IRIS Accounts Production v24.1.0.578 01365700 Board of Directors Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh013657002023-03-31013657002024-03-31013657002023-04-012024-03-31013657002022-03-31013657002022-04-012023-03-31013657002023-03-3101365700ns15:EnglandWales2023-04-012024-03-3101365700ns14:PoundSterling2023-04-012024-03-3101365700ns10:Director12023-04-012024-03-3101365700ns10:Director22023-04-012024-03-3101365700ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3101365700ns10:SmallEntities2023-04-012024-03-3101365700ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3101365700ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3101365700ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3101365700ns10:FullAccounts2023-04-012024-03-3101365700ns10:Director72023-04-012024-03-3101365700ns10:Director82023-04-012024-03-3101365700ns10:RegisteredOffice2023-04-012024-03-3101365700ns5:CurrentFinancialInstruments2024-03-3101365700ns5:CurrentFinancialInstruments2023-03-3101365700ns5:ShareCapital2024-03-3101365700ns5:ShareCapital2023-03-3101365700ns5:RevaluationReserve2024-03-3101365700ns5:RevaluationReserve2023-03-3101365700ns5:RetainedEarningsAccumulatedLosses2024-03-3101365700ns5:RetainedEarningsAccumulatedLosses2023-03-3101365700ns5:LandBuildings2023-03-3101365700ns5:PlantMachinery2023-03-3101365700ns5:MotorVehicles2023-03-3101365700ns5:ComputerEquipment2023-03-3101365700ns5:LandBuildings2023-04-012024-03-3101365700ns5:PlantMachinery2023-04-012024-03-3101365700ns5:MotorVehicles2023-04-012024-03-3101365700ns5:ComputerEquipment2023-04-012024-03-3101365700ns5:LandBuildings2024-03-3101365700ns5:PlantMachinery2024-03-3101365700ns5:MotorVehicles2024-03-3101365700ns5:ComputerEquipment2024-03-3101365700ns5:LandBuildings2023-03-3101365700ns5:PlantMachinery2023-03-3101365700ns5:MotorVehicles2023-03-3101365700ns5:ComputerEquipment2023-03-3101365700ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3101365700ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3101365700ns5:WithinOneYear2024-03-3101365700ns5:WithinOneYear2023-03-3101365700ns5:BetweenOneFiveYears2024-03-3101365700ns5:BetweenOneFiveYears2023-03-3101365700ns5:MoreThanFiveYears2024-03-3101365700ns5:MoreThanFiveYears2023-03-3101365700ns5:AllPeriods2024-03-3101365700ns5:AllPeriods2023-03-31
REGISTERED NUMBER: 01365700 (England and Wales)















MANSFIELD BOARD MACHINERY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






MANSFIELD BOARD MACHINERY LIMITED (REGISTERED NUMBER: 01365700)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MANSFIELD BOARD MACHINERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr K J Dartnell
Mrs R K Dartnell
Mrs N J Bratherton
Mr P Bratherton





REGISTERED OFFICE: Unit 2
Horsley Road
Northampton
Northamptonshire
NN2 6LJ





REGISTERED NUMBER: 01365700 (England and Wales)





ACCOUNTANTS: Blencowes
15 High Street
Brackley
Northamptonshire
NN13 7DH

MANSFIELD BOARD MACHINERY LIMITED (REGISTERED NUMBER: 01365700)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 623,212 683,033

CURRENT ASSETS
Stocks 363,241 294,711
Debtors 5 313,120 350,028
Cash at bank 320,093 610,614
996,454 1,255,353
CREDITORS
Amounts falling due within one year 6 342,300 297,938
NET CURRENT ASSETS 654,154 957,415
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,277,366

1,640,448

PROVISIONS FOR LIABILITIES 134,996 141,564
NET ASSETS 1,142,370 1,498,884

CAPITAL AND RESERVES
Called up share capital 8 52,555 52,555
Revaluation reserve 9 278,259 278,259
Retained earnings 811,556 1,168,070
SHAREHOLDERS' FUNDS 1,142,370 1,498,884

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MANSFIELD BOARD MACHINERY LIMITED (REGISTERED NUMBER: 01365700)

BALANCE SHEET - continued
31 MARCH 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by:




Mrs N J Bratherton - Director



Mr K J Dartnell - Director


MANSFIELD BOARD MACHINERY LIMITED (REGISTERED NUMBER: 01365700)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Mansfield Board Machinery 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of goods.

