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REGISTERED NUMBER: 01720624 (England and Wales)















STECHFORD MOULDINGS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


STECHFORD MOULDINGS 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: 01720624 (England and Wales)





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

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their strategic report 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 company as a whole, these being turnover and profit before tax. Turnover has decreased by 19%
and profit before tax has decreased by 84% compared to previous year. (2022- 25% increase)

We consider the net assets position as another key performance indicator as this shows the financial strength of the company. Net assets by have decreased by 20% compared to the previous year however the company shows good liquidity.

The company is still 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 company'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

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


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

PRINCIPAL ACTIVITY
The principal activity of the company 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 £ 1,000,000 .

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 company 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 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

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
STECHFORD MOULDINGS LIMITED


Opinion
We have audited the financial statements of Stechford Mouldings Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 March 2023 and of its 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 company 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 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 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 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 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
STECHFORD MOULDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 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
STECHFORD MOULDINGS 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

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

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 983,405 1,067,278
324,908 1,991,704

Other operating income 3 4,954 14,679
OPERATING PROFIT 5 329,862 2,006,383

Interest receivable and similar income - 344
PROFIT BEFORE TAXATION 329,862 2,006,727

Tax on profit 6 62,604 367,509
PROFIT FOR THE FINANCIAL YEAR 267,258 1,639,218

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 267,258 1,639,218


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

267,258

1,639,218

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 1,536,572 1,717,855
1,536,572 1,717,855

CURRENT ASSETS
Stocks 10 728,541 712,139
Debtors 11 1,441,000 2,252,103
Cash at bank and in hand 223,905 688,291
2,393,446 3,652,533
CREDITORS
Amounts falling due within one year 12 643,485 1,329,766
NET CURRENT ASSETS 1,749,961 2,322,767
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,286,533

4,040,622

CREDITORS
Amounts falling due after more than one
year

13

(8,233

)

-

PROVISIONS FOR LIABILITIES 16 (266,481 ) (291,850 )

ACCRUALS AND DEFERRED INCOME 17 (23,861 ) (28,072 )
NET ASSETS 2,987,958 3,720,700

CAPITAL AND RESERVES
Called up share capital 18 2 2
Retained earnings 19 2,987,956 3,720,698
SHAREHOLDERS' FUNDS 2,987,958 3,720,700

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


STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2021 2 4,281,480 4,281,482

Changes in equity
Dividends - (2,200,000 ) (2,200,000 )
Total comprehensive income - 1,639,218 1,639,218
Balance at 31 March 2022 2 3,720,698 3,720,700

Changes in equity
Dividends - (1,000,000 ) (1,000,000 )
Total comprehensive income - 267,258 267,258
Balance at 31 March 2023 2 2,987,956 2,987,958

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 971,318 2,540,653
Government grants 4,954 14,679
Tax paid (400,000 ) (514,030 )
Net cash from operating activities 576,272 2,041,302

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
Amount introduced by directors 47,257 159,000
Amount withdrawn by directors (67,522 ) (98,964 )
Equity dividends paid (1,000,000 ) (2,200,000 )
Net cash from financing activities (1,020,265 ) (2,139,964 )

Decrease in cash and cash equivalents (464,386 ) (314,155 )
Cash and cash equivalents at beginning of
year

2

688,291

1,006,843
Effect of foreign exchange rate changes - (4,397 )
Cash and cash equivalents at end of year 2 223,905 688,291

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

NOTES TO THE 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 329,862 2,006,727
Depreciation charges 215,911 239,911
Profit on disposal of fixed assets - (1,712 )
Government grants (4,954 ) (14,679 )
Finance income - (344 )
540,819 2,229,903
Increase in stocks (16,402 ) (89,477 )
Decrease in trade and other debtors 811,103 489,375
Decrease in trade and other creditors (364,202 ) (89,148 )
Cash generated from operations 971,318 2,540,653

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 223,905 688,291
Year ended 31 March 2022
31/3/22 1/4/21
£    £   
Cash and cash equivalents 688,291 1,006,843


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 688,291 (464,386 ) 223,905
688,291 (464,386 ) 223,905
Debt
Finance leases - - (14,235 ) (14,235 )
- - (14,235 ) (14,235 )
Total 688,291 (464,386 ) (14,235 ) 209,670

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

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


1. STATUTORY INFORMATION

Stechford Mouldings 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 Company 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.

