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REGISTERED NUMBER: 04698793 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

MICK DOWEY SHEETMETAL LIMITED

MICK DOWEY SHEETMETAL LIMITED (REGISTERED NUMBER: 04698793)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MICK DOWEY SHEETMETAL LIMITED

COMPANY INFORMATION
for the year ended 30 June 2023







DIRECTOR: Mr R Cowles





SECRETARY: Mrs C M Cowles





REGISTERED OFFICE: Unit 2
Charnwood Edge Business Park
Syston Road
Cossington
Leicestershire
LE7 4UZ





REGISTERED NUMBER: 04698793 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2
Charnwood Edge Business Park
Syston Road
Leicester
LE7 4UZ

MICK DOWEY SHEETMETAL LIMITED (REGISTERED NUMBER: 04698793)

BALANCE SHEET
30 June 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,739 7,473

CURRENT ASSETS
Stocks 5,000 5,000
Debtors 5 71,849 97,551
Cash at bank 146,132 83,817
222,981 186,368
CREDITORS
Amounts falling due within one year 6 (69,153 ) (73,915 )
NET CURRENT ASSETS 153,828 112,453
TOTAL ASSETS LESS CURRENT
LIABILITIES

158,567

119,926

CREDITORS
Amounts falling due after more than one
year

7

(11,000

)

(15,000

)

PROVISIONS FOR LIABILITIES (1,185 ) (1,420 )
NET ASSETS 146,382 103,506

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 146,372 103,496
SHAREHOLDERS' FUNDS 146,382 103,506

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 February 2024 and were signed by:



Mr R Cowles - Director


MICK DOWEY SHEETMETAL LIMITED (REGISTERED NUMBER: 04698793)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2023


1. STATUTORY INFORMATION

Mick Dowey Sheetmetal Limited is a limited company, registered in England and Wales. Its registered office address is Unit 2 Charnwood Edge Business Park, Syston Road, Cossington, Leicester, LE7 4UZ and the registered number is 04698793.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Rendering of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed ot the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% straight line

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

MICK DOWEY SHEETMETAL LIMITED (REGISTERED NUMBER: 04698793)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023


2. ACCOUNTING POLICIES - continued

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments 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.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

MICK DOWEY SHEETMETAL LIMITED (REGISTERED NUMBER: 04698793)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2022 27,625 6,462 12,995 47,082
Additions - 284 - 284
At 30 June 2023 27,625 6,746 12,995 47,366
DEPRECIATION
At 1 July 2022 27,063 5,182 7,364 39,609
Charge for year 140 280 2,598 3,018
At 30 June 2023 27,203 5,462 9,962 42,627
NET BOOK VALUE
At 30 June 2023 422 1,284 3,033 4,739
At 30 June 2022 562 1,280 5,631 7,473

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 67,514 93,949
Prepayments and accrued income 4,335 3,602
71,849 97,551

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 4,000 4,000
Trade creditors 22,094 35,071
Corporation tax 21,942 16,718
Social security and other taxes 10,559 7,985
Directors' current account 8,516 8,516
Accruals and deferred income 2,042 1,625
69,153 73,915

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-3 years 11,000 15,000

8. LEASING AGREEMENTS

Operating lease payments represent rental on the building payable of £30,375 (2022 - £43,875).