Silverfin false 31/03/2023 01/04/2022 31/03/2023 S R Mundy 14/09/1998 A J Mundy 14/09/1998 30 November 2023 The principal activity of the Company during the financial year was acting as a supplier of veneer and other related products. 03631242 2023-03-31 03631242 bus:Director1 2023-03-31 03631242 bus:Director2 2023-03-31 03631242 2022-03-31 03631242 core:CurrentFinancialInstruments 2023-03-31 03631242 core:CurrentFinancialInstruments 2022-03-31 03631242 core:ShareCapital 2023-03-31 03631242 core:ShareCapital 2022-03-31 03631242 core:RetainedEarningsAccumulatedLosses 2023-03-31 03631242 core:RetainedEarningsAccumulatedLosses 2022-03-31 03631242 core:LandBuildings 2022-03-31 03631242 core:PlantMachinery 2022-03-31 03631242 core:Vehicles 2022-03-31 03631242 core:FurnitureFittings 2022-03-31 03631242 core:ComputerEquipment 2022-03-31 03631242 core:LandBuildings 2023-03-31 03631242 core:PlantMachinery 2023-03-31 03631242 core:Vehicles 2023-03-31 03631242 core:FurnitureFittings 2023-03-31 03631242 core:ComputerEquipment 2023-03-31 03631242 bus:OrdinaryShareClass2 2023-03-31 03631242 bus:OrdinaryShareClass3 2023-03-31 03631242 2022-04-01 2023-03-31 03631242 bus:FullAccounts 2022-04-01 2023-03-31 03631242 bus:SmallEntities 2022-04-01 2023-03-31 03631242 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03631242 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03631242 bus:Director1 2022-04-01 2023-03-31 03631242 bus:Director2 2022-04-01 2023-03-31 03631242 core:PlantMachinery 2022-04-01 2023-03-31 03631242 core:Vehicles 2022-04-01 2023-03-31 03631242 core:FurnitureFittings 2022-04-01 2023-03-31 03631242 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 03631242 2021-04-01 2022-03-31 03631242 core:LandBuildings 2022-04-01 2023-03-31 03631242 core:ComputerEquipment 2022-04-01 2023-03-31 03631242 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 03631242 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 03631242 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 03631242 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 03631242 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 03631242 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03631242 (England and Wales)

MUNDY VENEER LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

MUNDY VENEER LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

MUNDY VENEER LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
MUNDY VENEER LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
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
MUNDY VENEER LIMITED

BALANCE SHEET

As at 31 March 2023
MUNDY VENEER LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 131,046 174,897
131,046 174,897
Current assets
Stocks 1,337,083 979,631
Debtors 4 1,513,786 1,774,554
Cash at bank and in hand 1,108,183 1,685,337
3,959,052 4,439,522
Creditors: amounts falling due within one year 5 ( 869,595) ( 677,581)
Net current assets 3,089,457 3,761,941
Total assets less current liabilities 3,220,503 3,936,838
Provision for liabilities ( 15,885) ( 18,845)
Net assets 3,204,618 3,917,993
Capital and reserves
Called-up share capital 6 1,000 1,000
Profit and loss account 3,203,618 3,916,993
Total shareholders' funds 3,204,618 3,917,993

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

Directors' responsibilities:

The financial statements of Mundy Veneer Limited (registered number: 03631242) were approved and authorised for issue by the Board of Directors on 30 November 2023. They were signed on its behalf by:

S R Mundy
Director
MUNDY VENEER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
MUNDY VENEER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Turnover

Turnover represents amounts chargeable, net of VAT, in respect of the sale of goods and services to customers.

Employee benefits

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition.

Land and buildings depreciated over the life of the lease
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 5 years straight line

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

Leases

The Company as lessee
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.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 20 19

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 April 2022 167,278 119,550 25,514 45,124 81,714 439,180
Additions 0 29,452 0 0 5,913 35,365
Disposals 0 0 0 0 ( 9,510) ( 9,510)
At 31 March 2023 167,278 149,002 25,514 45,124 78,117 465,035
Accumulated depreciation
At 01 April 2022 46,726 108,273 23,210 36,361 49,713 264,283
Charge for the financial year 46,725 10,182 576 2,191 16,167 75,841
Disposals 0 0 0 0 ( 6,135) ( 6,135)
At 31 March 2023 93,451 118,455 23,786 38,552 59,745 333,989
Net book value
At 31 March 2023 73,827 30,547 1,728 6,572 18,372 131,046
At 31 March 2022 120,552 11,277 2,304 8,763 32,001 174,897

4. Debtors

2023 2022
£ £
Trade debtors 671,805 564,403
Amounts owed by directors 481,380 861,944
Prepayments and accrued income 83,682 73,706
Other debtors 276,919 274,501
1,513,786 1,774,554

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 321,687 278,562
Amounts owed to directors 29,069 0
Accruals 55,304 46,810
Corporation tax 189,293 139,631
Other taxation and social security 210,387 163,066
Other creditors 63,855 49,512
869,595 677,581

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
nil Ordinary shares (2022: 1,000 shares of £ 1.00 each) 0 1,000
200 Ordinary A shares shares of £ 1.00 each (2022: nil shares) 200 0
800 Ordinary B shares shares of £ 1.00 each (2022: nil shares) 800 0
1,000 1,000

During the year, the 1,000 ordinary shares of the company were reclassified into 200 A ordinary shares and 800 B ordinary shares, in order to facilitate the buyout of one of the shareholders. A capital reduction was carried out on these shares and an equivalent number of new shares were issued to Mundy Veneer Holdings Limited.

7. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £121,917 (2022 - £198,917).

8. Related party transactions

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.