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Registration number: 03106432

M.D.F. (Gt Yarmouth) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

M.D.F. (Gt Yarmouth) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

M.D.F. (Gt Yarmouth) Ltd

Company Information

Director

M D Farrow

Company secretary

B R Clifft

Registered office

Grampian House
Hewett Road
Gapton Hall Industrial Estate
Great Yarmouth
NR31 0NN

Accountants

Pacific Limited
Chartered Accountants
1st Floor, Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

 

M.D.F. (Gt Yarmouth) Ltd

(Registration number: 03106432)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,883,848

2,617,728

Current assets

 

Stocks

100,641

83,698

Debtors

5

1,140,492

1,029,791

Cash at bank and in hand

 

22,520

272,246

 

1,263,653

1,385,735

Creditors: Amounts falling due within one year

6

(1,324,581)

(1,186,748)

Net current (liabilities)/assets

 

(60,928)

198,987

Total assets less current liabilities

 

2,822,920

2,816,715

Creditors: Amounts falling due after more than one year

6

(256,105)

(531,749)

Provisions for liabilities

(427,921)

(341,735)

Net assets

 

2,138,894

1,943,231

Capital and reserves

 

Called up share capital

7

2,500

2,500

Capital redemption reserve

2,500

2,500

Profit and loss account

2,133,894

1,938,231

Shareholders' funds

 

2,138,894

1,943,231

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 12 September 2024
 



 

M D Farrow
Director

 

M.D.F. (Gt Yarmouth) Ltd

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:
Grampian House
Hewett Road
Gapton Hall Industrial Estate
Great Yarmouth
NR31 0NN

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

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.

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 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.

Foreign currency transactions and balances

Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated,

Tax

The tax expense for the period comprises current and deferred 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.

 

M.D.F. (Gt Yarmouth) Ltd

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

Deferred Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated 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, less residual value, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

not depreciated

Short leasehold property improvements

over the period of the lease

Motor vehicles

written off over 4 or 5 years on a straight line basis

Lorries

written off over 3 to 5 years on a straight line basis

Trailers

written off over 4 to 8 years on a straight line basis

Plant and machinery

written off over 4 to 8 years on a straight line basis

Cash
Cash comprises cash on hand and all deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and net realisable value.

 

M.D.F. (Gt Yarmouth) Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

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

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Defined contribution pension obligation

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3

Staff numbers

The average number of persons employed by the company during the year was 34 (2022 - 33).

 

M.D.F. (Gt Yarmouth) Ltd

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

4

Tangible assets

Land and buildings
£

Lorries, trailers and motor vehicles
 £

Plant and machinery
£

Total
£

Cost

At 1 January 2023

628,078

4,646,024

322,998

5,597,100

Additions

31,176

797,692

14,341

843,209

Disposals

-

(281,593)

-

(281,593)

At 31 December 2023

659,254

5,162,123

337,339

6,158,716

Depreciation

At 1 January 2023

41,082

2,672,003

266,287

2,979,372

Charge for the year

234

527,827

23,298

551,359

Eliminated on disposal

-

(255,863)

-

(255,863)

At 31 December 2023

41,316

2,943,967

289,585

3,274,868

Net book value

At 31 December 2023

617,938

2,218,156

47,754

2,883,848

At 31 December 2022

586,996

1,974,021

56,711

2,617,728

5

Debtors

2023
£

2022
£

Trade debtors

736,815

846,321

Loans to related parties

-

10,013

Other debtors

307,739

73,394

Prepayments

95,938

100,063

1,140,492

1,029,791

 

M.D.F. (Gt Yarmouth) Ltd

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

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Bank loans

45,996

45,996

HP and finance lease liabilities

691,072

677,590

Trade creditors

233,302

275,700

Amounts due to related party

110,594

65,616

Taxation and social security

171,950

53,324

Other creditors

47,204

46,910

Other loans

18,436

13,480

Accruals

6,027

8,132

1,324,581

1,186,748

Creditors include bank loans, net obligations under finance lease and hire purchase contracts and other loans which are secured of £737,068 (2022 - £723,586).

The bank loan is secured by a mortgage debenture on the land owned by the company date 13 February 2014.

Other loans include the amount due in respect of an invoice discounting agreement dated 4 November 2003 and is secured by a charge on the trade debtors concerned.

Obligations under hire purchase and finance lease contracts are secured upon the assets acquired under those agreements.

Creditors: amounts falling due after more than one year

2023
£

2022
£

Bank loans

61,348

107,344

HP and finance lease liabilities

194,757

424,405

256,105

531,749

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £256,105 (2022 - £531,749).

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2,500

2,500

2,500

2,500

         
 

M.D.F. (Gt Yarmouth) Ltd

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

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £197,187 (2022 - £273,687).

9

Related party transactions

Directors’ advances

The company provided the directors with a current account on which cash advances were made and items of personal expenditure paid for by the company were charged. During the year £405,018 (2022 - £16,998) was advanced and £119,554 (2022 - £65,111) was repaid.

Advances were unsecured and no interest has been charged.


Other related party transactions

The company has provided a guarantee for £545,000 and a debenture and legal charge as security for a bank loan taken out by a company of which the director is a director and shareholder.