Custom Moulds and Mouldings Limited 03566942 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is the manufacture of glass fibre moulds and mouldings Digita Accounts Production Advanced 6.30.9574.0 true 03566942 2022-09-01 2023-08-31 03566942 2023-08-31 03566942 core:RetainedEarningsAccumulatedLosses 2023-08-31 03566942 core:ShareCapital 2023-08-31 03566942 core:CurrentFinancialInstruments 2023-08-31 03566942 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 03566942 core:BetweenTwoFiveYears 2023-08-31 03566942 core:MoreThanFiveYears 2023-08-31 03566942 core:WithinOneYear 2023-08-31 03566942 core:ConstructionInProgressAssetsUnderConstruction 2023-08-31 03566942 core:FurnitureFittingsToolsEquipment 2023-08-31 03566942 core:OtherPropertyPlantEquipment 2023-08-31 03566942 bus:SmallEntities 2022-09-01 2023-08-31 03566942 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 03566942 bus:FullAccounts 2022-09-01 2023-08-31 03566942 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 03566942 bus:RegisteredOffice 2022-09-01 2023-08-31 03566942 bus:Director1 2022-09-01 2023-08-31 03566942 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 03566942 core:ComputerEquipment 2022-09-01 2023-08-31 03566942 core:ConstructionInProgressAssetsUnderConstruction 2022-09-01 2023-08-31 03566942 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 03566942 core:OfficeEquipment 2022-09-01 2023-08-31 03566942 core:OtherPropertyPlantEquipment 2022-09-01 2023-08-31 03566942 core:PlantMachinery 2022-09-01 2023-08-31 03566942 countries:England 2022-09-01 2023-08-31 03566942 2022-08-31 03566942 core:ConstructionInProgressAssetsUnderConstruction 2022-08-31 03566942 core:FurnitureFittingsToolsEquipment 2022-08-31 03566942 core:OtherPropertyPlantEquipment 2022-08-31 03566942 2021-09-01 2022-08-31 03566942 2022-08-31 03566942 core:RetainedEarningsAccumulatedLosses 2022-08-31 03566942 core:ShareCapital 2022-08-31 03566942 core:CurrentFinancialInstruments 2022-08-31 03566942 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 03566942 core:BetweenTwoFiveYears 2022-08-31 03566942 core:MoreThanFiveYears 2022-08-31 03566942 core:WithinOneYear 2022-08-31 03566942 core:ConstructionInProgressAssetsUnderConstruction 2022-08-31 03566942 core:FurnitureFittingsToolsEquipment 2022-08-31 03566942 core:OtherPropertyPlantEquipment 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 03566942

Custom Moulds and Mouldings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Custom Moulds and Mouldings Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Custom Moulds and Mouldings Limited

(Registration number: 03566942)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,424

4,806

Current assets

 

Stocks

5

34,765

51,402

Debtors

6

133,738

108,419

Cash at bank and in hand

 

318,923

283,234

 

487,426

443,055

Creditors: Amounts falling due within one year

7

(116,250)

(79,720)

Net current assets

 

371,176

363,335

Net assets

 

375,600

368,141

Capital and reserves

 

Called up share capital

40,000

40,000

Retained earnings

335,600

328,141

Shareholders' funds

 

375,600

368,141

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 November 2023 and signed on its behalf by:
 

.........................................
P S Noble
Director

 

Custom Moulds and Mouldings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Suite 2 Healey House
Dene Road
Andover
Hampshire
SP10 2AA

These financial statements were authorised for issue by the Board on 16 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Custom Moulds and Mouldings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Straight line

Office equipment

20% Reducing balance

Computer equipment

33.3% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Custom Moulds and Mouldings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 10).

 

Custom Moulds and Mouldings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Office equipment
 £

Computer equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

5,613

7,817

22,056

35,486

Additions

-

215

878

1,093

Disposals

(385)

(6,399)

(22,055)

(28,839)

At 31 August 2023

5,228

1,633

879

7,740

Depreciation

At 1 September 2022

1,512

7,007

22,161

30,680

Charge for the year

1,045

215

-

1,260

Eliminated on disposal

(379)

(6,084)

(22,161)

(28,624)

At 31 August 2023

2,178

1,138

-

3,316

Carrying amount

At 31 August 2023

3,050

495

879

4,424

At 31 August 2022

4,101

810

(105)

4,806

5

Stocks

2023
£

2022
£

Work in progress

4,258

20,310

Other inventories

30,507

31,092

34,765

51,402

6

Debtors

Current

2023
£

2022
£

Trade debtors

110,557

83,373

Prepayments

23,181

25,046

 

133,738

108,419

 

Custom Moulds and Mouldings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

36,502

20,785

Taxation and social security

60,869

46,550

Accruals and deferred income

5,542

4,603

Other creditors

13,337

7,782

116,250

79,720

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

30,933

37,342

Later than one year and not later than five years

105,217

110,150

Later than five years

-

26,000

136,150

173,492

The amount of non-cancellable operating lease payments recognised as an expense during the year was £37,342 (2022 - £38,980).