Mesh Office Seating (UK) Ltd. - Accounts to registrar (filleted) - small 23.2.5
Mesh Office Seating (UK) Ltd. - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| FOR |
| MESH OFFICE SEATING (UK) LTD. |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 March 2023 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| MESH OFFICE SEATING (UK) LTD. |
| COMPANY INFORMATION |
| for the Year Ended 31 March 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 6 Miller Road |
| Ayr |
| KA7 2AY |
| BANKERS: |
| Kilmarnock Branch |
| 96 John Finnie Street |
| Kilmarnock |
| KA1 1NY |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| STATEMENT OF FINANCIAL POSITION |
| 31 March 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 4 |
| CURRENT ASSETS |
| Inventories | 5 |
| Debtors | 6 |
| Prepayments and accrued income |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 March 2023 |
| 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. |
| 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 |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 March 2023 |
| 1. | STATUTORY INFORMATION |
| Mesh Office Seating (UK) Ltd. is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Functional currency |
| The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound. |
| Significant judgements and estimates |
| The preparation of financial statements requires the use of certain accounting estimates. It also requires the Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below: |
| Estimation Uncertainty |
| Useful life of properties, plant and equipment |
| The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be depreciated based on this. |
| Recoverability of Debtors |
| The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is made against the recoverability of these debts. |
| Stock Valuation |
| The Company assesses the carrying value of stock on at least an annual basis, taking into consideration when each item was purchased and the Company's ability to sell that particular item. Where it is considered the net realisable value of stock has fallen below its' original cost, a provision is made by Management against the stock value in the financial statements. |
| Key Judgements made in the application of Accounting Policies |
| a) Exemptions taken in the application of FRS 102 |
| The Company has considered and taken advantage of the following exemptions in its application of FRS 102: |
| i) The Company has not revisited previous accounting estimates. |
| Turnover |
| Turnover represents net invoiced sales of office and home furniture, excluding value added tax. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
| life. |
| Improvements to property - 4% on reducing balance |
| Plant and machinery - 25% on reducing balance |
| Fixtures and fittings - 25% on reducing balance |
| Computer equipment - 33.33% on cost |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Classification |
| The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company recognises these in accordance with Section 11 of the Financial Reporting Standard. |
| Recognition and measurement |
| The company's debt instruments are measured at amortised cost using the effective interest rate method. |
| Impairment |
| Financial instruments are reviewed annually for impairment. |
| Debtors |
| Debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence that the asset is impaired. |
| Cash and cash equivalents |
| Cash and cash equivalents in the balance sheet comprise cash on hand and cash at bank with a short term of maturity, being twelve months or less, from the opening of the deposit or similar account. |
| Creditors |
| Creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | PROPERTY, PLANT AND EQUIPMENT |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2023 |
| 4. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| 5. | INVENTORIES |
| 2023 | 2022 |
| £ | £ |
| Stocks |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| MESH OFFICE SEATING (UK) LTD. (REGISTERED NUMBER: SC340326) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2023 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| The bank loan is repayable in instalments over 6 years. The loan is guaranteed by government and carries an interest rate of 2.5% p.a. |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2023 | 2022 |
| £ | £ |
| Hire purchase contracts | 18,059 | 24,663 |
| The hire purchase contracts are secured by a bond and floating charge over the assets of the company. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 11. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 April 2022 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 March 2023 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
| 2023 | 2022 |
| £ | £ |
| **UNKNOWN DIRECTOR 1** |
| Balance outstanding at start of year | 169,607 | 66,336 |
| Amounts advanced | 220,888 | 242,951 |
| Amounts repaid | (303,053 | ) | (139,680 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 87,442 | 169,607 |