Molesey Services Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07025246 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

FOR

MOLESEY SERVICES LTD

Page

Company Information

1

Report of the Accountants

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

D R Partridge

J R Ball

SECRETARY:

D R Partridge

REGISTERED OFFICE:

4 Park Road

East Molesey

Surrey

KT8 9LE

REGISTERED NUMBER:

07025246 (England and Wales)

ACCOUNTANTS:

Accountancy Online Limited

6 Elsley Road

Tilehurst

Reading

RG31 6RN

The following reproduces the text of the report prepared for the directors 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 Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 May 2022 set out on pages four to fourteen 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.

Accountancy Online Limited

6 Elsley Road

Tilehurst

Reading

RG31 6RN

27 February 2023

FIXED ASSETS

Intangible assets

4

599,504

599,504

Tangible assets

5

116,655

77,861

716,159

677,365

CURRENT ASSETS

Stocks

59,882

25,220

Debtors

6

191,061

119,634

Cash at bank and in hand

121,339

191,549

372,282

336,403

CREDITORS

Amounts falling due within one year

(256,474

)

(320,831

)

NET CURRENT ASSETS

115,808

15,572

TOTAL ASSETS LESS CURRENT LIABILITIES

831,967

692,937

CREDITORS

Amounts falling due after more than one year

7

(620,652

)

(533,548

)

PROVISIONS FOR LIABILITIES

10

(5,126

)

-

NET ASSETS

206,189

159,389

CAPITAL AND RESERVES

Called up share capital

11

4

4

Retained earnings

12

206,185

159,385

SHAREHOLDERS' FUNDS

206,189

159,389

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 May 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2023 and were signed on its behalf by:

D R Partridge - Director

1.	STATUTORY INFORMATION

Molesey Services Ltd 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, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

As a departure from FRS 102 Section 19 the directors have not amortised goodwill in these financial statements. This treatment is adopted on the basis of the true and fair override concept in the preparation of financial statements. Veterinary businesses tend to increase in value over time and amortisation of goodwill would be in conflict with this underlying commercial reality.

The directors will carry out a regular impairment review to confirm whether the current value of goodwill is at least equal to its carrying value. If not, the goodwill will be written down to the lower value determined in the impairment review less residual value.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Government grants

Any grants received as part of the Coronavirus Job Retention Scheme (CJRS), the Statutory Sick Pay

(SSP) rebate scheme, Small Business Grant Fund (SBGF) or the Retail, Hospitality and Leisure Grant Fund (RHLGF) are recognised on an accruals basis.

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 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2021 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2021

and 31 May 2022

599,504

NET BOOK VALUE

At 31 May 2022

599,504

At 31 May 2021

599,504

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2021

137,618

Additions

65,649

At 31 May 2022

203,267

DEPRECIATION

At 1 June 2021

59,757

Charge for year

26,855

At 31 May 2022

86,612

NET BOOK VALUE

At 31 May 2022

116,655

At 31 May 2021

77,861

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

Totals

£

COST

At 1 June 2021

58,835

Additions

20,408

At 31 May 2022

79,243

DEPRECIATION

At 1 June 2021

10,437

Charge for year

15,471

At 31 May 2022

25,908

NET BOOK VALUE

At 31 May 2022

53,335

At 31 May 2021

48,398

6.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Other debtors

92,595

-

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2022

2021

£

£

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

140,463

106,463

Repayable by instalments

Bank loans more 5 yr by instal

106,093

130,490

8.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Bank loans

33,144

43,144

Other loans

11,220

-

44,364

43,144

Amounts falling due between one and two years:

Bank loans - 1-2 years

66,288

86,288

Other loans - 1-2 years

22,440

-

88,728

86,288

Amounts falling due between two and five years:

Bank loans - 2-5 years

99,432

119,432

Other loans - 2-5 years

8,007

-

107,439

119,432

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

140,463

106,463

Repayable by instalments

Bank loans more 5 yr by instal

106,093

130,490

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

304,957

379,354

Lloyds Bank PLC hold a fixed and floating charge over the company.

10.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

5,126

-

Deferred

tax

£

Charge to Income Statement during year

5,126

Balance at 31 May 2022

5,126

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

4

Ordinary

£1

4

4

12.

RESERVES

Retained

earnings

£

At 1 June 2021

159,385

Profit for the year

286,800

Dividends

(240,000

)

At 31 May 2022

206,185

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end D R Partridge owed the company £92,595 (2021: was owed £459). This loan is interest free and without repayment terms.

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £180,000 (2021 - £120,000) were paid to the directors .

15.	ULTIMATE CONTROLLING PARTY

The company is under the control of Mr D R Partridge, Mr J R Ball and Mrs J N Ball who own the entire share capital.