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MEADEX RUBBER MOULDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST OCTOBER 2023






MEADEX RUBBER MOULDINGS LIMITED (REGISTERED NUMBER: 03854470)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 8

MEADEX RUBBER MOULDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2023







DIRECTOR: A J Monk





REGISTERED OFFICE: Unit 1, Tanyard Lane
Ross-On-Wye
Herefordshire
HR9 7BH





REGISTERED NUMBER: 03854470 (England and Wales)





ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

MEADEX RUBBER MOULDINGS LIMITED (REGISTERED NUMBER: 03854470)

BALANCE SHEET
31ST OCTOBER 2023

31/10/23 31/10/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 81,574 581,335

CURRENT ASSETS
Stocks 357,689 264,101
Debtors 5 2,716,184 936,366
Cash at bank 21,488 272,647
3,095,361 1,473,114
CREDITORS
Amounts falling due within one year 6 1,621,066 545,885
NET CURRENT ASSETS 1,474,295 927,229
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,555,869

1,508,564

CREDITORS
Amounts falling due after more than one year 7 (428,224 ) -

PROVISIONS FOR LIABILITIES (3,052 ) (135,517 )
NET ASSETS 1,124,593 1,373,047

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,124,493 1,372,947
1,124,593 1,373,047

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 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.

MEADEX RUBBER MOULDINGS LIMITED (REGISTERED NUMBER: 03854470)

BALANCE SHEET - continued
31ST OCTOBER 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 30th July 2024 and were signed by:





A J Monk - Director


MEADEX RUBBER MOULDINGS LIMITED (REGISTERED NUMBER: 03854470)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

1. STATUTORY INFORMATION

Meadex Rubber Mouldings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

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

Turnover
Turnover represents the manufacture of rubber mould products, stated net of value added tax.

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.
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.


MEADEX RUBBER MOULDINGS LIMITED (REGISTERED NUMBER: 03854470)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 30 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1st November 2022 41,602 2,146,430 20,000
Additions - 17,455 -
Disposals - (2,163,885 ) -
At 31st October 2023 41,602 - 20,000
DEPRECIATION
At 1st November 2022 41,602 1,584,496 17,853
Charge for year - - 429
Eliminated on disposal - (1,584,496 ) -
At 31st October 2023 41,602 - 18,282
NET BOOK VALUE
At 31st October 2023 - - 1,718
At 31st October 2022 - 561,934 2,147

MEADEX RUBBER MOULDINGS LIMITED (REGISTERED NUMBER: 03854470)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st November 2022 44,485 33,123 2,285,640
Additions 68,479 1,150 87,084
Disposals - - (2,163,885 )
At 31st October 2023 112,964 34,273 208,839
DEPRECIATION
At 1st November 2022 28,505 31,849 1,704,305
Charge for year 6,619 408 7,456
Eliminated on disposal - - (1,584,496 )
At 31st October 2023 35,124 32,257 127,265
NET BOOK VALUE
At 31st October 2023 77,840 2,016 81,574
At 31st October 2022 15,980 1,274 581,335

The net book value of tangible fixed assets includes £ 65,055 in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/23 31/10/22
£    £   
Trade debtors 843,412 929,204
Doubtful debt provision (87,861 ) (6,975 )
Amounts owed by group undertakings 1,938,275 -
Prepayments and accrued income 22,358 14,137
2,716,184 936,366

MEADEX RUBBER MOULDINGS LIMITED (REGISTERED NUMBER: 03854470)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/23 31/10/22
£    £   
Bank loans and overdrafts 281,447 -
Hire purchase contracts 12,843 -
Trade creditors 407,123 247,633
Amounts owed to participating interests - 59,213
Corporation tax 199,773 106,546
Social security and other taxes 17,016 15,419
VAT 295,888 108,495
Other creditors 5,061 2,253
Invoice discount facility 323,465 -
Directors' current accounts - 280
Accruals and deferred income 78,450 6,046
1,621,066 545,885

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/10/23 31/10/22
£    £   
Bank loans - 1-2 years 391,249 -
Hire purchase contracts 36,975 -
428,224 -

8. SECURED DEBTS

The following secured debts are included within creditors:

31/10/23 31/10/22
£    £   
Invoice discount facility 323,465 -

9. RELATED PARTY DISCLOSURES

In the period the company disposed of its entire plant and machinery valued at £504,000 to a group member.

10. ULTIMATE CONTROLLING PARTY

On 9th December 2022 the company became a 100% subsidiary of Meadex Holdings Limited.

This group is controlled by Mr A J Monk.

ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MEADEX RUBBER MOULDINGS LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Meadex Rubber Mouldings Limited for the year ended 31st October 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Meadex Rubber Mouldings Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Meadex Rubber Mouldings Limited and state those matters that we have agreed to state to the director of Meadex Rubber Mouldings Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Meadex Rubber Mouldings Limited and its director for our work or for this report.

It is your duty to ensure that Meadex Rubber Mouldings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Meadex Rubber Mouldings Limited. You consider that Meadex Rubber Mouldings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Meadex Rubber Mouldings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


30th July 2024