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Registration number: 02690630

M.B. Frames P.V.C.-U Limited

Unaudited Filleted Financial Statements

for the Period from 1 May 2022 to 31 July 2023

 

M.B. Frames P.V.C.-U Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

M.B. Frames P.V.C.-U Limited

Company Information

Directors

Mr Peter James Melville

Mr Andrew Stuart Burns

Mrs Susan Melville

Mrs Debra Burns

Mr Paul Andrew Young

Mr Philip Henry Purnell

Registered office

1 Maggs Lane
Fishponds Trading Estate
Bristol
BS5 7EW

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

M.B. Frames P.V.C.-U Limited

(Registration number: 02690630)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

         

Fixed assets

   

Tangible assets

4

 

590,442

518,492

Current assets

   

Stocks

626,610

 

680,175

Debtors

5

1,184,192

 

940,445

Cash at bank and in hand

 

2,161,260

 

1,933,008

 

3,972,062

 

3,553,628

Creditors: Amounts falling due within one year

6

(1,749,985)

 

(1,676,443)

Net current assets

   

2,222,077

1,877,185

Total assets less current liabilities

   

2,812,519

2,395,677

Creditors: Amounts falling due after more than one year

6

 

(110,042)

(193,609)

Provisions for liabilities

 

(100,734)

(102,411)

Net assets

   

2,601,743

2,099,657

Capital and reserves

   

Called up share capital

100

 

100

Profit and loss account

2,601,643

 

2,099,557

Total equity

   

2,601,743

2,099,657

 

M.B. Frames P.V.C.-U Limited

(Registration number: 02690630)
Balance Sheet as at 31 July 2023

For the financial period ending 31 July 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 February 2024 and signed on its behalf by:
 

.........................................

Mr Andrew Stuart Burns
Director

 

M.B. Frames P.V.C.-U Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Maggs Lane
Fishponds Trading Estate
Bristol
BS5 7EW

These financial statements were authorised for issue by the Board on 22 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

M.B. Frames P.V.C.-U Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33.33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

M.B. Frames P.V.C.-U Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 July 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

M.B. Frames P.V.C.-U Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 July 2023

Defined contribution pension obligation

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 64 (2022 - 70).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

251,936

1,576,271

155,699

514,319

2,498,225

Additions

-

-

8,050

279,904

287,954

Disposals

-

-

-

(78,205)

(78,205)

At 31 July 2023

251,936

1,576,271

163,749

716,018

2,707,974

Depreciation

At 1 May 2022

170,536

1,440,665

134,017

234,515

1,979,733

Charge for the period

25,438

42,377

8,355

107,442

183,612

Eliminated on disposal

-

-

-

(45,813)

(45,813)

At 31 July 2023

195,974

1,483,042

142,372

296,144

2,117,532

Carrying amount

At 31 July 2023

55,962

93,229

21,377

419,874

590,442

At 30 April 2022

81,400

135,606

21,682

279,804

518,492

5

Debtors

2023
£

2022
£

Trade debtors

442,429

635,907

Prepayments

50,484

49,126

Other debtors

691,279

255,412

1,184,192

940,445

 

M.B. Frames P.V.C.-U Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 July 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

504,855

473,198

Taxation and social security

520,504

538,403

Accruals and deferred income

627,303

527,341

Other creditors

12,000

12,001

Bank borrowings

-

36,364

Hire purchase agreements

85,323

89,136

1,749,985

1,676,443

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Bank borrowings

-

112,121

Hire purchase agreements

 

110,042

81,488

 

110,042

193,609

 

M.B. Frames P.V.C.-U Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 July 2023

7

Related party transactions

During the period the directors maintained a loan account with the company. As at the period end the the directors owed the company £261,000 (2022: £nil). This loan is included within other debtors and is repayable on demand.

No other transactions with the related parties were undertaken such as are required to be disclosed under the FRS 102.