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COMPANY REGISTRATION NUMBER: 00332183
Mawby & King Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Mawby & King Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,079,075
1,210,072
Current assets
Stocks
1,061,990
1,247,201
Debtors
6
1,560,624
2,018,059
Cash at bank and in hand
6,487,545
5,918,756
-------------
-------------
9,110,159
9,184,016
Creditors: amounts falling due within one year
7
636,282
646,865
-------------
-------------
Net current assets
8,473,877
8,537,151
-------------
-------------
Total assets less current liabilities
9,552,952
9,747,223
Provisions
244,335
273,142
-------------
-------------
Net assets
9,308,617
9,474,081
-------------
-------------
Mawby & King Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
500,000
500,000
Profit and loss account
8,808,617
8,974,081
-------------
-------------
Shareholders funds
9,308,617
9,474,081
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
D A King
Director
Company registration number: 00332183
Mawby & King Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Swan Lake Glass Works, Upperton Road, Leicester, LE2 7AY, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost basis.
Judgements and key sources of estimation uncertainty
Certain of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and estimates are based on management's best knowledge of the relevant facts and circumstances, having regard to prior experience. but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimation is contained in the accounting policies the notes to the financial statements and the key areas are summarised below: Judgements in applying accounting policies: The directors must judge whether all of the conditions required for revenues to be recognised in the income statement of the financial year, have been met; Sources of estimation uncertainty: Depreciation rates are based on estimates of the useful lives and residual values of the assets involved; Slow moving stock provisions are based on estimates of the likely recoverable amounts.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Turnover is derived from the company's principal activity as a glass processor and is recognised on despatch of goods.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% - 33% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured 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 the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 44 (2023: 46 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
144,653
4,131,437
303,176
367,528
4,946,794
Additions
11,253
1,805
82,005
95,063
Disposals
( 276,303)
( 77,080)
( 353,383)
----------
-------------
----------
----------
-------------
At 31 March 2024
144,653
3,866,387
304,981
372,453
4,688,474
----------
-------------
----------
----------
-------------
Depreciation
At 1 April 2023
37,255
3,146,091
285,903
267,473
3,736,722
Charge for the year
24,054
148,279
4,992
31,443
208,768
Disposals
( 266,138)
( 69,953)
( 336,091)
----------
-------------
----------
----------
-------------
At 31 March 2024
61,309
3,028,232
290,895
228,963
3,609,399
----------
-------------
----------
----------
-------------
Carrying amount
At 31 March 2024
83,344
838,155
14,086
143,490
1,079,075
----------
-------------
----------
----------
-------------
At 31 March 2023
107,398
985,346
17,273
100,055
1,210,072
----------
-------------
----------
----------
-------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2024
----
At 31 March 2023
41,738
---------
6. Debtors
2024
2023
£
£
Trade debtors
787,270
1,234,781
Amounts owed by group undertakings and undertakings in which the company has a participating interest
526,002
525,502
Other debtors
247,352
257,776
-------------
-------------
1,560,624
2,018,059
-------------
-------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
318,922
237,112
Social security and other taxes
233,834
257,789
Other creditors
83,526
151,964
----------
----------
636,282
646,865
----------
----------
8. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2024
2023
£
£
Tangible assets
11,440
----
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
91,396
----
---------
10. Controlling party
The ultimate parent company is Sourcecircle Group Limited which is incorporated in England. Sourcecircle Group Limited is controlled by Mr D A King .