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REGISTERED NUMBER: 04997165 (England and Wales)















MOULDING SERVICES GROUP LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

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










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


MOULDING SERVICES GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: A J L Bridges
D Busby





SECRETARY: A J L Bridges





REGISTERED OFFICE: 1, Station Road
Stechford
Birmingham
West Midlands
B33 9AX





REGISTERED NUMBER: 04997165 (England and Wales)





AUDITORS: Sephton & Company LLP
Chartered Certified Accountants
Statutory Auditors
Marston House
5 Elmdon Lane
Marston Green
Solihull
West Midlands
B37 7DL

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their strategic report of the company and the group for the year ended 31 March 2023.

REVIEW OF BUSINESS
We consider that our key performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover and profit before tax. Turnover has decreased by 19% and profit before tax has decreased by 82% compared to previous year. (2022- 19% increase). This is predominantly driven by a change in the customer portfolio.

The group continues to make good profits and has a set up a new company in the next accounting period, SM Automotive Division Limited, to increase its product mix

We consider the net assets position as another key performance indicator as this shows the financial strength of the company, which is consistent with last year. The group shows good liquidity.

The majority of the groups trading takes place in Stechford Mouldings Limited.

The group is in a strong financial position.

PRINCIPAL RISKS AND UNCERTAINTIES
In common with its competitors, the business has a risk relating to price inflation of wages, goods and services. The directors continue to monitor the risk and actively manage the mitigation of inflation.

The directors have developed review procedures and control systems to manage effectively the principle strategic, financial and operational risks faced by the business.

The group's principle instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due.

We have considered the external impact of high inflation, based on the current financial years performance that there would be no material impacts on the trade of the company. We are satisfied the impact of the UK economy does not create any going concern issues.

ON BEHALF OF THE BOARD:





A J L Bridges - Director


17 November 2023

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of manufacturing of plastic mouldings

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2023 will be £ 132,500 .

FUTURE DEVELOPMENTS
The directors are confident that they have the current infrastructure and employee's base to remain competitive in the industry.

An objective of the group is to increase its turnover, profitability and grow its market share.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

A J L Bridges
D Busby

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


AUDITORS
The auditors, Sephton & Company LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A J L Bridges - Director


17 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MOULDING SERVICES GROUP LIMITED


Opinion
We have audited the financial statements of Moulding Services Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MOULDING SERVICES GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognizing that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MOULDING SERVICES GROUP LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Darren Paul Carter (Senior Statutory Auditor)
for and on behalf of Sephton & Company LLP
Chartered Certified Accountants
Statutory Auditors
Marston House
5 Elmdon Lane
Marston Green
Solihull
West Midlands
B37 7DL

17 November 2023

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

TURNOVER 6,648,310 8,204,206

Cost of sales 5,339,997 5,145,224
GROSS PROFIT 1,308,313 3,058,982

Administrative expenses 975,558 1,217,075
332,755 1,841,907

Other operating income 3 4,954 14,679
OPERATING PROFIT 5 337,709 1,856,586

Interest receivable and similar income - 344
337,709 1,856,930

Interest payable and similar expenses 6 - 17,374
PROFIT BEFORE TAXATION 337,709 1,839,556

Tax on profit 7 72,001 367,509
PROFIT FOR THE FINANCIAL YEAR 265,708 1,472,047
Profit attributable to:
Owners of the parent 265,708 1,472,047

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 265,708 1,472,047


OTHER COMPREHENSIVE INCOME
Purchase of own shares (131,628 ) (32,907 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(131,628

)

(32,907

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

134,080

1,439,140

Total comprehensive income attributable to:
Owners of the parent 134,080 1,439,140

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

CONSOLIDATED BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 4,256,409 4,493,064
Investments 11 - -
4,256,409 4,493,064

