Mawsley Machinery Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01522617 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

MAWSLEY MACHINERY LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

I M Wright

Mrs J E Sheldon

K A Pearce

S J Sanderson

SECRETARY:

Mrs J E Sheldon

REGISTERED OFFICE:

Mawsley Building

Scaldwell Road Industrial Estate

Brixworth

Northamptonshire

NN6 9UA

REGISTERED NUMBER:

01522617 (England and Wales)

FIXED ASSETS

Tangible assets

4

394,002

456,838

Investments

5

-

-

394,002

456,838

CURRENT ASSETS

Stocks

621,115

1,658,942

Debtors

6

1,507,521

1,822,911

Cash at bank and in hand

118,549

1,425,047

2,247,185

4,906,900

CREDITORS

Amounts falling due within one year

7

1,769,921

4,404,377

NET CURRENT ASSETS

477,264

502,523

TOTAL ASSETS LESS CURRENT LIABILITIES

871,266

959,361

CREDITORS

Amounts falling due after more than one year

8

(271,445

)

(347,905

)

PROVISIONS FOR LIABILITIES

(64,361

)

(75,237

)

NET ASSETS

535,460

536,219

CAPITAL AND RESERVES

Called up share capital

2,651

2,651

Capital redemption reserve

3,282

3,282

Retained earnings

529,527

530,286

SHAREHOLDERS' FUNDS

535,460

536,219

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 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 6 July 2018 and were signed on its behalf by:

Mrs J E Sheldon - Director

I M Wright - Director

1.	STATUTORY INFORMATION

Mawsley Machinery 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.

Preparation of consolidated financial statements

The company is a parent company subject to the small companies regime. The company and its subsidiary

comprise a small group. The company is therefore not required to and has not chosen to prepare group accounts.

The company's accounts present information about it as an individual undertaking and not about its group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade

discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of machines and parts are recognised when significant risks and rewards of ownership of

the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the

economic benefits associated with the transaction will flow to the company and the costs incurred or to be

incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Rendering of repair services

Turnover from machine repairs is recognised by reference to the stage of completion at the balance sheet date.

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.

Plant and machinery

-

25% on cost, 14.29% on cost, 10% on cost and 16.67% on cost

Fixtures, fittings & computers

-

20% on cost

Motor vehicles

-

25% on cost

Workshop equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Cost, in respect of parts for resale, is computed at the average price of parts held at the year end on a first in first

out basis.

Net realisable value means estimated selling price (less trade discounts) less all costs to be incurred in marketing,

selling and distribution.

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

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Operating lease income

Rental income is recognised on a straight-line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2017 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

Plant and

fittings

Motor

Workshop

machinery

& computers

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2017

342,748

79,467

179,701

41,404

643,320

Additions

269,035

10,259

36,295

2,001

317,590

Disposals

(334,618

)

-

(17,550

)

-

(352,168

)

At 31 March 2018

277,165

89,726

198,446

43,405

608,742

DEPRECIATION

At 1 April 2017

43,583

48,133

63,271

31,495

186,482

Charge for year

37,105

10,740

40,911

1,967

90,723

Eliminated on disposal

(52,303

)

-

(10,162

)

-

(62,465

)

At 31 March 2018

28,385

58,873

94,020

33,462

214,740

NET BOOK VALUE

At 31 March 2018

248,780

30,853

104,426

9,943

394,002

At 31 March 2017

299,165

31,334

116,430

9,909

456,838

The plant and machinery above is held for use in operating leases.

The net book value of tangible fixed assets includes £ 236,211 (2017 - £ 348,666 ) in respect of assets held under

hire purchase contracts.

5.	FIXED ASSET INVESTMENTS

The company owns 100% of the issued share capital of Mawsley Mining Limited, a dormant company registered

in England and Wales.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,441,175

1,667,251

Other debtors

66,346

155,660

1,507,521

1,822,911

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

142,784

107,480

Trade creditors

1,410,080

4,047,385

Taxation and social security

70,287

92,471

Other creditors

146,770

157,041

1,769,921

4,404,377

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

271,445

347,905

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

414,229

455,385

The hire purchase liabilities are secured under normal commercial terms.

10.	FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount

to £416,000 (2017: £464,000).

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2018 and

31 March 2017:

2018

2017

£

£

K A Pearce

Balance outstanding at start of year

-

-

Amounts advanced

3,111

-

Amounts repaid

(3,111

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The loan was interest-free and repaid in full during the year.

12.	RELATED PARTY DISCLOSURES

The company leases its premises from the Directors' Pension Scheme under a 10 year lease for a rental of

£48,000 per annum from December 2016. During the year ended 31st March 2018 the company paid rent of

£48,000 (2017: £44,667). The directors I M Wright and Mrs J E Sheldon are pensioneer trustees of the scheme.