Company registration number 04026754 (England and Wales)
Converting Machinery Solutions Limited
Unaudited
financial statements
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Converting Machinery Solutions Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Converting Machinery Solutions Limited
Statement of financial position
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,901
21,553
Current assets
Stocks
292,349
450,879
Debtors
118,139
224,601
Cash at bank and in hand
148,549
115,947
559,037
791,427
Creditors: amounts falling due within one year
(373,979)
(643,421)
Net current assets
185,058
148,006
Total assets less current liabilities
202,959
169,559
Provisions for liabilities
4
(4,475)
(4,095)
Net assets
198,484
165,464
Capital and reserves
Called up share capital
5
1,000
1,000
Share premium account
8,991
8,991
Profit and loss reserves
188,493
155,473
Total equity
198,484
165,464
Converting Machinery Solutions Limited
Statement of financial position (continued)
as at 31 December 2023
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 25 September 2024
M Gartside
Director
Company registration number 04026754 (England and Wales)
Converting Machinery Solutions Limited
Notes to the financial statements
for the year ended 31 December 2023
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Turnover is recognised on despatch of goods.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
33% reducing balance
Motor vehicles
25% reducing balance
Stocks
Stock and work in progress are valued at the lower of cost and net realisable value.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences. Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Converting Machinery Solutions Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies
(continued)
- 4 -
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
9
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
14,971
32,297
54,703
5,833
107,804
Depreciation and impairment
At 1 January 2023
13,484
14,898
52,814
5,055
86,251
Depreciation charged in the year
223
2,610
624
195
3,652
At 31 December 2023
13,707
17,508
53,438
5,250
89,903
Carrying amount
At 31 December 2023
1,264
14,789
1,265
583
17,901
At 31 December 2022
1,487
17,399
1,889
778
21,553
4
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
4,475
4,095
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
Converting Machinery Solutions Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 5 -
6
Company information
Converting Machinery Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5d Transpennine Trading Estate, Gorrels Way, Rochdale, Greater Manchester, OL11 2PX.