Company Registration No. 04834491 (England and Wales)
MC Lead Glaziers Limited
Unaudited accounts
for the year ended 30 November 2021
MC Lead Glaziers Limited
Unaudited accounts
Contents
MC Lead Glaziers Limited
Company Information
for the year ended 30 November 2021
Company Number
04834491 (England and Wales)
Registered Office
Unit 2 251 Holt Road
Horsford
Norwich
Norfolk
NR10 3EB
Accountants
Mrs A C Howell
13 Ipswich Grove
Norwich
Norfolk
NR2 2LU
MC Lead Glaziers Limited
Statement of financial position
as at 30 November 2021
Intangible assets
153,217
165,533
Tangible assets
49,614
57,368
Cash at bank and in hand
327,438
324,994
Creditors: amounts falling due within one year
(260,119)
(240,298)
Net current assets
126,701
144,066
Total assets less current liabilities
329,532
366,967
Creditors: amounts falling due after more than one year
(162,465)
(184,881)
Provisions for liabilities
Deferred tax
(8,589)
(10,900)
Net assets
158,478
171,186
Called up share capital
1
1
Profit and loss account
158,477
171,185
Shareholders' funds
158,478
171,186
For the year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 August 2022 and were signed on its behalf by
P M Campling
Director
Company Registration No. 04834491
MC Lead Glaziers Limited
Notes to the Accounts
for the year ended 30 November 2021
MC Lead Glaziers Limited is a private company, limited by shares, registered in England and Wales, registration number 04834491. The registered office is Unit 2 251 Holt Road, Horsford, Norwich, Norfolk, NR10 3EB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The Director has considered the Company's position at the time of signing the financial statements, and in particular the current issues caused by Covid-19 and its potential impact on the Company and the wider economy. As such under the current circumstances, it is difficult to produce meaningful forecasts for the remainder of the financial year and medium term. Nevertheless, the Director has considered the current financial strength of the Company, together with the range of measures the Director can take to mitigate ongoing costs should they need to, and ultimately should it be required, the support now being offered by the UK government for which the Company would be eligible to apply.
Based on this, the Director has concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, and, based on the economic environment recovering within the timeframe currently being widely anticipated, at least twelve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Motor vehicles
25% reducing balance
Computer equipment
25% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
MC Lead Glaziers Limited
Notes to the Accounts
for the year ended 30 November 2021
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Stock has been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Intangible fixed assets
Goodwill
At 1 December 2020
246,313
At 30 November 2021
246,313
Charge for the year
12,316
At 30 November 2021
93,096
At 30 November 2021
153,217
At 30 November 2020
165,533
MC Lead Glaziers Limited
Notes to the Accounts
for the year ended 30 November 2021
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 December 2020
79,360
80,959
160,319
Additions
1,797
4,690
6,487
At 30 November 2021
81,157
85,649
166,806
At 1 December 2020
57,392
45,559
102,951
Charge for the year
4,218
10,023
14,241
At 30 November 2021
61,610
55,582
117,192
At 30 November 2021
19,547
30,067
49,614
At 30 November 2020
21,968
35,400
57,368
6
Debtors: amounts falling due within one year
2021
2020
Trade debtors
40,521
41,149
Accrued income and prepayments
11,715
15,692
7
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
23,020
17,696
Obligations under finance leases and hire purchase contracts
8,382
6,302
Trade creditors
34,043
9,612
Taxes and social security
62,626
90,667
Loans from directors
125,414
112,998
8
Creditors: amounts falling due after more than one year
2021
2020
Bank loans
156,880
172,913
Obligations under finance leases and hire purchase contracts
5,585
11,968
9
Transactions with related parties
The director provided the company with an unsecured interest free loan on balances outstanding at the year end. At the year end this amounted to £125,414 (2020: £112,998)
MC Lead Glaziers Limited
Notes to the Accounts
for the year ended 30 November 2021
10
Average number of employees
During the year the average number of employees was 7 (2020: 12).