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George Mudford and Sons Limited
Unaudited financial statements
31 March 2023
Company Registration Number 02360107
George Mudford and Sons Limited
Financial statements
year ended 31 March 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
George Mudford and Sons Limited
Balance sheet
31 March 2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
201,893
194,117
Current assets
Stocks
742,293
718,884
Debtors
5
99,100
147,447
Cash at bank and in hand
20,203
63,598
---------
---------
861,596
929,929
Prepayments and accrued income
22,472
22,529
Creditors: amounts falling due within one year
6
( 741,265)
( 807,229)
---------
---------
Net current assets
142,803
145,229
---------
---------
Total assets less current liabilities
344,696
339,346
Creditors: amounts falling due after more than one year
7
( 322,562)
( 319,425)
---------
---------
Net assets
22,134
19,921
---------
---------
Capital and reserves
Called up share capital
11,000
11,000
Profit and loss account
11,134
8,921
--------
--------
Shareholders funds
22,134
19,921
--------
--------
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 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 profit and loss account and director's report have not been delivered.
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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
George Mudford and Sons Limited
Balance sheet (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:
H Mudford
Director
Company registration number: 02360107
George Mudford and Sons Limited
Notes to the financial statements
year ended 31 March 2023
1. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
2. Accounting policies
2.1 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.
2.2 Revenue recognition
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.
2.3 Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
2.4 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 & machinery
-
15% reducing balance
Fixtures & fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
2.5 Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
2.6 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 stock to its present location and condition.
2.7 Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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.
2.8 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.
2.9 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 as a finance cost in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 38 (2022: 36 ).
4. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
Cost
At 1 April 2022
905,238
11,105
223,196
1,139,539
Additions
1,166
56,083
57,249
Disposals
( 21,900)
( 21,900)
---------
--------
---------
------------
At 31 March 2023
905,238
12,271
257,379
1,174,888
---------
--------
---------
------------
Depreciation
At 1 April 2022
769,443
8,983
166,996
945,422
Charge for the year
20,369
435
20,329
41,133
Disposals
( 13,560)
( 13,560)
---------
--------
---------
------------
At 31 March 2023
789,812
9,418
173,765
972,995
---------
--------
---------
------------
Carrying amount
At 31 March 2023
115,426
2,853
83,614
201,893
---------
--------
---------
------------
At 31 March 2022
135,795
2,122
56,200
194,117
---------
--------
---------
------------
5. Debtors
2023
2022
£
£
Trade debtors
99,100
147,447
--------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,437
11,382
Trade creditors
94,092
90,709
Social security and other taxes
475,332
546,869
Other creditors
162,404
158,269
---------
---------
741,265
807,229
---------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,222
32,928
Obligations under finance leases and hire purchase contracts
21,861
9,018
Other creditors
277,479
277,479
---------
---------
322,562
319,425
---------
---------
8. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 4, London Road Business Park, Retford, Nottinghamshire, DN22 6HG.