Company registration number: 07588084
Unaudited financial statements
for the year ended 30 April 2023
for
Mad Supplies Ltd
Pages for filing with the Registrar
Company registration number: 07588084
Mad Supplies Ltd
Balance sheet
as at 30 April 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 1,287,295 1,301,478
1,287,295 1,301,478
Current assets
Stocks 1,197,866 1,395,892
Debtors 84,621 261,801
Cash at bank and in hand 267,099 236,231
1,549,586 1,893,924
Creditors: amounts falling due within
one year
(1,251,653) (1,112,359)
Net current assets 297,933 781,565
Total assets less current liabilities 1,585,228 2,083,043
Creditors: Amounts falling due after
more than one year
5 (881,380) (832,877)
NET ASSETS 703,848 1,250,166
Capital and reserves
Called up share capital 30 30
Other reserves (84,000) -
Profit and loss account 787,818 1,250,136
TOTAL EQUITY 703,848 1,250,166
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 30 April 2023.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 07588084
Mad Supplies Ltd
Balance sheet - continued
as at 30 April 2023
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 Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 31 January 2024 and signed on its behalf by:
Mr S Currie, Director
31 January 2024
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Mad Supplies Ltd
Notes to the financial statements
for the year ended 30 April 2023
1 Company information
The company is registered in England and Wales. Its registered number is 07588084. The company is limited by shares. Its registered office is Mad Supplies Ltd, Bridge House, Bristol, Avon, BS13 7TW.
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 historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
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.
Land and buildings:
Freehold property - No depreciation policy for Freehold Property
Plant and machinery etc.:
Plant and machinery - 10% reducing balance
Fixtures & fittings - 20% straight line
Computer equipment - 33% 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.
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Mad Supplies Ltd
Notes to the financial statements - continued
for the year ended 30 April 2023
2 Accounting policies - continued
Taxation
Taxation for the year comprises current taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current 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.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 30 (2022 - 30).
4 Tangible fixed assets
Land and
buildings
Plant and
machinery
etc.
Totals
£ £ £
Cost
At 1 May 2022 1,250,000 82,934 1,332,934
Additions - 2,715 2,715
At 30 April 2023 1,250,000 85,649 1,335,649
Depreciation
At 1 May 2022 - 31,456 31,456
Charge for year - 16,898 16,898
At 30 April 2023 - 48,354 48,354
Net book value
At 30 April 2023 1,250,000 37,295 1,287,295
At 30 April 2022 1,250,000 51,478 1,301,478
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Mad Supplies Ltd
Notes to the financial statements - continued
for the year ended 30 April 2023
5 Creditors: amounts falling due after more than five years
2023 2022
£ £
Repayable otherwise than by instalments
Other creditors 881,380 740,725
881,380 740,725
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Mad Supplies Ltd
Exception report
for the year ended 30 April 2023
The following differences exist between the previous year's closing balances per the accounts and the
current year's opening balances per the Trial Balance:
Reserves
Opening balance at
1 May 2022 per TB
Balance at 30 April
2022 per accounts
Difference
£ £ £
Other reserves (Accounts 971, 972,
973, 974)
(84,000) - (84,000)
Profit and loss account (Account 968) 1,250,136 1,250,136 -
1,166,136 1,250,136 (84,000)
This page does not form part of the statutory financial statements.
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