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REGISTERED NUMBER: 01383365 (England and Wales)















Micro Clutch Developments Limited

Audited Financial Statements

for the Year Ended 31 August 2024






Micro Clutch Developments Limited (Registered number: 01383365)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 3


Micro Clutch Developments Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: R A Darling
Mrs E M Darling
D Darling
Mrs R Darling-Johnson



REGISTERED OFFICE: Unit 8 & 9
Kiln Park Industrial Estate
Searle Crescent
WESTON-SUPER-MARE
North Somerset
BS23 3XP



REGISTERED NUMBER: 01383365 (England and Wales)



AUDITORS: Maxwells
Chartered Accountants
and Statutory Auditor
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: Barclays Bank plc
26/30 Regent Street
Weston-Super-Mare
North Somerset
BS23 1SH

Micro Clutch Developments Limited (Registered number: 01383365)

Abridged Statement of Financial Position
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 33,216 46,448
Investments 7 2,080 2,080
35,296 48,528

CURRENT ASSETS
Stocks 1,230,319 1,547,710
Debtors 520,130 459,773
Cash at bank and in hand 783,286 1,218,551
2,533,735 3,226,034
CREDITORS
Amounts falling due within one year 594,702 1,125,353
NET CURRENT ASSETS 1,939,033 2,100,681
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,974,329

2,149,209

CREDITORS
Amounts falling due after more than one
year

28,841

33,307
NET ASSETS 1,945,488 2,115,902

CAPITAL AND RESERVES
Called up share capital 1,100 1,100
Retained earnings 1,944,388 2,114,802
SHAREHOLDERS' FUNDS 1,945,488 2,115,902

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2024 and were signed on its behalf by:




R A Darling - Director


Micro Clutch Developments Limited (Registered number: 01383365)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Micro Clutch Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards and estimation techniques.

At the time of approving the financial statements the directors have a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future.
The directors therefore deem the Company able to continue as a going concern.

Preparation of consolidated financial statements
The financial statements contain information about Micro Clutch Developments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Micro Clutch Developments Limited (Registered number: 01383365)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 16 ) .

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2023
and 31 August 2024 23,500
AMORTISATION
At 1 September 2023
and 31 August 2024 23,500
NET BOOK VALUE

At 31 August 2024 -
At 31 August 2023 -

Micro Clutch Developments Limited (Registered number: 01383365)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2023 185,737
Additions 800
At 31 August 2024 186,537
DEPRECIATION
At 1 September 2023 139,289
Charge for year 14,032
At 31 August 2024 153,321
NET BOOK VALUE
At 31 August 2024 33,216
At 31 August 2023 46,448

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 September 2023
and 31 August 2024 43,890
DEPRECIATION
At 1 September 2023 10,973
Charge for year 10,973
At 31 August 2024 21,946
NET BOOK VALUE
At 31 August 2024 21,944
At 31 August 2023 32,917

7. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 September 2023
and 31 August 2024 2,080
NET BOOK VALUE
At 31 August 2024 2,080
At 31 August 2023 2,080

Micro Clutch Developments Limited (Registered number: 01383365)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.8.24 31.8.23
£    £   
Net obligations repayable:
Within one year 4,466 4,466
Between one and five years 28,841 33,307
33,307 37,773

Non-cancellable operating leases
31.8.24 31.8.23
£    £   
Within one year 65,370 62,369
Between one and five years 12,505 17,100
77,875 79,469

9. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Hire purchase contracts 33,307 37,773

Amounts due under hire purchase agreements are secured over the specific financed assets.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nigel Blannin (Senior Statutory Auditor)
for and on behalf of Maxwells

11. RELATED PARTY DISCLOSURES

At the year end the company owed £118,512 (2023: £97,704) to MGC Holdings Limited, a subsidiary.

The company also paid rent of £71,000 (2023: 61,000) to a related pension scheme controlled by the directors.

12. ULTIMATE CONTROLLING PARTY

The company is controlled by its directors.