M Davies Steel Reinforcements Limited Filleted accounts for Companies House (small and micro)

M DAVIES STEEL REINFORCEMENTS LIMITED - Company Information

2 false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04779874 2022-07-01 2023-06-30 04779874 2023-06-30 04779874 2022-06-30 04779874 2021-07-01 2022-06-30 04779874 2022-06-30 04779874 core:PlantMachinery 2022-07-01 2023-06-30 04779874 core:MotorVehicles 2022-07-01 2023-06-30 04779874 bus:Director1 2022-07-01 2023-06-30 04779874 core:PlantMachinery 2022-06-30 04779874 core:MotorVehicles 2022-06-30 04779874 core:PlantMachinery 2023-06-30 04779874 core:MotorVehicles 2023-06-30 04779874 core:WithinOneYear 2023-06-30 04779874 core:WithinOneYear 2022-06-30 04779874 core:AfterOneYear 2022-06-30 04779874 core:ShareCapital 2023-06-30 04779874 core:ShareCapital 2022-06-30 04779874 core:RetainedEarningsAccumulatedLosses 2023-06-30 04779874 core:RetainedEarningsAccumulatedLosses 2022-06-30 04779874 core:PlantMachinery 2022-06-30 04779874 core:MotorVehicles 2022-06-30 04779874 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-06-30 04779874 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2022-06-30 04779874 bus:SmallEntities 2022-07-01 2023-06-30 04779874 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 04779874 bus:FullAccounts 2022-07-01 2023-06-30 04779874 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 04779874 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30

COMPANY REGISTRATION NUMBER: 04779874

M DAVIES STEEL REINFORCEMENTS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 June 2023

M DAVIES STEEL REINFORCEMENTS LIMITED

FINANCIAL STATEMENTS

Year ended 30 June 2023

CONTENTS	PAGES

Balance sheet	1 to 2

Notes to the financial statements	3 to 7

M DAVIES STEEL REINFORCEMENTS LIMITED

BALANCE SHEET

30 June 2023

	2023	2022
Note	£	£

FIXED ASSETS

Tangible assets	5	19,949	26,715

CURRENT ASSETS

Debtors	6	33,470	24,662
Cash at bank and in hand		184,624	165,878
		---------	---------
		218,094	190,540

CREDITORS: amounts falling due within one year	7	( 47,483)	( 33,763)
		---------	---------
NET CURRENT ASSETS		170,611	156,777
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		190,560	183,492

CREDITORS: amounts falling due after more than one year	8	–	( 1,150)

PROVISIONS	( 3,493)	( 4,905)
	---------	---------
NET ASSETS	187,067	177,437
	---------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	186,967	177,337
	---------	---------
SHAREHOLDERS FUNDS	187,067	177,437
	---------	---------

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 profit and loss account has not been delivered.

For the year ending 30 June 2023 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 DAVIES STEEL REINFORCEMENTS LIMITED

BALANCE SHEET (continued)

30 June 2023

These financial statements were approved by the board of directors and authorised for issue on 1 November 2023 , and are signed on behalf of the board by:

Mr M R Davies
Director

Company registration number: 04779874

M DAVIES STEEL REINFORCEMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

Year ended 30 June 2023

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oak Cottage, Trostrey, Usk, Monmouthshire, NP15 1JH.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

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 and machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	25% straight line

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).

5. TANGIBLE ASSETS

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 July 2022	12,609	68,990	5,741	87,340
Additions	790	–	–	790
	--------	--------	-------	--------
At 30 June 2023	13,399	68,990	5,741	88,130
	--------	--------	-------	--------
Depreciation
At 1 July 2022	11,355	45,839	3,431	60,625
Charge for the year	208	5,913	1,435	7,556
	--------	--------	-------	--------
At 30 June 2023	11,563	51,752	4,866	68,181
	--------	--------	-------	--------
Carrying amount
At 30 June 2023	1,836	17,238	875	19,949
	--------	--------	-------	--------
At 30 June 2022	1,254	23,151	2,310	26,715
	--------	--------	-------	--------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 30 June 2023	7,432
	-------
At 30 June 2022	9,913
	-------

6. DEBTORS

	2023	2022
	£	£
Trade debtors	30,389	22,121
Other debtors	3,081	2,541
	--------	--------
	33,470	24,662
	--------	--------

7. CREDITORS: amounts falling due within one year

	2023	2022
	£	£
Corporation tax	26,169	9,574
Social security and other taxes	2,987	2,674
Other creditors	18,327	21,515
	--------	--------
	47,483	33,763
	--------	--------

Included within other creditors is an amount of £1,150 (2022 - £4,602) in respect of hire purchase agreements that are secured on the assets to which they relate.

8. CREDITORS: amounts falling due after more than one year

	2023	2022
	£	£
Other creditors	–	1,150
	----	-------

Included within other creditors is an amount of £Nil (2022 - £1,150) in respect of hire purchase agreements that are secured on the assets to which they relate.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included within other creditors is £14,937 (2022 - £14,813) due to the director. This balance is interest free, unsecured and repayable on demand.