CURRENT ASSETS
Stocks 12 728,541 712,139
Debtors 13 1,440,999 2,256,165
Cash at bank and in hand 1,878,297 1,685,842
4,047,837 4,654,146
CREDITORS
Amounts falling due within one year 14 642,591 1,457,388
NET CURRENT ASSETS 3,405,246 3,196,758
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,661,655

7,689,822

CREDITORS
Amounts falling due after more than one
year

15

(8,233

)

-

PROVISIONS FOR LIABILITIES 18 (266,481 ) (291,850 )

ACCRUALS AND DEFERRED INCOME 19 (23,861 ) (28,072 )
NET ASSETS 7,363,080 7,369,900

CAPITAL AND RESERVES
Called up share capital 20 240,000 248,400
Capital redemption reserve 21 80,000 71,600
Retained earnings 21 7,043,080 7,049,900
SHAREHOLDERS' FUNDS 7,363,080 7,369,900

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:




A J L Bridges - Director



D Busby - Director


MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

COMPANY BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 2,719,837 2,775,209
Investments 11 763,730 763,730
3,483,567 3,538,939

CURRENT ASSETS
Debtors 13 170,044 176,752
Cash at bank 1,654,392 997,551
1,824,436 1,174,303
CREDITORS
Amounts falling due within one year 14 18,883 150,044
NET CURRENT ASSETS 1,805,553 1,024,259
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,289,120

4,563,198

CAPITAL AND RESERVES
Called up share capital 20 240,000 248,400
Capital redemption reserve 80,000 71,600
Retained earnings 4,969,120 4,243,198
SHAREHOLDERS' FUNDS 5,289,120 4,563,198

Company's profit for the financial year 998,450 2,185,599

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:




A J L Bridges - Director



D Busby - Director


MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2021 250,500 5,745,360 69,500 6,065,360

Changes in equity
Issue of share capital (2,100 ) - - (2,100 )
Dividends - (132,500 ) - (132,500 )
Total comprehensive income - 1,437,040 2,100 1,439,140
Balance at 31 March 2022 248,400 7,049,900 71,600 7,369,900

Changes in equity
Issue of share capital (8,400 ) - - (8,400 )
Dividends - (132,500 ) - (132,500 )
Total comprehensive income - 125,680 8,400 134,080
Balance at 31 March 2023 240,000 7,043,080 80,000 7,363,080

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2021 250,500 2,225,106 69,500 2,545,106

Changes in equity
Issue of share capital (2,100 ) - - (2,100 )
Dividends - (132,500 ) - (132,500 )
Total comprehensive income - 2,150,592 2,100 2,152,692
Balance at 31 March 2022 248,400 4,243,198 71,600 4,563,198

Changes in equity
Issue of share capital (8,400 ) - - (8,400 )
Dividends - (132,500 ) - (132,500 )
Total comprehensive income - 858,422 8,400 866,822
Balance at 31 March 2023 240,000 4,969,120 80,000 5,289,120

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,033,187 2,171,539
Interest paid - (17,374 )
Government grants 4,954 14,679
Tax paid (400,000 ) (514,030 )
Net cash from operating activities 638,141 1,654,814

Cash flows from investing activities
Purchase of tangible fixed assets (20,393 ) (244,170 )
Sale of tangible fixed assets - 28,333
Interest received - 344
Net cash from investing activities (20,393 ) (215,493 )

Cash flows from financing activities
Loan repayments in year - (1,807,877 )
Amount introduced by directors 184,257 326,500
Amount withdrawn by directors (337,022 ) (394,764 )
Share buyback (140,028 ) (35,007 )
Equity dividends paid (132,500 ) (132,500 )
Net cash from financing activities (425,293 ) (2,043,648 )

Increase/(decrease) in cash and cash equivalents 192,455 (604,327 )
Cash and cash equivalents at beginning of
year

2

1,685,842

2,294,566
Effect of foreign exchange rate changes - (4,397 )
Cash and cash equivalents at end of year 2 1,878,297 1,685,842

