Company registration number 03759658 (England and Wales)
MARKET DRAYTON MOWERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MARKET DRAYTON MOWERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MARKET DRAYTON MOWERS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
194,314
200,685
Current assets
Stocks
118,457
120,374
Debtors
4
5,919
41,629
Cash at bank and in hand
163,170
137,447
287,546
299,450
Creditors: amounts falling due within one year
5
(225,189)
(263,351)
Net current assets
62,357
36,099
Total assets less current liabilities
256,671
236,784
Creditors: amounts falling due after more than one year
6
(8,817)
(4,375)
Provisions for liabilities
(18,578)
(19,796)
Net assets
229,276
212,613
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
229,176
212,513
Total equity
229,276
212,613

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

MARKET DRAYTON MOWERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
Mr G C Wadsworth
Director
Company registration number 03759658 (England and Wales)
MARKET DRAYTON MOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

Market Drayton Mowers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Frogmore Road, Market Drayton, Shropshire, TF9 3AX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
1% on cost
Plant and equipment
15% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

MARKET DRAYTON MOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
8
MARKET DRAYTON MOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
150,000
72,484
39,899
65,736
328,119
Additions
-
0
22,994
-
0
-
0
22,994
Disposals
-
0
(27,614)
(29,751)
-
0
(57,365)
At 30 November 2023
150,000
67,864
10,148
65,736
293,748
Depreciation and impairment
At 1 December 2022
28,500
29,147
28,823
40,964
127,434
Depreciation charged in the year
1,500
5,467
1,729
6,193
14,889
Eliminated in respect of disposals
-
0
(17,297)
(25,592)
-
0
(42,889)
At 30 November 2023
30,000
17,317
4,960
47,157
99,434
Carrying amount
At 30 November 2023
120,000
50,547
5,188
18,579
194,314
At 30 November 2022
121,500
43,337
11,076
24,772
200,685
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,342
7,501
Other debtors
1,577
34,128
5,919
41,629
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
7,397
Trade creditors
188,277
223,326
Taxation and social security
26,335
23,451
Other creditors
10,577
9,177
225,189
263,351
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
8,817
4,375
MARKET DRAYTON MOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
7
Loans and overdrafts
2023
2022
£
£
Bank loans
-
0
7,397
Payable within one year
-
0
7,397

HSBC Bank Plc holds a fixed and floating charge over all assets.

8
Directors' transactions

The below advance was interest free, had no fixed repayment date and was unsecured.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors Loan account
-
30,532
41,045
(70,000)
1,577
30,532
41,045
(70,000)
1,577
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