Malvern Boilers Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02600469 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023

FOR

MALVERN BOILERS LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

DIRECTORS:

Nicholas Anthony Perry

Sarah Joanne Perry

Simon John Smith

Adam Dominic David Heath

REGISTERED OFFICE:

Spring Lane North

Malvern

Worcestershire

WR14 1BW

REGISTERED NUMBER:

02600469 (England and Wales)

ACCOUNTANTS:

LS Accountancy Services

162 Battenhall Road

Worcester

Worcestershire

WR5 2BT

FIXED ASSETS

Tangible assets

4

221,891

358,097

CURRENT ASSETS

Stocks

858,328

695,755

Debtors

5

952,902

595,709

Cash at bank and in hand

1,113,548

186,239

2,924,778

1,477,703

CREDITORS

Amounts falling due within one year

6

2,176,510

664,815

NET CURRENT ASSETS

748,268

812,888

TOTAL ASSETS LESS CURRENT LIABILITIES

970,159

1,170,985

PROVISIONS FOR LIABILITIES

42,160

55,091

NET ASSETS

927,999

1,115,894

CAPITAL AND RESERVES

Called up share capital

95

95

Capital redemption reserve

63

63

Retained earnings

927,841

1,115,736

SHAREHOLDERS' FUNDS

927,999

1,115,894

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 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.

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 17 May 2023 and were signed on its behalf by:

Nicholas Anthony Perry - Director

1.	STATUTORY INFORMATION

Malvern Boilers 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, 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 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

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

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 period 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 period 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.

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.

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 period was 19 (2021 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2022

696,043

114,707

810,750

Disposals

-

(114,707

)

(114,707

)

At 31 March 2023

696,043

-

696,043

DEPRECIATION

At 1 January 2022

424,827

27,826

452,653

Charge for period

49,325

24,436

73,761

Eliminated on disposal

-

(52,262

)

(52,262

)

At 31 March 2023

474,152

-

474,152

NET BOOK VALUE

At 31 March 2023

221,891

-

221,891

At 31 December 2021

271,216

86,881

358,097

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

Motor

vehicles

£

COST

At 1 January 2022

114,707

Disposals

(114,707

)

At 31 March 2023

-

DEPRECIATION

At 1 January 2022

27,826

Charge for period

24,436

Eliminated on disposal

(52,262

)

At 31 March 2023

-

NET BOOK VALUE

At 31 March 2023

-

At 31 December 2021

86,881

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2021

£

£

Trade debtors

932,718

582,586

Other debtors

20,184

13,123

952,902

595,709

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2021

£

£

Hire purchase contracts

-

44,836

Trade creditors

681,644

371,295

Amounts owed to group undertakings

1,186,940

-

Taxation and social security

283,468

194,539

Other creditors

24,458

54,145

2,176,510

664,815

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 March 2023 and the year ended 31 December 2021:

2023

2021

£

£

Adam Dominic David Heath

Balance outstanding at start of period

6,000

9,000

Amounts repaid

(3,500

)

(3,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

2,500

6,000

The balance on the Directors Advance of £2,500 to A Heath represents a loan of £14,000 paid on 18 December 2019, it is being repaid at £3,000 per annum and interest is being charged at 2.5% per annum.

The Directors Current Account balance of £520 (2021 - £520) represents a loan from N. A. Perry Esq. a director of the company. The loan is interest free.

8.	RELATED PARTY DISCLOSURES