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.


Freehold property -2% per annum on buildings on a straight line basis
Plant and machinery-15% per annum on a reducing balance basis
Motor vehicles-25% per annum on a reducing balance basis
Computer equipment-30% per annum on a reducing balance basis

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.


MANSFIELD BOARD MACHINERY LIMITED (REGISTERED NUMBER: 01365700)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred taxation
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid 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 and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 21 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2023 352,180 482,008 156,052 36,707 1,026,947
Additions - 9,788 - - 9,788
Disposals - - (36,300 ) - (36,300 )
At 31 March 2024 352,180 491,796 119,752 36,707 1,000,435
DEPRECIATION
At 1 April 2023 2,240 244,307 67,092 30,275 343,914
Charge for year 2,044 28,276 19,483 1,685 51,488
Eliminated on disposal - - (18,179 ) - (18,179 )
At 31 March 2024 4,284 272,583 68,396 31,960 377,223
NET BOOK VALUE
At 31 March 2024 347,896 219,213 51,356 4,747 623,212
At 31 March 2023 349,940 237,701 88,960 6,432 683,033

MANSFIELD BOARD MACHINERY LIMITED (REGISTERED NUMBER: 01365700)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS - continued

Included in cost or valuation of land and buildings is freehold land of £ 250,000 (2023 - £ 250,000 ) which is not depreciated.

Cost or valuation at 31 March 2024 is represented by:

Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
Valuation in 1999 41,579 - - - 41,579
Valuation in 2002 2,500 - - - 2,500
Valuation in 2005 28,000 - - - 28,000
Valuation in 2010 14,000 - - - 14,000
Valuation in 2013 (14,000 ) - - - (14,000 )
Valuation in 2016 30,000 - - - 30,000
Valuation in 2021 51,000 - - - 51,000
Valuation in 2022 152,180 - - - 152,180
Cost 46,921 491,796 119,752 36,707 695,176
352,180 491,796 119,752 36,707 1,000,435

The valuation provided by Drake and Partners LLP dated 7th November 2023 reported a valuation of £350,000 which has not changed since their previous valuation on 26th July 2022.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 299,642 339,494
Other debtors 4,945 1,250
VAT 6,622 7,514
Prepayments and accrued income 1,911 1,770
313,120 350,028

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 220,954 213,879
Tax 87,478 49,182
Social security and other taxes 17,078 14,746
Other creditors - 962
Directors' current accounts 3,080 3,056
Accruals and deferred income 13,710 16,113
342,300 297,938

MANSFIELD BOARD MACHINERY LIMITED (REGISTERED NUMBER: 01365700)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 12,792 10,580
Between one and five years 51,168 51,168
In more than five years - 12,792
63,960 74,540

8. CALLED UP SHARE CAPITAL

Shares Issued, called up and fully paid
2024 2024 2023 2023
No £    No £
Ordinary Shares of £1 52,500 52,500 52,500 52,500

Ordinary B Shares of £0.50 100 50 100 50

Ordinary C Shares of £0.25 20 5 20 5


9. RESERVES

During the year dividends of £597,200 were paid to the shareholders. (2023: £72,800).

10. ULTIMATE CONTROLLING PARTY

During the year KME Machinery Limited purchased 100% of the issued share capital. The controlling party as at 31st March 2024 was KME Machinery Limited.