Registered number
06559047
Mike Davies Fabrication Limited
Unaudited Filleted Accounts
31 March 2023
Mike Davies Fabrication Limited
Registered number: 06559047
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 243,739 242,616
Current assets
Stocks 184,500 126,894
Debtors 5 355,829 402,240
Cash at bank and in hand 498,747 273,282
1,039,076 802,416
Creditors: amounts falling due within one year 6 (273,916) (255,468)
Net current assets 765,160 546,948
Net assets 1,008,899 789,564
Capital and reserves
Called up share capital 10 10
Profit and loss account 1,008,889 789,554
Shareholders' funds 1,008,899 789,564
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M G Davies
Director
Approved by the board on 9 November 2023
Mike Davies Fabrication Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 0% reducing balance
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 16 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 300,000
At 31 March 2023 300,000
Amortisation
At 1 April 2022 300,000
At 31 March 2023 300,000
Net book value
At 31 March 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 10,350 335,263 125,441 471,054
Additions 1,281 64,400 22,822 88,503
Disposals - (39,872) (4,600) (44,472)
At 31 March 2023 11,631 359,791 143,663 515,085
Depreciation
At 1 April 2022 - 156,449 71,989 228,438
Charge for the year - 58,338 19,034 77,372
On disposals - (30,009) (4,455) (34,464)
At 31 March 2023 - 184,778 86,568 271,346
Net book value
At 31 March 2023 11,631 175,013 57,095 243,739
At 31 March 2022 10,350 178,814 53,452 242,616
5 Debtors 2023 2022
£ £
Trade debtors 346,480 402,240
Other debtors 9,349 -
355,829 402,240
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,720 3,256
Trade creditors 142,815 107,184
Taxation and social security costs 126,497 126,980
Other creditors 1,884 18,048
273,916 255,468
7 Other information
Mike Davies Fabrication Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 St Andrews Road
Par
St Austell
Cornwall
PL24 2DJ
Mike Davies Fabrication Limited 06559047 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 Mr M G Davies No description of principal activity 06559047 2021-04-01 2022-03-31 06559047 core:WithinOneYear 2022-03-31 06559047 core:ShareCapital 2022-03-31 06559047 core:RetainedEarningsAccumulatedLosses 2022-03-31 06559047 2022-04-01 2023-03-31 06559047 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06559047 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06559047 bus:Director40 2022-04-01 2023-03-31 06559047 1 2022-04-01 2023-03-31 06559047 2 2022-04-01 2023-03-31 06559047 core:LandBuildings 2022-04-01 2023-03-31 06559047 core:PlantMachinery 2022-04-01 2023-03-31 06559047 core:Vehicles 2022-04-01 2023-03-31 06559047 countries:England 2022-04-01 2023-03-31 06559047 bus:FRS102 2022-04-01 2023-03-31 06559047 bus:FullAccounts 2022-04-01 2023-03-31 06559047 2023-03-31 06559047 core:WithinOneYear 2023-03-31 06559047 core:ShareCapital 2023-03-31 06559047 core:RetainedEarningsAccumulatedLosses 2023-03-31 06559047 core:Goodwill 2023-03-31 06559047 core:LandBuildings 2023-03-31 06559047 core:PlantMachinery 2023-03-31 06559047 core:Vehicles 2023-03-31 06559047 2022-03-31 06559047 core:Goodwill 2022-03-31 06559047 core:LandBuildings 2022-03-31 06559047 core:PlantMachinery 2022-03-31 06559047 core:Vehicles 2022-03-31 iso4217:GBP xbrli:pure