McLar Injection Moulding Ltd. 03769411 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is injection moulders. Digita Accounts Production Advanced 6.30.9574.0 true 03769411 2022-06-01 2023-05-31 03769411 2023-05-31 03769411 bus:Director3 1 2023-05-31 03769411 core:CurrentFinancialInstruments 2023-05-31 03769411 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 03769411 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 03769411 core:MotorVehicles 2023-05-31 03769411 core:OfficeEquipment 2023-05-31 03769411 core:PlantMachinery 2023-05-31 03769411 bus:SmallEntities 2022-06-01 2023-05-31 03769411 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 03769411 bus:FullAccounts 2022-06-01 2023-05-31 03769411 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 03769411 bus:RegisteredOffice 2022-06-01 2023-05-31 03769411 bus:CompanySecretary1 2022-06-01 2023-05-31 03769411 bus:Director1 2022-06-01 2023-05-31 03769411 bus:Director3 2022-06-01 2023-05-31 03769411 bus:Director3 1 2022-06-01 2023-05-31 03769411 bus:Director4 2022-06-01 2023-05-31 03769411 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 03769411 core:Buildings 2022-06-01 2023-05-31 03769411 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 03769411 core:MotorVehicles 2022-06-01 2023-05-31 03769411 core:OfficeEquipment 2022-06-01 2023-05-31 03769411 core:PlantMachinery 2022-06-01 2023-05-31 03769411 countries:EnglandWales 2022-06-01 2023-05-31 03769411 2022-05-31 03769411 bus:Director3 1 2022-05-31 03769411 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-31 03769411 core:MotorVehicles 2022-05-31 03769411 core:OfficeEquipment 2022-05-31 03769411 core:PlantMachinery 2022-05-31 03769411 2021-06-01 2022-05-31 03769411 2022-05-31 03769411 core:CurrentFinancialInstruments 2022-05-31 03769411 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 03769411 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-31 03769411 core:MotorVehicles 2022-05-31 03769411 core:OfficeEquipment 2022-05-31 03769411 core:PlantMachinery 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 03769411

McLar Injection Moulding Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

McLar Injection Moulding Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

McLar Injection Moulding Ltd.

Company Information

Directors

CP McDonald

PH McDonald

KL Williams

Company secretary

C McDonald

Registered office

Lloyd Street
Parkgate
Rotherham
South Yorkshire
S62 6JG

 

McLar Injection Moulding Ltd.

(Registration number: 03769411)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

500,389

498,285

Current assets

 

Stocks

5

142,743

349,749

Debtors

6

382,466

338,132

Cash at bank and in hand

 

13,855

11,406

 

539,064

699,287

Creditors: Amounts falling due within one year

7

(267,274)

(390,302)

Net current assets

 

271,790

308,985

Total assets less current liabilities

 

772,179

807,270

Provisions for liabilities

(32,884)

(31,923)

Net assets

 

739,295

775,347

Capital and reserves

 

Called up share capital

400

400

Capital redemption reserve

50

50

Retained earnings

738,845

774,897

Shareholders' funds

 

739,295

775,347

 

McLar Injection Moulding Ltd.

(Registration number: 03769411)
Balance Sheet as at 31 May 2023

For the financial year ending 31 May 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

.........................................
PH McDonald
Director

 

McLar Injection Moulding Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
Lloyd Street
Parkgate
Rotherham
South Yorkshire
S62 6JG

These financial statements were authorised for issue by the Board on 23 October 2023.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

McLar Injection Moulding Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

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.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Plant and machinery

15% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

McLar Injection Moulding Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 23 (2022 - 15).

 

McLar Injection Moulding Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 June 2022

369,657

487,932

3,911

31,330

Additions

-

42,899

-

-

At 31 May 2023

369,657

530,831

3,911

31,330

Depreciation

At 1 June 2022

36,946

325,525

3,779

28,295

Charge for the year

7,393

30,796

66

2,540

At 31 May 2023

44,339

356,321

3,845

30,835

Carrying amount

At 31 May 2023

325,318

174,510

66

495

At 31 May 2022

332,711

162,407

132

3,035

Total
£

Cost or valuation

At 1 June 2022

892,830

Additions

42,899

At 31 May 2023

935,729

Depreciation

At 1 June 2022

394,545

Charge for the year

40,795

At 31 May 2023

435,340

Carrying amount

At 31 May 2023

500,389

At 31 May 2022

498,285

Included within the net book value of land and buildings above is £325,318 (2022 - £332,711) in respect of freehold land and buildings.
 

 

McLar Injection Moulding Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Stocks

2023
£

2022
£

Work in progress

86,335

286,976

Other inventories

56,408

62,773

142,743

349,749

6

Debtors

Current

2023
£

2022
£

Trade debtors

293,393

309,949

Prepayments

1,174

1,684

Other debtors

87,899

26,499

 

382,466

338,132

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

179,408

264,702

Taxation and social security

68,306

84,874

Accruals and deferred income

4,739

4,014

Other creditors

14,821

36,712

267,274

390,302

8

Related party transactions

Transactions with directors

2023

At 1 June 2022
£

Advances to director
£

At 31 May 2023
£

PH McDonald

-

34,457

34,457