Monaghan Planck Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07568377 (England and Wales)

MONAGHAN PLANCK LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

John Monaghan (Holdings) Limited

Mrs F E McCann

Mr J K Monaghan

Mr T Planck

REGISTERED OFFICE:

Unit 2

Ossett 40, Milner Way

Ossett

Wakefield

West Yorkshire

WF5 9JR

REGISTERED NUMBER:

07568377 (England and Wales)

AUDITORS:

Harrison & Co Accountants Limited

Chartered Accountants

& Statutory Auditors

531 Denby Dale Road West

Calder Grove

Wakefield

West Yorkshire

WF4 3ND

BANKERS:

The Royal Bank of Scotland

Leeds Park Row Branch

27 Park Row

Leeds

West Yorkshire

LS1 5QB

FIXED ASSETS

Tangible assets

4

17,721

24,085

CURRENT ASSETS

Stocks

242,552

233,919

Debtors

683,079

627,095

925,631

861,014

CREDITORS

Amounts falling due within one year

942,352

884,099

NET CURRENT LIABILITIES

(16,721

)

(23,085

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,000

1,000

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

SHAREHOLDERS' FUNDS

1,000

1,000

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 23 May 2018 and were signed on its behalf by:

Mrs F E McCann - Director

Mr J K Monaghan - Director

1.	STATUTORY INFORMATION

Monaghan Planck 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost and 15% on cost

Computer equipment

-

20% on cost and Straight line over 7 years

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is ascertained by the user of the first-in

first-out method of cost calculation. Net realisable value is based on an estimated selling price, less further costs

to be incurred to completion and disposal. Provision is also made for obsolete, slow-moving and defective items,

where appropriate.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet 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

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 12 (2016 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2017

7,195

61,204

68,399

Additions

3,334

1,858

5,192

At 31 December 2017

10,529

63,062

73,591

DEPRECIATION

At 1 January 2017

5,238

39,076

44,314

Charge for year

2,478

9,078

11,556

At 31 December 2017

7,716

48,154

55,870

NET BOOK VALUE

At 31 December 2017

2,813

14,908

17,721

At 31 December 2016

1,957

22,128

24,085

5.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

451,299

343,589

The bank overdraft is secured by inter company guarantees and a debenture over all assets of the company.

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Harrison F.C.A. (Senior Statutory Auditor)

for and on behalf of Harrison & Co Accountants Limited

7.	CONTINGENT LIABILITIES

The company has given guarantees to the company's bankers in respect of borrowings of other group and related

party companies. The amount of the liabilities under those guarantees was £335,906 (2016 - £1,243,326).