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Registered number: 1287376
Tyne Moulds and Machinery Company
Unaudited Financial Statements
For The Year Ended 31 December 2023
A & P Service
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 1287376
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,836,092 2,854,728
Investments 5 550,437 550,437
3,386,529 3,405,165
CURRENT ASSETS
Stocks 6 211,766 202,404
Debtors 7 266,976 296,712
Cash at bank and in hand 1,006,906 1,098,508
1,485,648 1,597,624
Creditors: Amounts Falling Due Within One Year 8 (600,592 ) (822,969 )
NET CURRENT ASSETS (LIABILITIES) 885,056 774,655
TOTAL ASSETS LESS CURRENT LIABILITIES 4,271,585 4,179,820
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (129,213 ) (121,480 )
NET ASSETS 4,142,372 4,058,340
CAPITAL AND RESERVES
Called up share capital 10 777 777
Share premium account 135 135
Profit and Loss Account 4,141,460 4,057,428
SHAREHOLDERS' FUNDS 4,142,372 4,058,340
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ramy Zack
Director
26/03/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Tyne Moulds and Machinery Company is a private company, limited by shares, incorporated in England & Wales, registered number 1287376 . The registered office is Lombard House, Grantham Road, Newcastle upon Tyne, NE2 1BB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% Straight Line
Leasehold 2% Straight Line
Plant & Machinery 20% Reducing Basis
Motor Vehicles 25% Reducing Basis
Computer Equipment 33.3% Straight Line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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Page 4
2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 70 (2022: 68)
70 68
4. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 January 2023 2,253,471 489,250 3,670,886 23,587
Additions - - 205,211 18,500
As at 31 December 2023 2,253,471 489,250 3,876,097 42,087
Depreciation
As at 1 January 2023 635,980 19,570 2,904,640 22,276
Provided during the period 34,308 9,785 194,292 3,962
As at 31 December 2023 670,288 29,355 3,098,932 26,238
Net Book Value
As at 31 December 2023 1,583,183 459,895 777,165 15,849
As at 1 January 2023 1,617,491 469,680 766,246 1,311
Computer Equipment Total
£ £
Cost
As at 1 January 2023 9,500 6,446,694
Additions - 223,711
As at 31 December 2023 9,500 6,670,405
Depreciation
As at 1 January 2023 9,500 3,591,966
Provided during the period - 242,347
As at 31 December 2023 9,500 3,834,313
Net Book Value
As at 31 December 2023 - 2,836,092
As at 1 January 2023 - 2,854,728
Page 4
Page 5
5. Investments
Listed
£
Cost
As at 1 January 2023 550,437
As at 31 December 2023 550,437
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 550,437
As at 1 January 2023 550,437
6. Stocks
2023 2022
£ £
Materials 211,766 202,404
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 228,517 269,305
Prepayments and accrued income 27,282 20,697
Other debtors 11,177 6,710
266,976 296,712
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 208,039 298,250
Bank loans and overdrafts 67,975 122,306
Corporation tax 5,327 -
Other taxes and social security 44,689 43,937
VAT 79,612 79,777
Other creditors 40,893 109,719
Accruals and deferred income 131,256 129,577
Directors' loan accounts 22,801 39,403
600,592 822,969
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 129,213 121,480
Page 5
Page 6
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 777 777
11. Directors Advances, Credits and Guarantees
Dividends paid to directors
12. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid - 37,200
- 37,200
Page 6