M & M Energy Systems Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC270914 (Scotland)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

M & M ENERGY SYSTEMS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S James

E A G Stocks

SECRETARY:

M J Adams

REGISTERED OFFICE:

Blue Square House

272 Bath Street

Glasgow

G2 4JR

REGISTERED NUMBER:

SC270914 (Scotland)

SENIOR STATUTORY AUDITOR:

John Dakin FCA

AUDITORS:

Cresswells Accountants (UK) Limited

Chartered Accountants

and Statutory Auditors

Barclays Bank Chambers

Market Street

Hebden Bridge

West Yorkshire

HX7 6AD

CURRENT ASSETS

Stocks

111,764

104,173

Debtors

4

389,503

191,461

Cash at bank

6,245

1,244

507,512

296,878

CREDITORS

Amounts falling due within one year

5

406,842

171,321

NET CURRENT ASSETS

100,670

125,557

TOTAL ASSETS LESS CURRENT LIABILITIES

100,670

125,557

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

7

100,570

125,457

SHAREHOLDERS' FUNDS

100,670

125,557

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.

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 27 June 2018 and were signed on its behalf by:

E A G Stocks - Director

1.	STATUTORY INFORMATION

M & M Energy Systems Ltd is a private company, limited by shares , registered in Scotland. 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 Acts 2006. The financial statements have

been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company

and rounded to the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

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.

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.

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 3 (2016 - 3 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

80,318

71,042

Amounts owed by group undertakings

305,585

120,419

Prepayments and accrued income

3,600

-

389,503

191,461

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

246,392

56,286

Tax

41,764

16,067

Social security and other taxes

3,696

3,955

VAT

35,302

14,582

Accrued expenses

79,688

80,431

406,842

171,321

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

7.

RESERVES

Retained

earnings

£

At 1 January 2017

125,457

Profit for the year

175,113

Dividends

(200,000

)

At 31 December 2017

100,570

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

The Report of the Auditors was unqualified.

John Dakin FCA (Senior Statutory Auditor)

for and on behalf of Cresswells Accountants (UK) Limited

9.	RELATED PARTY DISCLOSURES

The company is a wholly owned subsidiary of Studweldpro UK Limited.

At the balance sheet date the company was owed £305,585 (2016 - £120,419) by Studweldpro

UK Limited.

The company has given and received cross guarantees in respect of bank borrowings with its

holding company Studweldpro UK Limited.

At the balance sheet date this company owed its bankers £707,847 (2016 - £1,019,289) by way

of overdraft and loan.

The company was charged a management fee, by Studweldpro UK Limited, of £75,000 (2017 -

£50,000), this was still outstanding at the balance sheet date.

The company paid a dividend of £200,000 (2016 - £125,000) to Studweldpro UK Limited