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.

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.

Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its expected useful life up to a maximum of 20 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the estimated useful economic life of that asset as follows:

Goodwill - straight line over 5 years

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

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


2. ACCOUNTING POLICIES - continued

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.
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

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 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.

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

NOTES TO THE 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 company operates a defined contribution pension scheme. Contributions payable to the company'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 2,427,110 2,365,426
Other pension costs 138,597 219,458
2,565,707 2,584,884

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

Operations 77 84
Office 13 12
90 96

2023 2022
£    £   
Directors' remuneration 4,941 7,201
Directors' pension contributions to money purchase schemes 80,000 160,000

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

NOTES TO THE 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 214,132 239,911
Depreciation - assets on hire purchase contracts 1,779 -
Profit on disposal of fixed assets - (1,712 )
Auditors' remuneration 7,000 7,000
Foreign exchange differences (1,687 ) 4,397

6. 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 87,973 355,616

Deferred tax (25,369 ) 11,893
Tax on profit 62,604 367,509

UK corporation tax has been charged at 19% (2022 - 19%).

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

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


6. TAXATION - continued

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

2023 2022
£    £   
Profit before tax 329,862 2,006,727
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

62,674

381,278

Effects of:
Expenses not deductible for tax purposes - 118
Income not taxable for tax purposes - (325 )
Capital allowances in excess of depreciation (70 ) (13,562 )


Total tax charge 62,604 367,509

7. DIVIDENDS
2023 2022
£    £   
Interim 1,000,000 2,200,000

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 3,004
AMORTISATION
At 1 April 2022
and 31 March 2023 3,004
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

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


9. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 656,780 3,763,767 416,117 24,014 4,860,678
Additions - 33,363 1,265 - 34,628
At 31 March 2023 656,780 3,797,130 417,382 24,014 4,895,306
DEPRECIATION
At 1 April 2022 56,164 2,794,246 270,804 21,609 3,142,823
Charge for year 42,891 150,432 21,987 601 215,911
At 31 March 2023 99,055 2,944,678 292,791 22,210 3,358,734
NET BOOK VALUE
At 31 March 2023 557,725 852,452 124,591 1,804 1,536,572
At 31 March 2022 600,616 969,521 145,313 2,405 1,717,855

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

10. STOCKS
2023 2022
£    £   
Stocks 728,541 712,139

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,235,359 2,021,374
Amounts owed by group undertakings 39,444 35,277
Prepayments and accrued income 166,197 195,452
1,441,000 2,252,103

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

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


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 14) 6,002 -
Trade creditors 467,219 718,305
Amounts owed to group undertakings 7,669 13,797
Corporation tax (156,411 ) 155,616
Other taxes 32,689 29,623
VAT 83,771 79,030
Other creditors 1,873 2,333
Directors' current accounts 134,024 154,289
Accruals and deferred income 66,649 176,773
643,485 1,329,766

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 14) 8,233 -

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

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

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

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

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


15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 14,235 -

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

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 266,481 291,850

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

17. ACCRUALS AND DEFERRED INCOME
2023 2022
£    £   
Deferred government grants 23,861 28,072

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

19. RESERVES
Retained
earnings
£   

At 1 April 2022 3,720,698
Profit for the year 267,258
Dividends (1,000,000 )
At 31 March 2023 2,987,956

STECHFORD MOULDINGS LIMITED (REGISTERED NUMBER: 01720624)

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


20. ULTIMATE PARENT COMPANY

Moulding Services Group Limited is regarded by the directors as being the company's ultimate parent company.

Moulding Services Group Limited owns 100% of the issued share capital.

Moulding Services Group Limited prepares group financial statements. The registered office of Moulding Services Group Limited is 1 Station Road, Birmingham, B33 9AX.

21. 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.