Registered number
06559047
Mike Davies Fabrication Limited
Unaudited Filleted Accounts
31 March 2024
Mike Davies Fabrication Limited
Registered number: 06559047
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 220,492 243,739
Current assets
Stocks 178,700 184,500
Debtors 4 395,044 355,829
Cash at bank and in hand 561,948 498,747
1,135,692 1,039,076
Creditors: amounts falling due within one year 5 (263,183) (273,916)
Net current assets 872,509 765,160
Net assets 1,093,001 1,008,899
Capital and reserves
Called up share capital 10 10
Profit and loss account 1,092,991 1,008,889
Shareholders' funds 1,093,001 1,008,899
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M G Davies
Director
Approved by the board on 9 October 2024
Mike Davies Fabrication Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 0% reducing balance
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 16
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 11,631 359,791 143,663 515,085
Additions - 43,410 - 43,410
Disposals - (6,074) - (6,074)
At 31 March 2024 11,631 397,127 143,663 552,421
Depreciation
At 1 April 2023 - 184,778 86,568 271,346
Charge for the year - 51,651 14,274 65,925
On disposals - (5,342) - (5,342)
At 31 March 2024 - 231,087 100,842 331,929
Net book value
At 31 March 2024 11,631 166,040 42,821 220,492
At 31 March 2023 11,631 175,013 57,095 243,739
4 Debtors 2024 2023
£ £
Trade debtors 367,815 346,480
Other debtors 27,229 9,349
395,044 355,829
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 27,519 2,720
Trade creditors 112,301 142,815
Taxation and social security costs 105,014 126,497
Other creditors 18,349 1,884
263,183 273,916
6 Other information
Mike Davies Fabrication Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 St Andrews Road
Par
St Austell
Cornwall
PL24 2DJ
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