M. M. Bell & Sons Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03688192 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31st December 2022

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

9

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 2022.

DIRECTOR

J C Fenton held office during the whole of the period from 1st January 2022 to the date of this report.

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

15th September 2023

FIXED ASSETS

Tangible assets

4

409,374

389,606

CURRENT ASSETS

Stocks

428,399

406,974

Debtors

5

248,937

276,797

Cash at bank and in hand

11,319

13,996

688,655

697,767

CREDITORS

Amounts falling due within one year

6

563,373

539,458

NET CURRENT ASSETS

125,282

158,309

TOTAL ASSETS LESS CURRENT LIABILITIES

534,656

547,915

CREDITORS

Amounts falling due after more than one year

7

161,614

219,661

NET ASSETS

373,042

328,254

CAPITAL AND RESERVES

Called up share capital

9

477

477

Share premium

29,517

29,517

Retained earnings

343,048

298,260

SHAREHOLDERS' FUNDS

373,042

328,254

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 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 15th September 2023 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.

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

-

10% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% 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 29 (2021 - 30 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1st January 2022

493,562

24,691

-

518,253

Additions

-

-

84,385

84,385

At 31st December 2022

493,562

24,691

84,385

602,638

DEPRECIATION

At 1st January 2022

121,573

7,074

-

128,647

Charge for year

49,357

5,816

9,444

64,617

At 31st December 2022

170,930

12,890

9,444

193,264

NET BOOK VALUE

At 31st December 2022

322,632

11,801

74,941

409,374

At 31st December 2021

371,989

17,617

-

389,606

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1st January 2022

261,721

-

261,721

Additions

-

84,385

84,385

Transfer to ownership

(14,985

)

-

(14,985

)

At 31st December 2022

246,736

84,385

331,121

DEPRECIATION

At 1st January 2022

43,974

-

43,974

Charge for year

20,373

9,444

29,817

Transfer to ownership

(5,495

)

-

(5,495

)

At 31st December 2022

58,852

9,444

68,296

NET BOOK VALUE

At 31st December 2022

187,884

74,941

262,825

At 31st December 2021

217,747

-

217,747

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

199,072

215,397

Amounts owed by group undertakings

15,800

27,520

Other debtors

34,065

33,880

248,937

276,797

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

51,111

54,082

Hire purchase contracts

63,563

49,310

Invoice discounting

160,463

69,192

Trade creditors

185,729

237,730

Taxation and social security

70,549

96,042

Other creditors

31,958

33,102

563,373

539,458

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

77,222

140,489

Hire purchase contracts

84,392

79,172

161,614

219,661

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Hire purchase contracts

147,955

128,482

Invoice discounting

160,463

69,192

308,418

197,674

Amounts owed in respect of invoice discounting are secured by a fixed and floating charge over all the property or undertaking of the company.

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

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

477

Ordinary

£1

477

477

10.	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 2022 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

15th September 2023