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Company Registration No. 04339333 (England and Wales)
MD CONTROLS LIMITED Unaudited accounts for the year ended 31 December 2023
MD CONTROLS LIMITED Unaudited accounts Contents
Page
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MD CONTROLS LIMITED Company Information for the year ended 31 December 2023
Directors
MR MARTIN DAVIES MR PAUL ANDREW WHITE MR TONY ROBERT ARDERN
Secretary
JOANNE DAVIES
Company Number
04339333 (England and Wales)
Registered Office
UNIT 5 OAKLANDS PARK ROUGHAM HILL BURY ST EDMUNDS SUFFOLK IP33 2RW
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MD CONTROLS LIMITED Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
8,010 
9,502 
Current assets
Inventories
39,199 
41,484 
Debtors
408,510 
270,354 
Cash at bank and in hand
170,937 
291,892 
618,646 
603,730 
Creditors: amounts falling due within one year
(155,114)
(197,680)
Net current assets
463,532 
406,050 
Net assets
471,542 
415,552 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
471,442 
415,452 
Shareholders' funds
471,542 
415,552 
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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by
MR MARTIN DAVIES Director Company Registration No. 04339333
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MD CONTROLS LIMITED Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
MD CONTROLS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04339333. The registered office is UNIT 5 OAKLANDS PARK, ROUGHAM HILL, BURY ST EDMUNDS, SUFFOLK, IP33 2RW.
2
Compliance with accounting standards
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. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Motor vehicles
25% reducing balance
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
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 replacement cost and cost, adjusted where applicable for any loss of service potential.
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MD CONTROLS LIMITED Notes to the Accounts for the year ended 31 December 2023
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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. 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.
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MD CONTROLS LIMITED Notes to the Accounts for the year ended 31 December 2023
Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 January 2023
14,218 
8,600 
4,408 
27,226 
Additions
1,014 
- 
979 
1,993 
Disposals
(13,037)
- 
- 
(13,037)
At 31 December 2023
2,195 
8,600 
5,387 
16,182 
Depreciation
At 1 January 2023
13,447 
1,074 
3,203 
17,724 
Charge for the year
549 
2,088 
848 
3,485 
On disposals
(13,037)
- 
- 
(13,037)
At 31 December 2023
959 
3,162 
4,051 
8,172 
Net book value
At 31 December 2023
1,236 
5,438 
1,336 
8,010 
At 31 December 2022
771 
7,526 
1,205 
9,502 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
393,414 
261,418 
Accrued income and prepayments
11,796 
8,936 
405,210 
270,354 
Amounts falling due after more than one year
Other debtors
3,300 
- 
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MD CONTROLS LIMITED Notes to the Accounts for the year ended 31 December 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
4,647 
22,472 
Trade creditors
128,307 
171,296 
Taxes and social security
28,006 
17,364 
Other creditors
1,999 
1,059 
Loans from directors
(70,406)
(70,406)
Accruals
62,561 
55,895 
155,114 
197,680 
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
8
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
18,196 
9,827 
9
Loans to directors
During the year M Davies, a director of the company, received advances of £177,541 (2021: £207,293) and was granted credits of £180,000 (2021: £200,000). At the balance sheet date, the director's loan account was overdrawn by £70,406 (2021: £70,649). The loan is interest bearing. Rent paid to M Davies during the year amounted to £20,400 (2021: £18,000). Dividends totalling £80,000 (2021: £100,000) were paid in the year in respect of shares held by the company's director.
10
Average number of employees
During the year the average number of employees was 9 (2022: 12).
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