Materials Handling Products Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02633365 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023

FOR

MATERIALS HANDLING PRODUCTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S R Drohan

S J Lee

P A Twigg

S R Taylor

REGISTERED OFFICE:

Unit 14

Ryder Close

Swadlincote

Derbyshire

DE11 9EU

REGISTERED NUMBER:

02633365 (England and Wales)

ACCOUNTANTS:

Cresswells

12 Market Street

Hebden Bridge

West Yorkshire

HX7 6AD

FIXED ASSETS

Intangible assets

4

456

5,448

Tangible assets

5

425,458

226,499

425,914

231,947

CURRENT ASSETS

Stocks

612,823

642,241

Debtors

6

1,338,319

740,467

Cash at bank

80,928

146,758

2,032,070

1,529,466

CREDITORS

Amounts falling due within one year

7

984,181

655,680

NET CURRENT ASSETS

1,047,889

873,786

TOTAL ASSETS LESS CURRENT LIABILITIES

1,473,803

1,105,733

CREDITORS

Amounts falling due after more than one year

8

(49,516

)

(8,592

)

PROVISIONS FOR LIABILITIES

(99,230

)

(48,399

)

NET ASSETS

1,325,057

1,048,742

CAPITAL AND RESERVES

Called up share capital

10,500

10,500

Retained earnings

1,314,557

1,038,242

SHAREHOLDERS' FUNDS

1,325,057

1,048,742

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 21st December 2023 and were signed on its behalf by:

S R Drohan - Director

1.	STATUTORY INFORMATION

Materials Handling Products 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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.

Computer software is being amortised evenly over its estimated useful life of nil years.

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.

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 20 (2022 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st April 2022

and 31st March 2023

25,000

AMORTISATION

At 1st April 2022

19,552

Charge for year

4,992

At 31st March 2023

24,544

NET BOOK VALUE

At 31st March 2023

456

At 31st March 2022

5,448

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2022

533,782

Additions

296,960

Disposals

(29,500

)

At 31st March 2023

801,242

DEPRECIATION

At 1st April 2022

307,283

Charge for year

84,875

Eliminated on disposal

(16,374

)

At 31st March 2023

375,784

NET BOOK VALUE

At 31st March 2023

425,458

At 31st March 2022

226,499

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

Plant and

machinery

etc

£

COST

At 1st April 2022

26,950

Additions

133,528

Disposals

(29,500

)

At 31st March 2023

130,978

DEPRECIATION

At 1st April 2022

16,374

Charge for year

10,398

Eliminated on disposal

(16,374

)

At 31st March 2023

10,398

NET BOOK VALUE

At 31st March 2023

120,580

At 31st March 2022

10,576

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,179,234

711,887

Amounts owed by group undertakings

62,000

10,000

Other debtors

97,085

18,580

1,338,319

740,467

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts

12,379

6,250

Trade creditors

671,423

333,171

Amounts owed to group undertakings

77,454

35,889

Taxation and social security

179,812

158,048

Other creditors

43,113

122,322

984,181

655,680

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts

49,516

8,592