Company registration number 04263426 (England and Wales)
MACHINE SPARES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MACHINE SPARES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
MACHINE SPARES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,682
3,121
Tangible assets
4
298,808
318,903
301,490
322,024
Current assets
Stocks
164,146
153,385
Debtors
5
6,361
10,697
Cash at bank and in hand
28,403
37,926
198,910
202,008
Creditors: amounts falling due within one year
6
(184,733)
(185,443)
Net current assets
14,177
16,565
Total assets less current liabilities
315,667
338,589
Creditors: amounts falling due after more than one year
7
(21,389)
(22,519)
Provisions for liabilities
(12,938)
(14,217)
Net assets
281,340
301,853
Capital and reserves
Called up share capital
1
1
Revaluation reserve
8
68,426
68,426
Capital redemption reserve
1
1
Profit and loss reserves
212,912
233,425
Total equity
281,340
301,853

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 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 member has 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.

MACHINE SPARES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 19 November 2024
Mr M A Cooper
Director
Company registration number 04263426 (England and Wales)
MACHINE SPARES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
1
68,426
1
210,154
278,582
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
30,820
30,820
Dividends
-
-
-
(7,549)
(7,549)
Balance at 31 March 2023
1
68,426
1
233,425
301,853
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
-
(4,622)
(4,622)
Dividends
-
-
-
(15,891)
(15,891)
Balance at 31 March 2024
1
68,426
1
212,912
281,340
MACHINE SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Machine Spares Limited is a private company limited by shares incorporated in England and Wales. The registered office is Machine Spares House, Garratt Street, Brierley Hill, West Midlands, England, DY5 1JU.

1.1
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. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

 

Amortisation 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:

Software
Over estimated useful life of 10 years
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Freehold land and buildings
1.5% on cost
Plant and machinery etc
25% on reducing balance and at variable rates on reducing balance

The freehold land and buildings is depreciated on a 1.5% straight line basis. However,during the current and previous year it was deemed to be immaterial to charge depreciation on the freehold land and buildings as the current market value is far in excess of the historical cost.

 

In accordance with the transitional provision the property is included at fair value on initial recognition. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

1.5
Stocks

Stocks are stated at the lower of cost and net relisable value, after making due allowance for obsolete and slow moving items.

MACHINE SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
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 profit and loss account 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.

MACHINE SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
3
3
Intangible fixed assets
Other
£
Cost
At 1 April 2023 and 31 March 2024
4,392
Amortisation and impairment
At 1 April 2023
1,271
Amortisation charged for the year
439
At 31 March 2024
1,710
Carrying amount
At 31 March 2024
2,682
At 31 March 2023
3,121
MACHINE SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2023
257,139
372,622
629,761
Additions
-
0
8,426
8,426
Disposals
-
0
(14,836)
(14,836)
At 31 March 2024
257,139
366,212
623,351
Depreciation and impairment
At 1 April 2023
-
0
310,858
310,858
Depreciation charged in the year
-
0
13,685
13,685
At 31 March 2024
-
0
324,543
324,543
Carrying amount
At 31 March 2024
257,139
41,669
298,808
At 31 March 2023
257,139
61,764
318,903

 

 

If the freehold property had not been revalued it would have been included at the following historical cost:

2024
£
Cost
188,713
Value of land in freehold land and buildings
188,713
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,203
9,500
Other debtors
1,158
1,197
6,361
10,697
MACHINE SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,074
10,000
Trade creditors
12,577
38,630
Corporation tax
14
4,178
Other taxation and social security
7,143
650
Other creditors
160,925
131,985
184,733
185,443
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
21,389
22,519
8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
68,426
68,426
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