IRIS Accounts Production v23.3.0.418 04965757 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh049657572022-03-31049657572023-03-31049657572022-04-012023-03-31049657572021-03-31049657572021-04-012022-03-31049657572022-03-3104965757ns10:Originalns15:EnglandWales2022-04-012023-03-3104965757ns14:PoundSterlingns10:Original2022-04-012023-03-3104965757ns10:Originalns10:Director12022-04-012023-03-3104965757ns10:Original2022-04-012023-03-3104965757ns10:Original2023-03-3104965757ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3104965757ns10:Originalns10:SmallEntities2022-04-012023-03-3104965757ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3104965757ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3104965757ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3104965757ns10:Originalns10:FullAccounts2022-04-012023-03-3104965757ns10:Originalns10:Director22022-04-012023-03-3104965757ns10:CompanySecretary1ns10:Original2022-04-012023-03-3104965757ns10:Originalns10:RegisteredOffice2022-04-012023-03-3104965757ns10:Original2022-03-3104965757ns10:Originalns5:CurrentFinancialInstruments2023-03-3104965757ns10:Originalns5:CurrentFinancialInstruments2022-03-3104965757ns10:Originalns5:Non-currentFinancialInstruments2023-03-3104965757ns10:Originalns5:Non-currentFinancialInstruments2022-03-3104965757ns5:ShareCapitalns10:Original2023-03-3104965757ns5:ShareCapitalns10:Original2022-03-3104965757ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3104965757ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3104965757ns10:Originalns5:LandBuildings2022-04-012023-03-3104965757ns10:Originalns5:PlantMachinery2022-04-012023-03-3104965757ns10:Original2021-04-012022-03-3104965757ns10:Originalns5:LandBuildings2022-03-3104965757ns10:Originalns5:PlantMachinery2022-03-3104965757ns10:Original2022-03-3104965757ns10:Originalns5:LandBuildings2023-03-3104965757ns10:Originalns5:PlantMachinery2023-03-3104965757ns10:Originalns5:LandBuildings2022-03-3104965757ns10:Originalns5:PlantMachinery2022-03-3104965757ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-03-3104965757ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-04-012023-03-3104965757ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3104965757ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-03-3104965757ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3104965757ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3104965757ns10:Original1ns10:Director12022-03-3104965757ns10:Original1ns10:Director12021-03-3104965757ns10:Original1ns10:Director12022-04-012023-03-3104965757ns10:Original1ns10:Director12021-04-012022-03-3104965757ns10:Original1ns10:Director12023-03-3104965757ns10:Original1ns10:Director12022-03-3104965757ns10:Originalns10:Director222022-03-3104965757ns10:Originalns10:Director222021-03-3104965757ns10:Originalns10:Director222022-04-012023-03-3104965757ns10:Originalns10:Director222021-04-012022-03-3104965757ns10:Originalns10:Director222023-03-3104965757ns10:Originalns10:Director222022-03-31
REGISTERED NUMBER: 04965757 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

MERTHYR SALVAGE LIMITED

MERTHYR SALVAGE LIMITED (REGISTERED NUMBER: 04965757)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MERTHYR SALVAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: P Brogden
Mrs C A Brogden





SECRETARY: Mrs C A Brogden





REGISTERED OFFICE: Unit 1
Pengarnddu
Dowlais Top
Merthyr Tydfil
CF48 2TA





REGISTERED NUMBER: 04965757 (England and Wales)





ACCOUNTANTS: Baker Knoyle Chartered Accountants
Orbit Business Centre
Merthyr Tydfil
CF48 1DL

MERTHYR SALVAGE LIMITED (REGISTERED NUMBER: 04965757)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 687,922 610,076

CURRENT ASSETS
Stocks 125,000 125,000
Debtors 5 285,061 346,200
Cash at bank and in hand 771,797 432,904
1,181,858 904,104
CREDITORS
Amounts falling due within one year 6 189,816 135,985
NET CURRENT ASSETS 992,042 768,119
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,679,964

1,378,195

CREDITORS
Amounts falling due after more than one
year

7

10,332

65,354
NET ASSETS 1,669,632 1,312,841

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,669,630 1,312,839
SHAREHOLDERS' FUNDS 1,669,632 1,312,841

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.

MERTHYR SALVAGE LIMITED (REGISTERED NUMBER: 04965757)

BALANCE SHEET - 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.

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 4 October 2023 and were signed on its behalf by:





P Brogden - Director


MERTHYR SALVAGE LIMITED (REGISTERED NUMBER: 04965757)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Merthyr Salvage 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.

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.
Land and buildings - 5% on cost
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

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

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

MERTHYR SALVAGE LIMITED (REGISTERED NUMBER: 04965757)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 70,978 868,170 939,148
Additions - 197,422 197,422
At 31 March 2023 70,978 1,065,592 1,136,570
DEPRECIATION
At 1 April 2022 40,282 288,790 329,072
Charge for year 3,550 116,026 119,576
At 31 March 2023 43,832 404,816 448,648
NET BOOK VALUE
At 31 March 2023 27,146 660,776 687,922
At 31 March 2022 30,696 579,380 610,076

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

Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 165,000
DEPRECIATION
At 1 April 2022 40,140
Charge for year 19,489
At 31 March 2023 59,629
NET BOOK VALUE
At 31 March 2023 105,371
At 31 March 2022 124,860

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 236,735 307,143
Other debtors 48,326 39,057
285,061 346,200

MERTHYR SALVAGE LIMITED (REGISTERED NUMBER: 04965757)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 32,992
Trade creditors 127,202 52,971
Taxation and social security 56,823 44,595
Other creditors 5,791 5,427
189,816 135,985

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts - 53,434
Other creditors 10,332 11,920
10,332 65,354

8. 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
£    £   
P Brogden
Balance outstanding at start of year 1,030 (216 )
Amounts advanced (1,500 ) 4,469
Amounts repaid 3,930 (3,223 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,460 1,030

Mrs C A Brogden
Balance outstanding at start of year 1,030 (216 )
Amounts advanced (1,500 ) 4,469
Amounts repaid 3,930 (3,223 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,460 1,030

9. ULTIMATE CONTROLLING PARTY

The company is controlled by its directors, P & Mrs C Brogden, who own 100% of the issued share capital.