Company No:
Contents
DIRECTORS | S R Mundy |
A J Mundy |
SECRETARY | A J Mundy |
REGISTERED OFFICE | 4 Castle Road |
Chelston Business Park | |
Wellington | |
TA21 9JQ | |
United Kingdom |
COMPANY NUMBER | 03631242 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Blackbrook Gate 1 | |
Blackbrook Business Park | |
Taunton | |
Somerset TA1 2PX |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
131,046 | 174,897 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
3,959,052 | 4,439,522 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
Net current assets | 3,089,457 | 3,761,941 | ||
Total assets less current liabilities | 3,220,503 | 3,936,838 | ||
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 6 |
|
|
|
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of Mundy Veneer Limited (registered number:
S R Mundy
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Mundy Veneer Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4 Castle Road, Chelston Business Park, Wellington, TA21 9JQ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Both turnover and profitability increased during 2022/23 compared to the 2021/22 results, with the overall reduction in total net assets in the Balance Sheet at the year end being the result of the payment of a substantial one-off dividend which was paid during the year. The Balance Sheet of the company at 31 March 2023 remained extremely strong, and in particular, the directors deliberately maintain the level of cash reserves at a high level so as to enable the company to take advantage of ongoing and future trading opportunities.
In light of the current economic situation, both in the UK and globally, impacted by rising energy costs, inflation and general cost of living increases, the directors have given consideration to the impact of these issues on the operations and financial position of the company, as well as upon customers and suppliers. The directors are satisfied that, having considered no less than 12 months from the date of approval of the financial statements, the issues identified do not present a significant risk to the going concern basis of the company and, therefore, the going concern basis of preparation remains appropriate.
Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Land and buildings | depreciated over the life of the lease |
Plant and machinery |
|
Vehicles |
|
Fixtures and fittings |
|
Computer equipment |
|
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Computer equipment | Total | ||||||
£ | £ | £ | £ | £ | £ | ||||||
Cost | |||||||||||
At 01 April 2022 |
|
|
|
|
|
|
|||||
Additions |
|
|
|
|
|
|
|||||
Disposals |
|
|
|
|
(
|
(
|
|||||
At 31 March 2023 |
|
|
|
|
|
|
|||||
Accumulated depreciation | |||||||||||
At 01 April 2022 |
|
|
|
|
|
|
|||||
Charge for the financial year |
|
|
|
|
|
|
|||||
Disposals |
|
|
|
|
(
|
(
|
|||||
At 31 March 2023 |
|
|
|
|
|
|
|||||
Net book value | |||||||||||
At 31 March 2023 |
|
|
|
|
|
|
|||||
At 31 March 2022 |
|
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by directors |
|
|
|
Prepayments and accrued income |
|
|
|
Other debtors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to directors |
|
|
|
Accruals |
|
|
|
Corporation tax |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
nil
|
|
|
|
|
|
|
|
|
|
|
|
1,000 | 1,000 |
Commitments
The total amount of financial commitments not included in the balance sheet is £121,917 (2022 - £198,917).
Transactions with the entity's directors
2023 | 2022 | ||
£ | £ | ||
Director A | (481,380) | (430,972) | |
Director B | 0 | (430,972) |
During the year, advances totalling £204,395 were made to Director A, and £153,987 was repaid by the director during the year.
During the year, advances totalling £104,696 were made to Director B, and £535,668 was repaid by the director during the year.
The loans are charged at an approved HMRC rate of 2% and are repayable on demand.
Other related party transactions
The Mundy Family Group SIPP
The directors of Mundy Veneer Limited are trustees of the Mundy Family Group SIPP
Mundy Veneer Limited has an agreement with the Mundy Family Group SIPP for the lease of Unit 4a Castle Road. The annual lease rent is £77,000.