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 337,709 1,839,556
Depreciation charges 271,283 296,414
Loss on disposal of fixed assets - 148,288
Government grants (4,954 ) (14,679 )
Finance costs - 17,374
Finance income - (344 )
604,038 2,286,609
Increase in stocks (16,402 ) (89,477 )
Decrease/(increase) in trade and other debtors 815,166 (140,369 )
(Decrease)/increase in trade and other creditors (369,615 ) 114,776
Cash generated from operations 1,033,187 2,171,539

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 1,878,297 1,685,842
Year ended 31 March 2022
31/3/22 1/4/21
£    £   
Cash and cash equivalents 1,685,842 2,294,566


MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1/4/22 Cash flow changes At 31/3/23
£    £    £    £   
Net cash
Cash at bank
and in hand 1,685,842 192,455 1,878,297
1,685,842 192,455 1,878,297
Debt
Finance leases - - (14,235 ) (14,235 )
- - (14,235 ) (14,235 )
Total 1,685,842 192,455 (14,235 ) 1,864,062

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

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


1. STATUTORY INFORMATION

Moulding Services Group 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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.
Freehold property - 2% on cost
Short leasehold - in accordance with the property
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

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


2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised on the accruals basis, relating to the periods in which the entity recognises the cost for which the grant is intended to compensate.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other accounts receivable and payable, cash and bank balances, loans to or from related parties and current asset investments. All such instruments are measured initially and subsequently at the transaction price.

At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment is recognised in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

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


2. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Development grants
Deferred development grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

3. OTHER OPERATING INCOME
2023 2022
£    £   
Government grants 4,954 14,679

The company is in receipt of the Coronavirus Job Retention Scheme in the previous year.

The company has also previously received grants for machinery, which is being recognised over the life of the asset.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,447,102 2,385,418
Social security costs 260 319
Other pension costs 138,597 219,458
2,585,959 2,605,195

The average number of employees during the year was as follows:
2023 2022

Operations 77 84
Office 14 14
91 98

2023 2022
£    £   
Directors' remuneration 24,933 27,193
Directors' pension contributions to money purchase schemes 80,000 160,000

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

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


4. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Rent and rates 89,144 95,440
Depreciation - owned assets 269,504 296,414
Depreciation - assets on hire purchase contracts 1,779 -
Loss on disposal of fixed assets - 148,288
Auditors' remuneration 7,000 7,000
Foreign exchange differences (1,687 ) 4,397

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest - 17,374

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 97,370 355,616

Deferred tax (25,369 ) 11,893
Tax on profit 72,001 367,509

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

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


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 337,709 1,839,556
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

64,165

349,516

Effects of:
Expenses not deductible for tax purposes - 118
Income not taxable for tax purposes - (325 )
Capital allowances in excess of depreciation - (13,562 )
Depreciation in excess of capital allowances 8,254 -
Utilisation of tax losses (418 ) -
Losses not utilised - 31,762
Total tax charge 72,001 367,509

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Purchase of own shares (131,628 ) - (131,628 )

2022
Gross Tax Net
£    £    £   
Purchase of own shares (32,907 ) - (32,907 )

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Ordinary B shares of £1 each
Interim 132,500 132,500

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

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


10. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 April 2022 3,149,620 656,780 3,763,767
Additions - - 33,363
At 31 March 2023 3,149,620 656,780 3,797,130
DEPRECIATION
At 1 April 2022 374,411 56,164 2,794,246
Charge for year 55,372 42,891 150,432
At 31 March 2023 429,783 99,055 2,944,678
NET BOOK VALUE
At 31 March 2023 2,719,837 557,725 852,452
At 31 March 2022 2,775,209 600,616 969,521

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2022 416,117 24,014 8,010,298
Additions 1,265 - 34,628
At 31 March 2023 417,382 24,014 8,044,926
DEPRECIATION
At 1 April 2022 270,804 21,609 3,517,234
Charge for year 21,987 601 271,283
At 31 March 2023 292,791 22,210 3,788,517
NET BOOK VALUE
At 31 March 2023 124,591 1,804 4,256,409
At 31 March 2022 145,313 2,405 4,493,064

