1 January 2023 v2024.42.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP032419922023-01-012023-12-31032419922023-12-31032419922022-12-3103241992core:WithinOneYear2023-12-3103241992core:WithinOneYear2022-12-3103241992core:ShareCapital2023-12-3103241992core:ShareCapital2022-12-3103241992core:RetainedEarningsAccumulatedLosses2023-12-3103241992core:RetainedEarningsAccumulatedLosses2022-12-3103241992bus:Director12023-01-012023-12-3103241992bus:RegisteredOffice2023-01-012023-12-3103241992core:LandBuildings2023-01-012023-12-3103241992core:PlantMachinery2023-01-012023-12-3103241992core:FurnitureFittings2023-01-012023-12-3103241992core:MotorVehicles2023-01-012023-12-31032419922022-01-012022-12-3103241992core:LandBuildings2023-01-0103241992core:PlantMachinery2023-01-01032419922023-01-0103241992core:LandBuildings2023-12-3103241992core:PlantMachinery2023-12-3103241992core:LandBuildings2022-12-3103241992core:PlantMachinery2022-12-310324199212023-01-012023-12-3103241992countries:EnglandWales2023-01-012023-12-3103241992bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3103241992bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103241992bus:SmallEntities2023-01-012023-12-3103241992bus:FullAccounts2023-01-012023-12-31
Company registration number:
03241992
Mahogany Products Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2023
Mahogany Products Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Mahogany Products Limited
Year ended
31 December 2023
As described on the statement of financial position, the Board of Directors of
Mahogany Products Limited
are responsible for the preparation of the
financial statements
for the year ended
31 December 2023
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
11 Mackenzie Road
B11 4EP
United Kingdom
Mahogany Products Limited
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 5
193,302
 
201,690
 
Current assets    
Stocks
20,250
 
11,350
 
Debtors 6
65,651
 
202,373
 
Cash at bank and in hand
1,005,628
 
795,473
 
1,091,529
 
1,009,196
 
Creditors: amounts falling due within one year 7
(127,853
)
(71,512
)
Net current assets
963,676
 
937,684
 
Total assets less current liabilities 1,156,978   1,139,374  
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
1,156,878
 
1,139,274
 
Shareholders funds
1,156,978
 
1,139,374
 
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.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
19 September 2024
, and are signed on behalf of the board by:
Ms B Napier Barrett
Director
Company registration number:
03241992
Mahogany Products Limited
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
126 Brearley Street
,
Hockley
,
Birmingham
,
B19 3XJ
, .

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Straight line over 50 years
Plant and machinery
25% reducing balance
Fixtures and fittings
25% 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 stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

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.

4 Average number of employees

The average number of persons employed by the company during the year was
5
(2022:
6.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 January 2023
244,065
 
256,107
 
500,172
 
Additions -  
2,843
 
2,843
 
At
31 December 2023
244,065
 
258,950
 
503,015
 
Depreciation      
At
1 January 2023
72,775
 
225,707
 
298,482
 
Charge
2,911
 
8,311
 
11,222
 
Transfers -  
9
 
9
 
At
31 December 2023
75,686
 
234,027
 
309,713
 
Carrying amount      
At
31 December 2023
168,379
 
24,923
 
193,302
 
At 31 December 2022
171,290
 
30,400
 
201,690
 

6 Debtors

20232022
££
Trade debtors
53,454
 
79,166
 
Other debtors
12,197
 
123,207
 
65,651
 
202,373
 

7 Creditors: amounts falling due within one year

20232022
££
Trade creditors
17,818
 
10,100
 
Taxation and social security
30,028
 
32,071
 
Other creditors
80,007
 
29,341
 
127,853
 
71,512
 

8 Director's advances, credit and guarantees

At the period end the amount advanced by/(credited to) the director included within other creditors was £ 75790 (2022:£21591). This amount that is made up of numerous transactions was the maximum owed to the director during the period