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Company No: 05878955 (England and Wales)

MECHWORX LTD

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

MECHWORX LTD

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

MECHWORX LTD

COMPANY INFORMATION

For the financial year ended 31 July 2023
MECHWORX LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2023
DIRECTOR D J Lemon
SECRETARY A M Lemon
REGISTERED OFFICE 1 Swains Road
Budleigh Salterton
Devon
EX9 6HZ
United Kingdom
COMPANY NUMBER 05878955 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
MECHWORX LTD

BALANCE SHEET

As at 31 July 2023
MECHWORX LTD

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 496 662
496 662
Current assets
Debtors 4 58 66
Cash at bank and in hand 32,341 25,458
32,399 25,524
Creditors: amounts falling due within one year 5 ( 16,564) ( 17,043)
Net current assets 15,835 8,481
Total assets less current liabilities 16,331 9,143
Net assets 16,331 9,143
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 16,231 9,043
Total shareholders' funds 16,331 9,143

For the financial year ending 31 July 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 financial statements of Mechworx Ltd (registered number: 05878955) were approved and authorised for issue by the Director on 10 November 2023. They were signed on its behalf by:

D J Lemon
Director
MECHWORX LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
MECHWORX LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mechworx Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Swains Road, Budleigh Salterton, Devon, EX9 6HZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts and after eliminating sales within the company.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after
deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost/Valuation
At 01 August 2022 3,122 3,122
At 31 July 2023 3,122 3,122
Accumulated depreciation
At 01 August 2022 2,460 2,460
Charge for the financial year 166 166
At 31 July 2023 2,626 2,626
Net book value
At 31 July 2023 496 496
At 31 July 2022 662 662

4. Debtors

2023 2022
£ £
Other debtors 58 66

5. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 15,018 15,356
Other creditors 1,546 1,687
16,564 17,043

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100