86,106

Hire purchase contracts

166,367

105,099

Invoice discounting

157,787

198,627

503,222

389,832

Amounts owed in respect of invoice discounting are secured by a fixed and floating charge over the trade debtors of the company and subsequently by personal guarantee from the director J C Fenton.

The hire purchase liabilities are secured over the assets to which they relate.

Amounts owed in respect of bank loans and overdrafts are secured over the other assets of the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

477

Ordinary

£1

477

477

11.	CONTINGENT LIABILITIES

A cross guarantee exists with the company's holding company, M M Bell & Sons (Holdings) Limited in respect of the bank borrowings of both companies.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the year ended 31st December 2020 set out on pages three to eleven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Hewson & Howson

8 Shepcote Office Village

Shepcote Lane

Sheffield

South Yorkshire

S9 1TG

28th September 2021