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Company registration number: 07727280
MES (NW) Limited
Unaudited filleted financial statements
31 August 2023
MES (NW) Limited
Contents
Directors and other information
Directors report
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
MES (NW) Limited
Directors and other information
Directors Mr Neil Hodgkinson (Resigned 30 August 2023)
Mr Gerard Walker
Company number 07727280
Registered office 20 Coppice Drive
Billinge
Wigan
Lancashire
WN5 7DX
Business address Hewitt House
Winstanley Road Orrell
Wigan
Lancashire
WN5 7XA
Accountant Practical Business Solutions (NW) Limited
749A Ormskirk Road
Pemberton
Wigan
Lancashire
WN5 8AT
Bankers Barclays Bank PLc
1 Wigan Road
Ashton in Makerfield, Wigan
Lancashire
WN4 9AP
MES (NW) Limited
Directors report
Year ended 31 August 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2023.
Directors
The directors who served the company during the year were as follows:
Mr Neil Hodgkinson (Resigned 30 August 2023)
Mr Gerard Walker
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 28 November 2023 and signed on behalf of the board by:
Mr Gerard Walker
Director
MES (NW) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of MES (NW) Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of MES (NW) Limited for the year ended 31 August 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Chartered Institute of Management Accountants , I am subject to its ethical and other professional requirements which are detailed at www.cimaglobal.com.
This report is made solely to the board of directors of MES (NW) Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of MES (NW) Limited and state those matters that we have agreed to state to the board of directors of MES (NW) Limited as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at www.cimaglobal.com. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than MES (NW) Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that MES (NW) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MES (NW) Limited. You consider that MES (NW) Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of MES (NW) Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Practical Business Solutions (NW) Limited
Chartered Global Management Accountants
749A Ormskirk Road
Pemberton
Wigan
Lancashire
WN5 8AT
28 November 2023
MES (NW) Limited
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 50,946 20,375
_______ _______
50,946 20,375
Current assets
Debtors 6 665,443 819,163
Cash at bank and in hand 59,550 43,060
_______ _______
724,993 862,223
Creditors: amounts falling due
within one year 7 ( 565,562) ( 406,335)
_______ _______
Net current assets 159,431 455,888
_______ _______
Total assets less current liabilities 210,377 476,263
Provisions for liabilities ( 10,011) ( 4,263)
_______ _______
Net assets 200,366 472,000
_______ _______
Capital and reserves
Called up share capital 49 151
Capital redemption reserve ( 363,630) ( 32,822)
Profit and loss account 563,947 504,671
_______ _______
Shareholders funds 200,366 472,000
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
Mr Gerard Walker
Director
Company registration number: 07727280
MES (NW) Limited
Statement of changes in equity
Year ended 31 August 2023
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 September 2021 151 ( 32,822) 330,864 298,193
Profit for the year 225,554 225,554
_______ _______ _______ _______
Total comprehensive income for the year - - 225,554 225,554
Dividends paid and payable ( 51,747) ( 51,747)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 51,747) ( 51,747)
_______ _______ _______ _______
At 31 August 2022 and 1 September 2022 49 ( 32,822) 506,144 473,371
Profit for the year 109,525 109,525
_______ _______ _______ _______
Total comprehensive income for the year - - 109,525 109,525
Dividends paid and payable ( 51,722) ( 51,722)
Redemption of shares - ( 330,808) - ( 330,808)
_______ _______ _______ _______
Total investments by and distributions to owners - ( 330,808) ( 51,722) ( 382,530)
_______ _______ _______ _______
At 31 August 2023 49 ( 363,630) 563,947 200,366
_______ _______ _______ _______
MES (NW) Limited
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is MES (NW) Limited, 20 Coppice Drive, Billinge, Wigan, Lancashire, WN5 7DX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 33 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 21 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 45,459 11,032 22,386 78,877
Additions 8,200 958 28,992 38,150
_______ _______ _______ _______
At 31 August 2023 53,659 11,990 51,378 117,027
_______ _______ _______ _______
Depreciation
At 1 September 2022 31,415 9,396 17,691 58,502
Charge for the year 2,225 857 4,497 7,579
_______ _______ _______ _______
At 31 August 2023 33,640 10,253 22,188 66,081
_______ _______ _______ _______
Carrying amount
At 31 August 2023 20,019 1,737 29,190 50,946
_______ _______ _______ _______
At 31 August 2022 14,044 1,636 4,695 20,375
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 605,417 642,681
Other debtors 60,026 176,482
_______ _______
665,443 819,163
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 312,642 193,559
Corporation tax 21,315 52,069
Social security and other taxes 84,584 75,322
Other creditors 147,021 85,385
_______ _______
565,562 406,335
_______ _______
Within Creditors: amounts falling due within one year, Other Creditors, is an amount of (£1,386.72), (2021: (£3,365.72)) relating to payments received on account provided by the Company's Invoice Discounting Provider. This debt is secured by way of a fixed and floating charge over the Company's assets.
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Neil Hodgkinson 176,198 1,187 ( 177,444) ( 59)
Mr Gerard Walker - 60,000 - 60,000
_______ _______ _______ _______
176,198 61,187 ( 177,444) 59,941
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Neil Hodgkinson 99,645 76,553 - 176,198
Mr Gerard Walker ( 100,000) 100,000 - -
_______ _______ _______ _______
( 355) 176,553 - 176,198
_______ _______ _______ _______
During the financial year stated, the Director, Gerard Walker, had a loan from the Company which was repaid in full within 1 month of the year end.
During the year the company entered into the following guarantees on behalf of its directors:
Maximum liability Amount paid/liability incurred
2023 2022 2023 2022
£ £ £ £
Mr Neil Hodgkinson 22,500 22,500 - -
Mr Gerard Walker 22,500 22,500 - -
_______ _______ _______ _______
45,000 45,000 - -
_______ _______ _______ _______
The Directors have pledged joint and several personal guarantees to the Company's Invoice Discounting provider.
9. Controlling party
The Company is controlled by Gerard Walker , a Director , by virtue of him holding the majority of the issued share capital.