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Company registration number: 03671776
Abel Magnets Limited
Unaudited filleted financial statements
31 March 2023
Abel Magnets Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Abel Magnets Limited
Directors and other information
Directors Mr M G Brookes
Mr J A Brookes
Mr P A Satinoff
Mr N J Dodsworth
Secretary Mr P A Satinoff
Company number 03671776
Registered office Unit 8, Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
Business address Balaclava Road
Sheffield
South Yorkshire
S6 3BG
Accountants Henry Bramall & Co Limited
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
Bankers Barclays Bank
Leicester
LE87 2BB
Abel Magnets Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Abel Magnets Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Abel Magnets Limited for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Abel Magnets Limited, as a body, in accordance with the terms of our engagement letter dated 19 November 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Abel Magnets Limited and state those matters that we have agreed to state to the board of directors of Abel Magnets Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abel Magnets Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Abel Magnets Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Abel Magnets Limited. You consider that Abel Magnets Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Abel Magnets Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Henry Bramall & Co Limited
Chartered Certified Accountants
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
1 June 2023
Abel Magnets Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 55,713 53,591
_______ _______
55,713 53,591
Current assets
Stocks 445,464 284,651
Debtors 7 373,847 434,254
Cash at bank and in hand 558,634 705,104
_______ _______
1,377,945 1,424,009
Creditors: amounts falling due
within one year 8 ( 220,149) ( 319,972)
_______ _______
Net current assets 1,157,796 1,104,037
_______ _______
Total assets less current liabilities 1,213,509 1,157,628
Creditors: amounts falling due
after more than one year 9 ( 13,130) ( 15,408)
Provisions for liabilities ( 4,010) ( 4,311)
_______ _______
Net assets 1,196,369 1,137,909
_______ _______
Capital and reserves
Called up share capital 900 900
Share premium account 1,100 1,100
Profit and loss account 1,194,369 1,135,909
_______ _______
Shareholders funds 1,196,369 1,137,909
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 June 2023 , and are signed on behalf of the board by:
Mr M G Brookes
Director
Company registration number: 03671776
Abel Magnets Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 8, Acorn Business Park, Woodseats Close, Sheffield, S8 0TB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 10 %
Fittings fixtures and equipment - 10 %
Motor vehicles - 25 %
Improvements to property - 10 %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 in finance costs 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 9 (2022: 9 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2022 and 31 March 2023 28,922 28,922
_______ _______
Amortisation
At 1 April 2022 and 31 March 2023 28,922 28,922
_______ _______
Carrying amount
At 31 March 2023 - -
_______ _______
At 31 March 2022 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Improves Total
£ £ £ £ £
Cost
At 1 April 2022 102,002 45,560 18,990 118,107 284,659
Additions - - 13,995 - 13,995
Disposals - - ( 5,995) - ( 5,995)
_______ _______ _______ _______ _______
At 31 March 2023 102,002 45,560 26,990 118,107 292,659
_______ _______ _______ _______ _______
Depreciation
At 1 April 2022 97,777 23,133 6,810 103,348 231,068
Charge for the year 675 3,877 5,744 1,577 11,873
Disposals - - ( 5,995) - ( 5,995)
_______ _______ _______ _______ _______
At 31 March 2023 98,452 27,010 6,559 104,925 236,946
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2023 3,550 18,550 20,431 13,182 55,713
_______ _______ _______ _______ _______
At 31 March 2022 4,225 22,427 12,180 14,759 53,591
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 346,287 413,609
Other debtors 27,560 20,645
_______ _______
373,847 434,254
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 42,811 107,938
Corporation tax 20,159 31,387
Social security and other taxes 74,520 72,093
Other creditors 82,659 108,554
_______ _______
220,149 319,972
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 13,130 15,408
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 2,893 (2022 £ 5,629) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date. This liability is secured by a charge over the relevat asset concerned.
The effective interest rate wuthin the lease has been calculated at 4.7%.
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than one year and re-occurring. 33,000 33,000
_______ _______
The operating lease refers to Rent payable per annum.
11. Directors advances, credits and guarantees
Within trade debtors there remains a debt due, amounting to £65,151 (2022 - £48,776) from Mr. J A Brookes in respect of recharge of health insurance incurred by the company. No interest is being charged and no other transactions have occurred.