Registered number
00893776
M.V.M. Sheet Metal Fabrications Limited
Filleted Accounts
31 December 2023
M.V.M. Sheet Metal Fabrications Limited
Registered number: 00893776
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 79,081 84,371
Current assets
Stocks 82,250 37,900
Debtors 4 175,580 258,911
Cash at bank and in hand 967 53,795
258,797 350,606
Creditors: amounts falling due within one year 5 (320,130) (187,138)
Net current (liabilities)/assets (61,333) 163,468
Total assets less current liabilities 17,748 247,839
Creditors: amounts falling due after more than one year 6 (15,833) (25,833)
Provisions for liabilities (13,436) (14,093)
Net (liabilities)/assets (11,521) 207,913
Capital and reserves
Called up share capital 320 360
Share premium 10,480 16,440
Capital redemption reserve 300 300
Profit and loss account (22,621) 190,813
Shareholders' funds (11,521) 207,913
The directors are 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 directors acknowledge their 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.
C E F Hunt
Director
Approved by the board on 30 November 2024
M.V.M. Sheet Metal Fabrications Limited
Notes to the Accounts
for the year ended 31 December 2023
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.
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:
Plant and machinery 12.5% on reducing balance and at variable rate on reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Hire purchase and leased assets
Assets obtaned under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 17
3 Tangible fixed assets
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 January 2023 660,499
Additions 7,481
At 31 December 2023 667,980
Depreciation
At 1 January 2023 576,128
Charge for the year 12,771
At 31 December 2023 588,899
Net book value
At 31 December 2023 79,081
At 31 December 2022 84,371
4 Debtors 2023 2022
£ £
Trade debtors 159,361 242,957
Amounts recoverable 5,400 6,200
Other debtors 10,819 9,754
175,580 258,911
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loan 65,847 10,000
Trade creditors 83,285 72,936
Amounts owed to group undertakings and undertakings in which the company has a participating interest 44,980 22,864
Taxation and social security costs 74,499 21,953
Corporation tax 36,272 44,273
Other creditors 15,247 15,112
320,130 187,138
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan 15,833 25,833
7 Related party transactions
During the year the company purchased goods and services, under normal commercial terms, from MVM Group Limited, the parent company, totalling £116,7000 (2022: £162,300). At the balance sheet date the company owed MVM Group Limited £580 (2022: £22,864)
8 Ultimate controlling party
The parent company and controlling party is MVM Group Limited, registered office address; Units 7-9, Dawkins Road Industrial Estate, Poole, Dorset, BH15 4JP.
9 Other information
M.V.M. Sheet Metal Fabrications Limited is a private company limited by shares and incorporated in England. Its registered office is:
Units 7-9
Dawkins Road Industrial Estate
Poole
Dorset
BH15 4JP
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