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

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


10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
Additions 11,863
At 31 March 2023 11,863
DEPRECIATION
Charge for year 1,779
At 31 March 2023 1,779
NET BOOK VALUE
At 31 March 2023 10,084

Company
Freehold
property
£   
COST
At 1 April 2022
and 31 March 2023 3,149,620
DEPRECIATION
At 1 April 2022 374,411
Charge for year 55,372
At 31 March 2023 429,783
NET BOOK VALUE
At 31 March 2023 2,719,837
At 31 March 2022 2,775,209

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

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


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 763,730
NET BOOK VALUE
At 31 March 2023 763,730
At 31 March 2022 763,730

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Stechford Mouldings Limited
Registered office: 1, Station Road, Stechford, Birmingham, West Midlands, England, B33 9AX
Nature of business: Manufacture of other plastic products
%
Class of shares: holding
Ordinary 100.00

B & S Tools Limited
Registered office: 1, Station Road, Stechford, Birmingham, West Midlands, England, B33 9AX
Nature of business: Other manufacturing
%
Class of shares: holding
Ordinary 100.00

Moulding Services Limited
Registered office: 1, Station Road, Stechford, Birmingham, West Midlands, England, B33 9AX
Nature of business: Manufacturing
%
Class of shares: holding
Ordinary 100.00

A subsidiary held by B & S Tools Limited.


12. STOCKS

Group
2023 2022
£    £   
Stocks 728,541 712,139

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

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


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,235,358 2,025,436 4,049 4,062
Amounts owed by group undertakings - - 165,995 172,123
Other debtors 39,444 35,277 - -
VAT - - - 567
Prepayments and accrued income 166,197 195,452 - -
1,440,999 2,256,165 170,044 176,752

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 16) 6,002 - - -
Trade creditors 463,302 727,962 132 9,657
Amounts owed to group undertakings - - 8,058 8,058
Corporation tax (147,014 ) 155,616 9,398 -
PAYE & NIC control a/c 32,509 29,350 (181 ) (272 )
VAT 85,127 78,463 1,357 -
Other creditors 1,873 2,333 - -
Wages control account 8 - 8 -
Directors' current accounts 134,024 286,789 - 132,500
Accruals and deferred income 66,649 176,773 - -
Accrued expenses 111 102 111 101
642,591 1,457,388 18,883 150,044

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Hire purchase contracts (see note 16) 8,233 -

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

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


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 6,002 -
Between one and five years 8,233 -
14,235 -

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 1,448 7,185
Between one and five years - 3,139
1,448 10,324

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 14,235 -

Obligations under finance leases and hire purchase contracts are secured on specific fixed assets of the company.

18. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 266,481 291,850

Group
Deferred
tax
£   
Balance at 1 April 2022 291,850
Provided during year (25,369 )
Balance at 31 March 2023 266,481

MOULDING SERVICES GROUP LIMITED (REGISTERED NUMBER: 04997165)

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


19. ACCRUALS AND DEFERRED INCOME

Group
2023 2022
£    £   
Deferred government grants 23,861 28,072

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
40,000 Ordinary A £1 40,000 48,400
40,000 Ordinary B £1 40,000 40,000
160,000 Preference £1 160,000 160,000
240,000 248,400

Ordinary A and B shares have full voting rights, dividend and capital return rights including on a winding up.

Preference shares rank ahead of Ordinary Shares A and B shares and have capital return rights at their nominal value including on a winding up.

21. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2022 7,049,900 71,600 7,121,500
Profit for the year 265,708 265,708
Dividends (132,500 ) (132,500 )
Purchase of own shares (140,028 ) 8,400 (131,628 )
At 31 March 2023 7,043,080 80,000 7,123,080


22. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2023 2022
£    £   
Amount due from related party 39,444 35,277

The loan is unsecured and repayable on demand.

Interest is not charged on the outstanding balance.