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REGISTERED NUMBER: 07519554 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2023

for

M & C Supplies Limited

M & C Supplies Limited (Registered number: 07519554)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


M & C Supplies Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr C Watson
Mr M Russell





REGISTERED OFFICE: 4 Cedar Park
Cobham Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF





REGISTERED NUMBER: 07519554 (England and Wales)





ACCOUNTANTS: Ward Goodman
4 Cedar Park
Cobham Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

M & C Supplies Limited (Registered number: 07519554)

Abridged Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 63,228 42,396

CURRENT ASSETS
Stocks 108,955 97,394
Debtors 91,911 109,464
Prepayments and accrued income 2,715 1,650
Cash at bank and in hand 38,437 40,528
242,018 249,036
CREDITORS
Amounts falling due within one year 156,565 162,121
NET CURRENT ASSETS 85,453 86,915
TOTAL ASSETS LESS CURRENT
LIABILITIES

148,681

129,311

CREDITORS
Amounts falling due after more than one year (37,903 ) (22,364 )

PROVISIONS FOR LIABILITIES (1,632 ) (3,711 )

ACCRUALS AND DEFERRED INCOME (21 ) (100 )
NET ASSETS 109,125 103,136

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 109,025 103,036
SHAREHOLDERS' FUNDS 109,125 103,136

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

M & C Supplies Limited (Registered number: 07519554)

Abridged Statement of Financial Position - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2023 and were signed on its behalf by:





Mr C Watson - Director


M & C Supplies Limited (Registered number: 07519554)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

M & C Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Straight line over 46 years
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Government grants
Grants in respect of furloughed employees are recognised in income in the profit and loss account. The company has adopted the accruals basis over the periods in which the entity recognises the related staff costs for which the grant is intended to compensate.

Grant income is recognised in the profit and loss account for the initial twelve month interest free period of the Bounce Back Loan with an equal and corresponding finance charge recognised in expenses in the profit and loss account. A similar treatment will apply for any further interest free periods taken up by the company during the term of the loan.

The annual rate of interest on the Bounce Back Loan is calculated according to the chancellor's pledge to fix this at 2.5%. The loan will be subsequently recorded at amortised cost using the annual rate of interest of 2.5%. This has been adopted on the basis the loan is considered a commercial business loan and therefore 2.5% annual interest is effectively the market rate of interest.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


M & C Supplies Limited (Registered number: 07519554)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 9 ) .

M & C Supplies Limited (Registered number: 07519554)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 107,601
Additions 31,900
At 31 March 2023 139,501
DEPRECIATION
At 1 April 2022 65,205
Charge for year 11,068
At 31 March 2023 76,273
NET BOOK VALUE
At 31 March 2023 63,228
At 31 March 2022 42,396

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
Additions 31,900
At 31 March 2023 31,900
DEPRECIATION
Charge for year 665
At 31 March 2023 665
NET BOOK VALUE
At 31 March 2023 31,235

5. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 5,897 5,750

Amounts falling due between one and two years:
Bank loans - 1-2 years 6,046 5,897

M & C Supplies Limited (Registered number: 07519554)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. LOANS - continued
2023 2022
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 10,419 16,467

6. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 7,350 -
Between one and five years 21,438 -
28,788 -

7. OTHER FINANCIAL COMMITMENTS

The company had net obligations under hire purchase contracts at the financial year end totalling £28,788 (2022 - £Nil). The net value of these obligations excludes vat and interest chargeable.

The company also had bank loan commitments at the financial year end in respect of a government bounce back loan totalling £22,363 (2022- £28,114).

There were no other financial commitments, contingencies or guarantees made on behalf of directors.

8. OFF-BALANCE SHEET ARRANGEMENTS

There were no off-balance sheet arrangements at the financial year end.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr C Watson
Balance outstanding at start of year - 510
Amounts repaid - (510 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

M & C Supplies Limited (Registered number: 07519554)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr M Russell
Balance outstanding at start of year - 228
Amounts repaid - (228 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Loans to directors are unsecured, interest free and repayable on demand.