Moulding Compounds Limited 07886992 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is The principal activity of the company during the year was the manufacture of moulding compounds. Digita Accounts Production Advanced 6.30.9574.0 true 07886992 2023-03-01 2024-02-29 07886992 2024-02-29 07886992 core:RetainedEarningsAccumulatedLosses 2024-02-29 07886992 core:ShareCapital 2024-02-29 07886992 core:CurrentFinancialInstruments 2024-02-29 07886992 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 07886992 core:PlantMachinery 2024-02-29 07886992 bus:SmallEntities 2023-03-01 2024-02-29 07886992 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 07886992 bus:FullAccounts 2023-03-01 2024-02-29 07886992 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 07886992 bus:RegisteredOffice 2023-03-01 2024-02-29 07886992 bus:CompanySecretary1 2023-03-01 2024-02-29 07886992 bus:Director1 2023-03-01 2024-02-29 07886992 bus:Director2 2023-03-01 2024-02-29 07886992 bus:Director3 2023-03-01 2024-02-29 07886992 bus:Director4 2023-03-01 2024-02-29 07886992 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07886992 bus:Agent1 2023-03-01 2024-02-29 07886992 core:PlantMachinery 2023-03-01 2024-02-29 07886992 core:ParentEntities 2023-03-01 2024-02-29 07886992 countries:England 2023-03-01 2024-02-29 07886992 2023-02-28 07886992 core:PlantMachinery 2023-02-28 07886992 2022-03-01 2023-02-28 07886992 2023-02-28 07886992 core:RetainedEarningsAccumulatedLosses 2023-02-28 07886992 core:ShareCapital 2023-02-28 07886992 core:CurrentFinancialInstruments 2023-02-28 07886992 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 07886992 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure

Company registration number: 07886992

Moulding Compounds Limited

Filleted Unaudited Financial Statements
for the Year Ended 29 February 2024
 

 

Moulding Compounds Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Moulding Compounds Limited

Company Information

Directors

Mr P J Randell

Mr R J Randell

Mr D J Randell

Mr M E Cordell

Company secretary

Mrs D Randell

Registered office

c/o Glassbond (N.W.) Limited
West Side Industrial Estate
Jackson Street
St Helens
Merseyside
WA9 3AT

Accountants

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Moulding Compounds Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Moulding Compounds Limited for the year ended 29 February 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Moulding Compounds Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Moulding Compounds Limited and state those matters that we have agreed to state to the Board of Directors of Moulding Compounds Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Moulding Compounds Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Moulding Compounds Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Moulding Compounds Limited. You consider that Moulding Compounds Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Moulding Compounds Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

25 September 2024

 

Moulding Compounds Limited

(Registration number: 07886992)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

57,674

72,092

Current assets

 

Stocks

356,796

327,809

Debtors

5

432,614

175,582

Cash at bank and in hand

 

89,767

290,172

 

879,177

793,563

Creditors: Amounts falling due within one year

6

(200,711)

(227,916)

Net current assets

 

678,466

565,647

Total assets less current liabilities

 

736,140

637,739

Provisions for liabilities

(13,852)

(13,172)

Net assets

 

722,288

624,567

Capital and reserves

 

Called up share capital

3,168

3,168

Retained earnings

719,120

621,399

Shareholders' funds

 

722,288

624,567

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Moulding Compounds Limited

(Registration number: 07886992)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
Mr M E Cordell
Director

   
     
 

Moulding Compounds Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
c/o Glassbond (N.W.) Limited
West Side Industrial Estate
Jackson Street
St Helens
Merseyside
WA9 3AT

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the sale of goods and services net of value added tax, returns, rebates and discounts. Sales of goods are recognised when the goods leave the company premises.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Exchange differences are taken into account in arriving at the operating profit.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Moulding Compounds Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Stocks

Stocks comprise raw materials, packaging and finished goods. Raw materials and packaging are valued at the lower of cost and net realisable value. Finished goods are calculated at selling price and reduced by appropriate margins to the lower of cost and net realisable value.

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.

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 directors) during the year, was 9 (2023 - 9).

 

Moulding Compounds Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

130,200

130,200

At 29 February 2024

130,200

130,200

Depreciation

At 1 March 2023

58,108

58,108

Charge for the year

14,418

14,418

At 29 February 2024

72,526

72,526

Carrying amount

At 29 February 2024

57,674

57,674

At 28 February 2023

72,092

72,092

5

Debtors

2024
£

2023
£

Trade debtors

429,929

162,378

Other debtors

2,685

13,204

432,614

175,582

 

Moulding Compounds Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

25,679

162,188

Amounts owed to group undertakings

8

126,064

32,415

Other creditors

 

48,968

33,313

 

200,711

227,916

7

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 £306,000 (2023 - £28,750). These commitments represent the total amount payable under non-cancellable operating leases.

8

Related party transactions

Summary of transactions with parent

The company is a wholly-owned subsidiary of Glassbond (NW) Limited, a company incorporated in England and Wales.At the year-end a balance of £126,064 (2023 £32,415) was due to the parent company.