Silverfin false false 30/06/2024 01/07/2023 30/06/2024 G Macauley 07/12/2015 C Pearson 12/11/2018 29 August 2024 The principal activity of the Company during the financial year was the supply of fasteners and fittings. 01041187 2024-06-30 01041187 bus:Director1 2024-06-30 01041187 bus:Director2 2024-06-30 01041187 2023-06-30 01041187 core:CurrentFinancialInstruments 2024-06-30 01041187 core:CurrentFinancialInstruments 2023-06-30 01041187 core:Non-currentFinancialInstruments 2024-06-30 01041187 core:Non-currentFinancialInstruments 2023-06-30 01041187 core:ShareCapital 2024-06-30 01041187 core:ShareCapital 2023-06-30 01041187 core:RetainedEarningsAccumulatedLosses 2024-06-30 01041187 core:RetainedEarningsAccumulatedLosses 2023-06-30 01041187 core:FurnitureFittings 2023-06-30 01041187 core:FurnitureFittings 2024-06-30 01041187 bus:OrdinaryShareClass1 2024-06-30 01041187 2023-07-01 2024-06-30 01041187 bus:FilletedAccounts 2023-07-01 2024-06-30 01041187 bus:SmallEntities 2023-07-01 2024-06-30 01041187 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 01041187 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 01041187 bus:Director1 2023-07-01 2024-06-30 01041187 bus:Director2 2023-07-01 2024-06-30 01041187 core:FurnitureFittings core:TopRangeValue 2023-07-01 2024-06-30 01041187 2022-07-01 2023-06-30 01041187 core:FurnitureFittings 2023-07-01 2024-06-30 01041187 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 01041187 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01041187 (England and Wales)

MARTYN PRICE (BOLTS & NUTS) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

MARTYN PRICE (BOLTS & NUTS) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

MARTYN PRICE (BOLTS & NUTS) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
MARTYN PRICE (BOLTS & NUTS) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 35,483 13,152
35,483 13,152
Current assets
Stocks 769,278 832,133
Debtors
- due within one year 4 676,917 699,890
- due after more than one year 4 814,847 814,847
Cash at bank and in hand 43,634 148,213
2,304,676 2,495,083
Creditors: amounts falling due within one year 5 ( 1,251,937) ( 1,330,728)
Net current assets 1,052,739 1,164,355
Total assets less current liabilities 1,088,222 1,177,507
Net assets 1,088,222 1,177,507
Capital and reserves
Called-up share capital 6 500 500
Profit and loss account 1,087,722 1,177,007
Total shareholder's funds 1,088,222 1,177,507

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Martyn Price (Bolts & Nuts) Limited (registered number: 01041187) were approved and authorised for issue by the Board of Directors on 29 August 2024. They were signed on its behalf by:

G Macauley
Director
MARTYN PRICE (BOLTS & NUTS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
MARTYN PRICE (BOLTS & NUTS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Martyn Price (Bolts & Nuts) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 8 The Washington Centre, Halesowen Road, Dudley, DY2 9RE, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 2 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 15

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 July 2023 571,758 571,758
Additions 45,818 45,818
At 30 June 2024 617,576 617,576
Accumulated depreciation
At 01 July 2023 558,606 558,606
Charge for the financial year 23,487 23,487
At 30 June 2024 582,093 582,093
Net book value
At 30 June 2024 35,483 35,483
At 30 June 2023 13,152 13,152

4. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 642,544 670,559
Prepayments 34,373 29,331
676,917 699,890
Debtors: amounts falling due after more than one year
Amounts owed by Parent undertakings 814,847 814,847

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 194,042 145,850
Trade creditors 312,270 451,674
Amounts owed to directors 82,743 88,008
Accruals 21,933 22,703
Other taxation and social security 61,671 70,449
Other creditors 579,278 552,044
1,251,937 1,330,728

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
500 Ordinary shares of £ 1.00 each 500 500

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amount owed to directors 82,743 88,008

There is no fixed date for repayment on this loan and interest is being charged at market rate.

Dividends were declared during the year totalling £75,499 (2023: £90,075).