Moulding Compounds Limited 07886992 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is The principal activity of the company during the year was the manufacture of moulding compounds. Digita Accounts Production Advanced 6.30.9574.0 true 07886992 2022-03-01 2023-02-28 07886992 2023-02-28 07886992 core:RetainedEarningsAccumulatedLosses 2023-02-28 07886992 core:ShareCapital 2023-02-28 07886992 core:CurrentFinancialInstruments 2023-02-28 07886992 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 07886992 core:PlantMachinery 2023-02-28 07886992 bus:SmallEntities 2022-03-01 2023-02-28 07886992 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 07886992 bus:FullAccounts 2022-03-01 2023-02-28 07886992 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 07886992 bus:RegisteredOffice 2022-03-01 2023-02-28 07886992 bus:CompanySecretary1 2022-03-01 2023-02-28 07886992 bus:Director1 2022-03-01 2023-02-28 07886992 bus:Director2 2022-03-01 2023-02-28 07886992 bus:Director3 2022-03-01 2023-02-28 07886992 bus:Director4 2022-03-01 2023-02-28 07886992 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07886992 bus:Agent1 2022-03-01 2023-02-28 07886992 core:PlantMachinery 2022-03-01 2023-02-28 07886992 core:ParentEntities 2022-03-01 2023-02-28 07886992 countries:England 2022-03-01 2023-02-28 07886992 2022-02-28 07886992 core:PlantMachinery 2022-02-28 07886992 2021-03-01 2022-02-28 07886992 2022-02-28 07886992 core:RetainedEarningsAccumulatedLosses 2022-02-28 07886992 core:ShareCapital 2022-02-28 07886992 core:CurrentFinancialInstruments 2022-02-28 07886992 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 07886992 core:PlantMachinery 2022-02-28 iso4217:GBP xbrli:pure

Company registration number: 07886992

Moulding Compounds Limited

Filleted Unaudited Financial Statements
for the Year Ended 28 February 2023
 

 

Moulding Compounds Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Moulding Compounds Limited

Company Information

Directors

Mr P J Randell

Mr R J Randell

Mr D J Randell

Mr M E Cordell

Company secretary

Mrs D Randell

Registered office

c/o Glassbond (N.W.) Limited
West Side Industrial Estate
Jackson Street
St Helens
Merseyside
WA9 3AT

Accountants

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Moulding Compounds Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Moulding Compounds Limited for the year ended 28 February 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Moulding Compounds Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Moulding Compounds Limited and state those matters that we have agreed to state to the Board of Directors of Moulding Compounds Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Moulding Compounds Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Moulding Compounds Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Moulding Compounds Limited. You consider that Moulding Compounds 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 accounts of Moulding Compounds 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 accounts.

......................................

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

3 October 2023

 

Moulding Compounds Limited

(Registration number: 07886992)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

72,092

35,366

Current assets

 

Stocks

327,809

241,384

Debtors

5

175,582

288,063

Cash at bank and in hand

 

290,172

77,942

 

793,563

607,389

Creditors: Amounts falling due within one year

6

(227,916)

(92,470)

Net current assets

 

565,647

514,919

Total assets less current liabilities

 

637,739

550,285

Provisions for liabilities

(13,172)

(6,078)

Net assets

 

624,567

544,207

Capital and reserves

 

Called up share capital

3,168

3,168

Retained earnings

621,399

541,039

Shareholders' funds

 

624,567

544,207

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Moulding Compounds Limited

(Registration number: 07886992)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 14 September 2023 and signed on its behalf by:
 

.........................................
Mr M E Cordell
Director

 

Moulding Compounds Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
c/o Glassbond (N.W.) Limited
West Side Industrial Estate
Jackson Street
St Helens
Merseyside
WA9 3AT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the sale of goods and services net of value added tax, returns, rebates and discounts. Sales of goods are recognised when the goods leave the company premises.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Exchange differences are taken into account in arriving at the operating profit.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Moulding Compounds Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Stocks

Stocks comprise raw materials, packaging and finished goods. Raw materials and packaging are valued at the lower of cost and net realisable value. Finished goods are calculated at selling price and reduced by appropriate margins to the lower of cost and net realisable value.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 9).

 

Moulding Compounds Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2022

121,009

121,009

Additions

61,725

61,725

Disposals

(52,534)

(52,534)

At 28 February 2023

130,200

130,200

Depreciation

At 1 March 2022

85,643

85,643

Charge for the year

7,785

7,785

Eliminated on disposal

(35,320)

(35,320)

At 28 February 2023

58,108

58,108

Carrying amount

At 28 February 2023

72,092

72,092

At 28 February 2022

35,366

35,366

5

Debtors

2023
£

2022
£

Trade debtors

162,378

271,825

Other debtors

13,204

16,238

175,582

288,063

 

Moulding Compounds Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

162,188

35,111

Amounts owed to group undertakings

8

32,415

21,709

Other creditors

 

33,313

18,572

Corporation tax

 

-

17,078

 

227,916

92,470

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £28,750 (2022 - £28,750). These commitments represent the total amount payable under non-cancellable operating leases.

8

Related party transactions

Summary of transactions with parent

The company is a wholly-owned subsidiary of Glassbond (NW) Limited, a company incorporated in England and Wales.At the year-end a balance of £32,415 (2022 £21,709) was due to the parent company.