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Registration number: 03769411

McLar Injection Moulding Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

McLar Injection Moulding Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

McLar Injection Moulding Ltd.

Company Information

Directors

CP McDonald

PH McDonald

KL Williams

Company secretary

C McDonald

Registered office

Lloyd Street
Parkgate
Rotherham
South Yorkshire
S62 6JG

 

McLar Injection Moulding Ltd.

(Registration number: 03769411)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

466,631

500,389

Current assets

 

Stocks

5

141,961

142,743

Debtors

6

379,555

382,466

Cash at bank and in hand

 

9,033

13,855

 

530,549

539,064

Creditors: Amounts falling due within one year

7

(184,798)

(267,274)

Net current assets

 

345,751

271,790

Total assets less current liabilities

 

812,382

772,179

Provisions for liabilities

(36,766)

(32,884)

Net assets

 

775,616

739,295

Capital and reserves

 

Called up share capital

400

400

Capital redemption reserve

50

50

Retained earnings

775,166

738,845

Shareholders' funds

 

775,616

739,295

 

McLar Injection Moulding Ltd.

(Registration number: 03769411)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 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.

Approved and authorised by the Board on 22 October 2024 and signed on its behalf by:
 

.........................................
PH McDonald
Director

 

McLar Injection Moulding Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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:
Lloyd Street
Parkgate
Rotherham
South Yorkshire
S62 6JG

These financial statements were authorised for issue by the Board on 22 October 2024.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

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 sales/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.

 

McLar Injection Moulding Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Plant and machinery

15% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

McLar Injection Moulding Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

McLar Injection Moulding Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 23).

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 June 2023

369,657

530,831

3,911

31,330

At 31 May 2024

369,657

530,831

3,911

31,330

Depreciation

At 1 June 2023

44,339

356,321

3,845

30,835

Charge for the year

7,393

26,176

65

124

At 31 May 2024

51,732

382,497

3,910

30,959

Carrying amount

At 31 May 2024

317,925

148,334

1

371

At 31 May 2023

325,318

174,510

66

495

Total
£

Cost or valuation

At 1 June 2023

935,729

At 31 May 2024

935,729

Depreciation

At 1 June 2023

435,340

Charge for the year

33,758

At 31 May 2024

469,098

Carrying amount

At 31 May 2024

466,631

At 31 May 2023

500,389

Included within the net book value of land and buildings above is £317,925 (2023 - £325,318) in respect of freehold land and buildings.
 

 

McLar Injection Moulding Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Stocks

2024
£

2023
£

Work in progress

110,636

86,335

Other inventories

31,325

56,408

141,961

142,743

6

Debtors

Current

2024
£

2023
£

Trade debtors

249,028

293,393

Prepayments

278

1,174

Other debtors

130,249

87,899

 

379,555

382,466

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

50,867

179,408

Taxation and social security

117,166

68,306

Accruals and deferred income

3,445

4,739

Other creditors

13,320

14,821

184,798

267,274

 

McLar Injection Moulding Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

PH McDonald

Interest has been charged at 2.25%. There are no conditions attached to this loan.

34,457

110,751

(53,402)

91,806

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

PH McDonald

Interest has been charged at 2.25%. There are no conditions attached to this loan.

-

86,437

(51,980)

34,457