22
2 September 2022
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2021-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
05383619
2021-01-01
2021-12-31
05383619
2021-12-31
05383619
2020-12-31
05383619
2020-01-01
2020-12-31
05383619
2020-12-31
05383619
core:LandBuildings
2021-01-01
2021-12-31
05383619
core:FurnitureFittings
2021-01-01
2021-12-31
05383619
core:MotorVehicles
2021-01-01
2021-12-31
05383619
bus:Director1
2021-01-01
2021-12-31
05383619
core:LandBuildings
2020-12-31
05383619
core:FurnitureFittings
2020-12-31
05383619
core:MotorVehicles
2020-12-31
05383619
core:LandBuildings
2021-12-31
05383619
core:FurnitureFittings
2021-12-31
05383619
core:MotorVehicles
2021-12-31
05383619
core:WithinOneYear
2021-12-31
05383619
core:WithinOneYear
2020-12-31
05383619
core:ShareCapital
2021-12-31
05383619
core:ShareCapital
2020-12-31
05383619
core:RetainedEarningsAccumulatedLosses
2021-12-31
05383619
core:RetainedEarningsAccumulatedLosses
2020-12-31
05383619
core:BetweenOneFiveYears
2021-12-31
05383619
core:BetweenOneFiveYears
2020-12-31
05383619
core:LandBuildings
2020-12-31
05383619
core:FurnitureFittings
2020-12-31
05383619
core:MotorVehicles
2020-12-31
05383619
bus:SmallEntities
2021-01-01
2021-12-31
05383619
bus:Audited
2021-01-01
2021-12-31
05383619
bus:FullAccounts
2021-01-01
2021-12-31
05383619
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
05383619
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
05383619
core:OtherPropertyPlantEquipment
2021-01-01
2021-12-31
05383619
core:OtherPropertyPlantEquipment
2020-12-31
05383619
core:OtherPropertyPlantEquipment
2021-12-31
COMPANY REGISTRATION NUMBER:
05383619
Filleted Financial Statements |
|
Year ended 31 December 2021
Notes to the financial statements |
2 to 6 |
|
|
31 December 2021
Fixed assets
Tangible assets |
5 |
1,146,604 |
1,190,480 |
|
|
|
|
Current assets
Stocks |
1,557,842 |
1,375,245 |
Debtors |
6 |
1,772,865 |
1,411,835 |
Cash at bank and in hand |
3,325,730 |
4,131,243 |
|
------------ |
------------ |
|
6,656,437 |
6,918,323 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
800,177 |
1,748,768 |
|
------------ |
------------ |
Net current assets |
5,856,260 |
5,169,555 |
|
------------ |
------------ |
Total assets less current liabilities |
7,002,864 |
6,360,035 |
|
|
|
|
Provisions
Taxation including deferred tax |
14,704 |
18,348 |
|
------------ |
------------ |
Net assets |
6,988,160 |
6,341,687 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
1,000 |
1,000 |
Profit and loss account |
6,987,160 |
6,340,687 |
|
------------ |
------------ |
Shareholders funds |
6,988,160 |
6,341,687 |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
2 September 2022
, and are signed on behalf of the board by:
Company registration number:
05383619
Notes to the Financial Statements |
|
Year ended 31 December 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The registered company number is
05383619
. The address of the registered office is Unit 7 Whitebridge Way, Whitebridge Estate, Stone, Staffordshire, ST15 8JS.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Revenue relating to the sale of goods is recognised when the goods are despatched, which is the same day on which goods are delivered, and hence the point at which the risks and rewards of ownership pass to the buyer. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for the services provided. Commissions are recognised once confirmation has been received from Mondini SRL that a commission is due and the amount has been quantified.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Buildings |
- |
2% straight line |
|
Fixtures & fittings |
- |
50% straight line |
|
Motor vehicles |
- |
25% reducing balance |
|
Equipment |
- |
50% straight line |
|
|
|
|
Land is not depreciated. Depreciation is charged from the month of acquisition to the month of disposal.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Net realisable value represents estimated proceeds from the sale of stock items, less all future costs to completion, costs to be incurred in marketing, selling and distributing.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
22
(2020:
18
).
5.
Tangible assets
|
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 January 2021 |
1,141,859 |
92,179 |
18,988 |
19,885 |
1,272,911 |
Additions |
– |
4,880 |
– |
– |
4,880 |
|
------------ |
-------- |
-------- |
-------- |
------------ |
At 31 December 2021 |
1,141,859 |
97,059 |
18,988 |
19,885 |
1,277,791 |
|
------------ |
-------- |
-------- |
-------- |
------------ |
Depreciation |
|
|
|
|
|
At 1 January 2021 |
4,693 |
43,656 |
14,197 |
19,885 |
82,431 |
Charge for the year |
4,000 |
43,558 |
1,198 |
– |
48,756 |
|
------------ |
-------- |
-------- |
-------- |
------------ |
At 31 December 2021 |
8,693 |
87,214 |
15,395 |
19,885 |
131,187 |
|
------------ |
-------- |
-------- |
-------- |
------------ |
Carrying amount |
|
|
|
|
|
At 31 December 2021 |
1,133,166 |
9,845 |
3,593 |
– |
1,146,604 |
|
------------ |
-------- |
-------- |
-------- |
------------ |
At 31 December 2020 |
1,137,166 |
48,523 |
4,791 |
– |
1,190,480 |
|
------------ |
-------- |
-------- |
-------- |
------------ |
|
|
|
|
|
|
6.
Debtors
|
2021 |
2020 |
|
£ |
£ |
Trade debtors |
1,286,757 |
807,772 |
Other debtors |
486,108 |
604,063 |
|
------------ |
------------ |
|
1,772,865 |
1,411,835 |
|
------------ |
------------ |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2021 |
2020 |
|
£ |
£ |
Trade creditors |
95,357 |
90,685 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
72,000 |
353,822 |
Corporation tax |
165,534 |
245,754 |
Social security and other taxes |
203,576 |
156,654 |
Other creditors |
263,710 |
901,853 |
|
--------- |
------------ |
|
800,177 |
1,748,768 |
|
--------- |
------------ |
|
|
|
8.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2021 |
2020 |
|
£ |
£ |
Not later than 1 year |
149,590 |
151,893 |
Later than 1 year and not later than 5 years |
118,373 |
145,374 |
|
--------- |
--------- |
|
267,963 |
297,267 |
|
--------- |
--------- |
|
|
|
9.
Summary audit opinion
The auditor's report for the year dated
2 September 2022
was
unqualified
.
The senior statutory auditor was
Andrew Pountney
, for and on behalf of
Dean Statham
.
10.
Related party transactions
The company is a wholly owned subsidiary of Mondini SRL (formerly Immobiliare Molding SPA), a company incorporated in Italy. The registered office address is via xx Settembre N.22/A 25122 Brescia Italy. The company has taken advantage of the exemption under FRS102 Section 1A Related Parties not to report group related party transactions.
11.
Controlling party
The immediate parent undertaking is Mondini SRL (formerly Immobiliare Mondini SPA), a company registered in Italy. The ultimate parent company is G.J.M Holding SRL, a company registered in Italy. The registered office address is via xx Settembre N.22/A 25122 Brescia Italy.