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Registration number: 00826817

Mona Fuel & Trading Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Mona Fuel & Trading Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Mona Fuel & Trading Company Limited

Company Information

Director

Mr D W Davies

Registered office

Mona Yard
Gwalchmai
Holyhead
Anglesey
LL65 4RW

Accountants

Aston Hughes & Co
Chartered Accountants
Selby Towers
29 Princes Drive
Colwyn Bay
LL29 8PE

 

Mona Fuel & Trading Company Limited

(Registration number: 00826817)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

165,321

173,961

Current assets

 

Stocks

5

70,000

97,500

Debtors

6

88,274

115,706

Cash at bank and in hand

 

1,586

71,945

 

159,860

285,151

Creditors: Amounts falling due within one year

7

(166,862)

(234,380)

Net current (liabilities)/assets

 

(7,002)

50,771

Total assets less current liabilities

 

158,319

224,732

Creditors: Amounts falling due after more than one year

7

(81,071)

(68,432)

Net assets

 

77,248

156,300

Capital and reserves

 

Called up share capital

8

211

211

Capital redemption reserve

139

139

Retained earnings

76,898

155,950

Shareholders' funds

 

77,248

156,300

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 August 2024
 

 

Mona Fuel & Trading Company Limited

(Registration number: 00826817)
Balance Sheet as at 31 December 2023

.........................................
Mr D W Davies
Director

 

Mona Fuel & Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Mona Yard
Gwalchmai
Holyhead
Anglesey
LL65 4RW

These financial statements were authorised for issue by the director on 26 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Mona Fuel & Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

25 years Straight line

Vehicles plant and machinery

15-25% Reducing balance

Fixtures and fittings

25% Reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Mona Fuel & Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 10).

 

Mona Fuel & Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

160,048

37,607

96,521

132,359

426,535

Additions

-

2,250

-

2,838

5,088

At 31 December 2023

160,048

39,857

96,521

135,197

431,623

Depreciation

At 1 January 2023

46,045

27,743

68,138

110,648

252,574

Charge for the year

614

2,513

7,096

3,505

13,728

At 31 December 2023

46,659

30,256

75,234

114,153

266,302

Carrying amount

At 31 December 2023

113,389

9,601

21,287

21,044

165,321

At 31 December 2022

114,003

9,864

28,383

21,711

173,961

Included within the net book value of land and buildings above is £113,390 (2022 - £114,003) in respect of long leasehold land and buildings.
 

 

Mona Fuel & Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Other inventories

70,000

97,500

6

Debtors

Current

2023
£

2022
£

Trade debtors

88,274

115,204

Prepayments

-

502

 

88,274

115,706

 

Mona Fuel & Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

19,042

33,531

Trade creditors

 

107,986

151,351

Taxation and social security

 

26,581

16,201

Accruals and deferred income

 

2,990

2,990

Other creditors

 

10,263

30,307

 

166,862

234,380

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

81,071

68,432

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

111

111

111

111

Class A of £1 each

100

100

100

100

 

211

211

211

211

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

81,071

68,432

 

Mona Fuel & Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

19,042

33,531